Cyprus entered the Euro currency in January 2008 which brought interest rates in line with Europe providing mortgages at fantastic rates. Being a full member of the E U Cyprus is considered to be a property hotspot with good investment potential.
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Independence from the UK was approved in 1960, with constitutional guarantees by the Greek Cypriot majority to the Turkish Cypriot minority.
In 1974, a Greek-sponsored attempt to seize the government was met by military intervention from Turkey, which soon controlled almost 40% of the island.
In 1983, the Turkish-held area declared itself the “Turkish Republic of Northern Cyprus,” but it is recognized only by Turkey. The latest two-year round of UN-brokered direct talks – between the leaders of the Greek Cypriot and Turkish Cypriot communities to reach an agreement to reunite the divided island – ended when the Greek Cypriots rejected the UN unity plan in an April 2004 referendum.
The promise of year round sun and a culture of respecting older members of society mean that property in Cyprus is a dream for many people, it has been claimed.
According to a recent article in the Daily Telegraph, despite the effects of the global economic downturn and the issues regarding title deeds in the country, Cyprus remains a firm favourite for property investors.
The newspaper recommended that people search real estate in Larnaca, a coastal region which is popular with tourists, and also praised Paphos, which is the location of a number of luxury villas, and the harbour town of Paphos.
Budget airline Ryanair will start flights from 2012 to Cyprus from the UK, which would be good news for anyone with property on the island.
Owning a property in Cyprus brings so much pleasure to ones life, stress just melts away with the sun