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Reasons buy Cyprus property

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 Over the years, Cyprus has become an appealing tourist and holiday resort in terms of the international market.

Foreign visitors are on the rise, comprising primarily of Europeans, with the British market dominating (accounting for approximately 40% of tourists), trailed nowadays by the Russian market at 20%, with other European markets in pursuit.

As the Mediterranean’s third largest island, it is particularly attractive for vacationing families, though there are hot-spots for younger and unattached tourists as well — limited to certain towns and localities. And, being a former British colony, Cyprus has adopted many of the UK’s customs, as well as legal and other procedures.

The island thus offers numerous advantages & Reasons buy Cyprus property when compared to its real estate competitors, chief of which are as follows:

• The overwhelming majority of the population speaks English as well as Greek, though given the increasing numbers of arrivals from other countries, around 15% of the population also speak additional languages, such as German and Russian
• Motorists drive on the left (a concern for un-accustomed drivers)
• The legal system is akin to the UK’s
• The island is the EU’s second safest country and eighth most secure in the world. Serious crime is limited, even though it seems thefts might be on the rise • As an EU member, public health, domestic worker assistance for the elderly and other EU benefits and obligations apply in Cyprus
• The island claims six of the Mediterranean’s top blue flag beaches and is likely to add to this number as part of ongoing infrastructure upgrades
• Two top-quality marinas are already operating in Limassol, with another under construction in Ayia Napa, expected to be completed in 2018. A fourth is planned for Paphos and a fifth for Protaras. Small fishing harbours are also placed all along the coast
• There are two international airports (Larnaca and Paphos) offering ease of access to all cities via a highway network. Travel time is 30-45 minutes from airport to urban centres
• In addition to an array of sports facilities, the island boasts five international golf courses, plus various sporting clubs of all kinds
• Cyprus enjoys 300 days of sunshine a year and, depending on weather conditions, snow over the Troodos range, with facilities for skiers
• There are several schools and universities where tuition takes place in a major European language in all towns
• For those seeking a business destination, Cyprus offers the lowest tax rate in the EU, and holds double taxation agreements with key commercial partners, including the UK, Russia and Egypt. Perks such as special tax incentives for foreign managers of offshore companies are an additional attraction.
• Distances are comparatively short, with travel between coast and mountains taking about an hour. The island also offers an attractive countryside that combines history with natural beauty.
• Citizens of non-EU states can secure a permanent residency visa by acquiring a home worth over €300,000. Non-EU residents can also acquire a Cypriot passport with an investment of €5 million and a €500,000 house purchase. Such visas and passports also cover family members, whereas in the case of group investments (i.e. a number of buyers getting together or operating through a developer), the investment amount is reduced to €2.5 million per person. This scheme compares favourably with similar schemes in other European countries, and offers a one- to two-month response period from application date. Meanwhile, after a six-year recession, local real estate is showing signs of recovery with prices rising, so it is a suitable time to invest for personal use/buy-to-let/capital gains. It’s important to note that, under the prevailing incentives, the ownership transfer fee (stamp duty) is charged at 50% of the normal rate if transfer takes place in 2016 although we anticipate this may be extended.
Additionally, no capital gains tax is incurred for real estate acquired (if not necessarily transferred) within 2016, and sold at any time in the future.

Prices are dependent on a property’s location, quality, proximity to the beach, size and plot extent. As a frame of reference, the following are price guides for primarily new properties (prices for re-sales would be lower): Villas with pool – 100m2, two-bedroom villa with a pool: €150,000-€250,000 – 125m2, three-bedroom villa with a pool: €250,000-€400,000 Apartments with facilities – 90m2, two-bedroom flat: €180,000 – 110m2, three-bedroom flat: €220,000 Offices – Newer, high-tech at €3,000 a month (rental at €15 per m2.) Older at €2,000 a month (rental at €10 per m2) The above prices do not reflect those of properties in Nicosia, where prices are between 10%-15% lower than elsewhere. Luxury/beach accommodation Beach villas: €5,000-€10,000 per m2 Beach apartments – €3,000-€4,000 per m2 Less popular/non-beach tourist areas are estimated at 25%-35% less

Finally Reasons buy Cyprus property the growing number of airlines connecting to Cyprus, together with the government’s new open skies policy are also boosting the island’s popularity. Meanwhile, deflation has brought down the island’s cost of living index, to rank it 12th in the EU. So, for those on the hunt, it’s definitely worth paying a visit to a variety of local properties, to get a first-hand look at what the island’s real estate market can offer.

 Courtesy Cyprus Weekly

Ayia Napa marina

Ayia Napa marina

The construction of the Ayia Napa marina which is expected to cost around €220 million, is anticipated to start in early April according to an announcement by the mayor Yiannis Karousos.

CONSTRUCTION works for the new Ayia Napa marina are expected to start in the beginning of April, Mayor Yiannis Karousos announced on Monday.
“The process for the construction of the Ayia Napa marina is progressing according to existing schedules. Expressions of interest from companies was a great success after more than 30 companies showed interest,” the mayor stated, adding that 12 companies would be bidding in the end.
February 15 is the due date for submission of the tenders which will be evaluated, Karousos said.

“According to our calculations they will be expected to sign the relevant contracts in late March and in early April the work which is anticipated not only by Ayia Napa but indeed the whole of Cyprus will begin,” he added.
He said the companies would include bids from Cyprus and abroad.
The project also includes villas, apartments, restaurants, bars, shops, cafés and boutiques, as well as a square for holding events. The marina will be able to berth 600 vessels with a length of up to 60 metres and support work on minor repairs and servicing, he said.
During the construction of the marina, which is expected to last about three years, 800 jobs will be created with the majority of employees consisting of people of the region, while 350 people will be needed for the marina’s operation.
The vast complex is going to be built in the area between the Ayia Thekla chapel and Makronisos beach.

Is not the time to buy property in Ayia Napa and the Famagusta area?  Contact us today for more information. Contact us

 

Article courtesy of Cyprus Mail.

Cyprus Property Sales.

Cyprus Propert Sales Increase

Cyprus Property Sales 

Cyprus’ number of property transactions island-wide reported in June to authorities rose 15 per cent to 464 compared to the respective month of 2014, the department of lands and surveys said.
The overall increase was mainly on an annual 20 per cent rise in real estate transactions in the district of Paphos which rose to 124 in June, more than offsetting a 3 per cent drop to 135 of those in Limassol, the department said in a statement on its website.

The number of Cyprus Property Sales transactions rose in the districts of Nicosia, Larnaca and Famagusta 13 per cent, 37 per cent and 27 per cent to 61, 111 and 33 respectively reports Cyprus Mail

THE NUMBER of Cyprus Property Sales properties sold in Cyprus during June increased 15 per cent compared with June 2014 with sales improving in all districts with the exception of Limassol.
Industry pundits anticipate that the recent announcements by the government to resolve the ‘hidden mortgage’ problem and reduce Property Transfer Fees by 50 per cent will help boost the market. (Further announcements concerning a planning amnesty are anticipated.)
In June a total of 464 contracts for the sale of commercial and residential properties and plots of land were deposited at Land Registry offices across Cyprus, compared with the 403 contracts deposited in June last year.
Although sales fell 3% in Limassol, they increased in all the other districts. Sales in Larnaca rose 37% to reach 111 compared to the 81 sold in June 2014.
Sales in Famagusta went up 27%, while those in Paphos & Nicosia increased by 20% and 13% respectively.

Overall sales during the first half of 2015 are up 6% compared with the first half of last year with sales reaching 2,348 compared to 2,213.
Although sales in Limassol fell in June it remains the most popular place for those buying property, with half-year sales reaching 737. Paphos is in second place with 566 sales, followed by Larnaca (505), Nicosia (409) and finally Famagusta (131).
Courtesy Cyprus Property news Magazine
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