Easy Property : Cyprus property

Buying Cyprus property
Why should you invest in Cyprus property?

The official travel and tourism board is expected to generate approximately 2,370m Cypriot Pounds of economic activity in 2004, growing to 4,665m Cypriot Pounds by 2014. This equates to annual growth of 4.6% in real terms over the next ten years, making Cyprus property an ideal investment for your future. In addition, tourism is expected to grow as well, contributing 13.3% to the Gross Domestic Product (GDP) in 2004, which would be equal to 930.6 million Cypriot Pounds, rising in nominal terms to 13.9% of the total 1802.4 million by 2014. This opens up buy to rent possibilities for your Cyprus property. The island is one of the most enchanting places in the Mediterranean, making Cyprus property an attractive option for second or retirement homes. It has up to 340 days of sunshine a year. Allowing people to swim in the sea as late as November and the standard of living is high, while prices still remain at a reasonably low level. The crime rate is also low and to boot the island and its people are very friendly and welcoming. Cyprus property is experiencing a boom period. The annual house price inflation is currently running at 20% and higher. Particularly investment property is popular on the Island, driving the prices up. Worldwide interest has accelerated and demand for Cyprus property has risen since the island joined the European Union. Furthermore, the prices of Cyprus property are reasonably low when compared to the UK in particular. Apartments can be purchased from as little as 40.000 pounds, a price one can only find in deprived areas in the UK. Even villas are affordable, allowing many families, who would have never been able to afford a holiday home in the past, be part of this new and exciting development. A further incentive the island has to offer is its low rate of taxation. It also has a double taxation treaty with the UK. Capital gains tax is only twenty percent. You can reduce the amount of tax you pay by managing your Cyprus property via a Cypriot Limited Company which would mean you would only have to pay ten percent corporation tax. If you are a retired, you can receive your UK pension free of UK withholding tax. As a foreign resident, you will only have to pay a five percent income tax. The legal system on the island is based on the British legal system, different from the complicated and unfavourable property and building law that have to be obeyed in Spain and Italy. Rather, it can be called an efficient system, easing land registry and making your purchase straightforward and secure. When you invest into Cyprus property with us we will provide you with an English speaking lawyer, avoiding costly misunderstandings. Since the banking system is based in Britain, it will be less difficult for you to negotiate a mortgage and administer your money. Premium Cyprus property is very popular for letting or selling to the UK, Cypriot or wider European holiday or second home market. If you market you Cyprus property correctly, the likelihood for high financial returns is high, because it is in easy reach from the UK and the weather allows it to be let almost all year round, increasing the potential financial return of your investment and making it a successful asset for the future.

Fact about Cyprus

The island is located at 34° 33'-35° 34' North and 32° 16'-34° 37' East. As the third largest island in the Mediterranean Sea, and boasting a hot climate in the summer and a mild climate with a lot of sunshine and little rainfall in the winter, which makes it an ideal location for a holiday home or a buy to let property. Anyone buying Cyprus property is stunned by its breathtaking geography, particularly by the Troodos massif, the Pentadaktylos range and the Messaoria Plain. These stunning features, together with white beaches and blue clean sea, attract more and more tourists every year. Most of the Cyprus property open for investment via Easy property is located at the southern coast, where the major towns Larnaka and Lemesos are located. But we also offer investment opportunities in Paphos, Protaras, Paralimni and Nicosia.

Government

As a member of the United Nations, the European Union, the Commonwealth, the Council of Europe and the Organisation for Security and Cooperation in Europe the island offers buyers enough security and stability to make long-term investments.

Population

In 2003, Cyprus had an overall population of 818.200 inhabitants. These can be classified in the following groups:

• 79.1%: Greek Cypriots (646.900)
• 10.7%: Turkish Cypriots (87.800)
• 10.2%: Foreign residents (83.500)

The year ending 2003, the size of the population in the island’s main cities was as follows:

• Nicosia: 213.500
• Limassol: 167.800
• Larnaka: 74.700
• Paphos: 49.700