Category: Cyprus

Legal Wrangles over Cypriot Property

A court judgment last month has sent ripples of worry through foreign property investors who have bought homes in northern Cyprus. A British couple bought a property in northern Cyprus on a piece of land that a Greek Cypriot was forced to flee when Turkish troops invaded Cyprus in 1974.

Despite the British couple having bought the land in good faith and owning Turkish title deeds proving they owned the land and property, courts have rules that they must demolish their holiday home and return the land to the Greek Cypriot. The Brits have also been ordered to pay damages and a monthly rent until the property has been handed over formally.

Moving to Cyprus

If you would like to live in Cyprus, you will need to get in touch with the Census Records and Migration Department to register within eight days of entering Cyprus. If you are looking to work in Cyprus for over three months you will require a residence permit which requires registration from the Census Records and Migration Department or the Aliens and Migration Service of the police.

Household/Office Items
The movement of most household and office furniture is permitted into Cyprus on the principle of mutual recognition – that is, every product which has legally been manufactured or marketed in the EU already can be moved to Cyprus without issue.

Cyprus Property Buying Area Guide

Cyprus is a unique and distinctive country and it comes as no surprise that many foreign property investors wish to invest there. Cyprus has a rich tapestry of cultures, from Middle Eastern to Western European, giving a large mix of influences throughout the country and meaning there is a wide range of property available for purchase.

Cyprus is the third largest island in the Mediterranean sea and houses a large variety of terrain – from the hustle and bustle in the major cities through to peace and tranquillity by the seas or in the pine-clad Troodos Mountains. The stretches of clean sand attract many tourists and therefore property investors also enjoy buying real estate near the coasts thanks to their excellent rental opportunities.

More people passing through Cyprus airports

Statistics from Hermes Airports in Cyprus has showed that the number of people passing through Larnaca airport rose to 565,000 last month and around 210,000 passed through Paphos International airport – this is an increase of 5.25% and 0.54% over the same period in 2006.

This is welcome news for property investors in Cyrpus as it shows that Cyprus is increasing in popularity as a holiday destination and this increases the rental potential of properties around the main tourist areas. With the island also planning to become a member of the single European currency early next year, the prospects for the island are good. This will hopefully have a positive knock-on effect on tourism, finances and the housing market.

Cyprus: Land & Property Boom?

In January 2008, Cyprus will be introducing a 15% VAT rate on land. Since the announcement of the new law, Cypriot land has increased in desirability and demand for land has shot up.

During the start of the second half of 2007, prices for Cypriotic land have shot up – some land-owners have discovered that they are now millionaires thanks to the new law. Not so long ago, land ownership was considered an almost worthless asset – now, it is pure gold-dust.

Split over Cyprus

There is mixed opinion over whether Cyprus is still a good place to buy for property investments. Some critics believe that the sudden surge of coastal developments that have appeared over the past few years has diluted the market and supply now outstrips demand; however some believe that business is still booming and there is still a buoyant foreign investment market.

Much of the property development focus has been on coastal properties as this is the current hot spot on Cyprus. This has left the inland property prices trailing and some great bargains can be picked up. The little development inland also means that prices are still doing well and demand and supply are in a good balance, unlike some coastal areas.

Property ownership in Cyprus

Cyprus Property Ownership
Foreign property buyers are entitled to the freehold ownership of their property in Cyprus. Cyprus joined the EU in 2005 and therefore any EU citizen does not require a work permit in order to work in Cyprus.

Cyprus Mortgages
Mortgage companies in Cyprus are currently undergoing a period of change meaning it is getting ever easier for foreign investors to get a mortgage. Typical loan amounts of Cyprus properties is around 60-80% of the purchase price with repayment periods ranging from between 10 and 20 years.