In January 2008, Cyprus' pound was replaced by the Euro which is believed to add further stability and confidence. Property prices have shown a steady increase over the past 10 years, averaging about 8% p.a. The property market is considered established, predictable and much less volatile than other, newer, property markets.

Tourist visits are expected to double in the next two years and surveys have shown that the demand for foreign property follows holiday patterns.

Buying Property in Cyprus

Buying a property in Cyprus has become one of the fastest growing property markets in Europe and this is due to the relatively uncomplicated process. Much of the paperwork involved in purchasing a property was simplified in the run up to EU membership and an English based financial and a legal system means that the buying process is familiar to most British investors.
Taxes for property depend on its price. As a guideline the combined state and local taxes will usually be around 3.5% of the purchase price.

Solicitors fees vary but are generally around £2000.

Stamp duty is £1.80 per thousand up to £120,000 and then £2.40 per thousand over and above £120,000.

Location