The Classic As Well As Modern Property Market Of Cyprus

By: Derek Watkins

Cyprus, an already established global tourism destination particularly for Europeans from England, Russia and Northern Europe, now has other prospects to look forward to in the years ahead. There are several large residential development projects in progress across Southern Cyprus, to meet the ever growing demand for residential housing for both locals, and the influx of families from overseas that are moving to Cyprus to take advantage of the wonderful climate, low cost of living and low crime rate. Whilst affordable residential housing has become more difficult to find, these new developments projects will help change matters in the foreseeable future.

There is significant investment across Cyprus with billions of Euros being invested in two new International Airport terminals at both Larnaca and Paphos to cater for 2.7 million passengers per year, numerous new marinas including 1000 berth luxury marinas in both Paphos and Limassol, 10 new golf courses many of which will be PGA Championship courses, and the rejuvenation of both Paphos Harbour and Larnaca promenade. Many of these significant projects will have associated high quality residential properties included within the development, as well as many homes and properties being developed in the surrounding areas, to support the expected very high demand for both permanent homes and holiday homes that will be attracted to these schemes.

To meet the growing demand for property across Cyprus there is a tremendous amount of development across the island, providing you with ample opportunity to be a proud owner of a new villa or dream home. Getting a home loan or mortgage is pretty straight forward in Cyprus as their finance system is based on the UK banking system, so nothing could be easier and you could soon be well on your way to unpacking your bags and settling in for a lifetime in the sun in this amazing island. Just sit back on your balcony with your favourite drink and watch the most wonderful sunsets in the evening. Cyprus is an extremely tax efficient country and whilst the standard of living is one of the highest in Europe, the actual cost of living is low, therefore your hard earned money will stretch much further as you acclimatise to this wonderful lifestyle.

The country holds 16th place in the world in terms of per capita income attracting more investments particularly in the residential market. It enjoys a standard of living that is higher than other European Union member-states while economic performance compares very well to that of most other EU countries.

Residential Tourism is a big business at the moment in South-Eastern Mediterranean countries. Cyprus is gradually becoming the home and work place for many Europeans, as a result of Cyprus’s accession into the European Union, which opened doors to many segments and gave the chance for more growth and work opportunities, especially in the property market. As a result of entry into the EU, procedures for EU citizens have been relaxed making it far easier to buy a home. Many Europeans now view Cyprus as a good place for holiday homes as well as permanent living, particularly around the major towns of Paphos, Larnaca, Limassol and Nicosia. It is now wonder that Cyprus has been experiencing such a property boom over the past few years.

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