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It is predicted that the Cypriot pound's replacement with the Euro in 2007 will stimulate a 50% rise in property prices so now is an excellent time to jump on the property ladder in Cyprus.
Property prices have risen by 25% in the last 2 years and are expected to rise by 10% in the following year.
Market prices are driven by high foreign as well as domestic demand. As this is a small country, restrictions on housing supply will always keep demand relatively high.
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 a property in Cyprus is a 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.
Cyprus is situated in the north-east Mediterranean at the crossroads of three continents - Europe, Asia and Africa. Cyprus, the third largest island in the Mediterranean, differs from most developed countries by its minimal crime rate, high living standards and relatively low property prices.
Mainly Greek and Turkish but English is also widely spoken.
Call Land & Brand New Homes on 0870 7778 726 for further details.
