Buying property in Cyprus: What you need to know
There are few people who don’t like the sun. Most people don’t take much encouraging on a cold winter’s day to talk positively about a warm sea and the sun on their back. The Mediterranean is the closest place that can guarantee that. The warm season in the Western Mediterranean lasts into October and occasionally beyond. However, the further east you go the more likely you are to find good temperatures for most of the year. This is one of the reasons why Cyprus has become so popular.
Division no real problem
Cyprus is a divided island and has been for 40 years since a Cypriot revolt and Turkey invaded. The North remains in Turkish hands and any advice about property in Cyprus is strictly related to the South, which is the part within the EU. There seems little headway in the discussions to reunite the Island but that has no real bearing on investment in the South.
The fact that the island has such strong links with the UK has added to its appeal. With English spoken everywhere you go it is difficult not to feel at home, other than the climate of course.
Those who are able to afford a second home quite naturally often consider somewhere where they have enjoyed a holiday or two; or somewhere they think they might enjoy from what they have heard and read. Cyprus’ legal system has many similarities to that of the UK; an immediate source of comfort. Although many of course do look at property on UK auction and classifieds sites, like Gumtree, and on specialist property sites, more people over the years have looked further afield.
The currency in Cyprus is the Euro, and even though recession hit the Mediterranean hard this is also a reason why there is real opportunity for those looking for a lifestyle change and investment. No one can say that property values will definitely forge ahead in the coming years. The UK is still ahead of the majority of Europe in economic recovery. But buying in Cyprus can be a major lifestyle shift; a long term plan.
Recession has not changed the intrinsic qualities that Cyprus possesses. The sun shines, the sea glistens and the fresh cuisine is a delight. This is why so many people have opted for Cyprus as their retirement location.
There are certainly advantages to owning property within the EU. Citizens of the EU have reciprocal rights within the Community as long as they comply with basic local laws. It does mean that people can become residents of the Island by registering and providing evidence that they can support themselves. The Health system is good and that is always important, particularly for those in their later years. Private health care is reasonable for those intending to live on the Island full time.
You can secure a new build property in Cyprus with an initial deposit and then provide a further sum, up to 30% when the contracts are drawn up. It can take a little time for the whole process to be completed and to get the deeds safely in your hands. However you can live in your chosen property in the meantime.
Transfer taxes are not onerous and stamp duty very small indeed. Remember that you will have legal fees and agents’ fees to pay in addition though. Cypriots want you to come to experience their wonderful island, so the process is generally fairly easy.