Cyprus property market

The Cyprus property market has been on a tear for the last few years and with the country’s ascension to the European Union, their introduction of a 15% VAT on property purchases and their adoption of the Euro as their currency it is likely that the bull-run will continue.

The Cyprus property market has seen plenty of success because of the sheer glamour of the island. Cyprus is the third largest island in the Mediterranean. It was coveted by many powerful cultures through the centuries including the Phoenicians, the Greeks and the Romans. Although the current island is divided in the Greek-held south and the Turkish-held north, Cyprus has always been home to a diverse range of peoples hailing from all over the world.

The Cyprus property market really got going when it was discovered by European expatriates looking for a place to invest and buy second homes. Cyprus currently has a large community of expatriates – mainly British who have helped boost the island’s property market and who have helped to develop the main towns and cities into mini-versions of the places they left behind.

When looking to buy property in Cyprus it is important to fully vet everyone with whom you do business. Having a cracker-jack attorney as your representative is imperative in order to avoid the pitfalls of purchasing real estate in a foreign country. However, now that Cyprus is part of the European Union all restrictions that previously limited a foreigner’s property purchase in the country have all been lifted.

Cyprus is definitely high on foreign investor lists – and with good reason. The sunny isle has a property market that is appreciating annually, a solid economy and growing tourist and business sectors that make the island highly attractive – not only for investors but those looking for a beautiful place to live, work or retire.

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