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We give you the real facts about Cyprus

When talking about Aphrodite's Isle, most overseas property websites simply paint the perfect picture of a sun-drenched paradise, without ever touching on the real facts about Cyprus.

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There are some facts about Cyprus most estate agents won't give you

 
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Information about Cyprus

At Aphrodite Sun Properties we firmly believe that you're entitled to all the facts, all the time. On this page we've catalogued some of the most common things other estate agents and property websites tend to keep quiet.

Cyprus' Mortgage Shenanigans
Between 2004 and 2007 in the Republic of Cyprus, mortgages, and their easy availablility, were abused by some developers to acquire loans on properties they had already sold. As a result of this, many overseas property buyers suffered serious financial losses.
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Mis-sold Mortgages
Sometimes in Cyprus, mortgage approvals are made according to whom you're dealing with, rather than whether you can afford them, or they're even right for you. What's more, occasionally the banker dealing with your application has an active interest in making the sale.
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Cyprus' Property Flipping Market
During the height of the Republic's property boom, some lenders offered short term mortgages in foreign currencies for property purchases across Cyprus. Housing loans of this type were, however, often used for property-flipping schemes, which are illegal in most European countries.
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'Investment' Mortgages
With the British mass-media extolling the virtues of Aphrodite's Isle as a veritable investor's paradise back in 2004/2005, taking out mortgages in Cyprus became a favourite vehicle for investors buying entire property complexes. This ultimately led to artificially inflated prices.
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But not all facts about Cyprus are negative. Sometimes an estate agent will forget to mention something exceedingly positive, simply because keeping quiet stands to gain them a substantially higher commission.

The Myth of Buy-to-Let Mortgages
It's no big secret that many buyers made substantial losses through buy-to-let mortgages in Cyprus. One of the resons is that many estate agents strategically forgot to mention that there are better approaches when buying to let, than mortgaging your new property to the maximum.
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The Downside of Cyprus' Sunny Tax Climate
Another example of estate agents forgetting important details can be found when talking about taxes. While most agents are quick to let prospective clients know how low Cyprus' income tax rates are, they never seem to remember about national insurance rates, or the underhanded tactics used by a handful of employers with regards to their NI obligation towards employees.
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View of Makenzy MArina from one of the adjacent penthouses

Villa on Mazotos Seafront

 

Your Capital Gains Tax is refunded, right?
It seems like everyone always tells you that the first €85,400 of profit is exempt from Cyprus' capital gains, tax, along with the underlying rate of inflation, the cost of improvements you've made, and a partridge in a pear tree. They never tell you about the associated conditions, or the fact that this exemption is made 'once in a lifetime'.
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VAT-Free Properties?
In Cyprus, VAT was introduced on all new-build homes on May 1st 2004, the date when the Republic officially joined the European Union. Now, over six years later, some developers are still advertising VAT-Free properties, purely as a means of baiting prospective customers.
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Important Facts about Moving to Cyprus, the TRNC, fictional golf courses, and more...

Moving to Cyprus is the smartest thing anyone could ever do.
When you mention that you're thinking about relocating to Aphrodite's Isle, most estate agents will look you squarely in the eye, smile, and launch into a list of reasons why moving to Cyprus is the best thing anyone could do. What they don't tell you is that the Republic is not some sort of One-Size-Fits-All paradise. The simple fact is that living in Cyprus is not for everyone, and there are some resons against relocating too.
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The best education in Europe?
Everyone is always ready to tell you all about the Republic's high standard of education, and about the many English-speaking international schools in Cyprus. By the end of the conversation you're usually left reassured with the safe knowledge that your children are entitled to a free education in Cyprus, just as they are in the UK. Somehow you're never told that free educations are only available through local Greek-speaking schools.
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Finding work is easy...
This is another one of the most misrepresented facts about Cyprus. The statement should actually be: "Working in Cyprus is reasonably easy for highly skilled professionals, or those with an aptitude for self-employment." Finding work in the Republic is no longer a straight-forward undertaking for most people because of the depressed global economic climate, and a huge influx of cheap labour from Eastern Europe.
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The sunny climate of Aphrodite's Isle
"Cyprus' weather is warm and sunny all year round." That's the mantra you'll hear from just about every estate agent you speak to. But while this statement is basically true, the majority of these professionals neglect to mention that in Cyprus, temperatures can hit fifty degrees centigrade during the height of summer, and that any villa or apartment not fitted with air conditioning basically becomes an oven.
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Cyprus will soon have fourteen new golf courses!
There's still an awful lot of talk about Cyprus' new golf courses. Browsing Cyprus property sales websites it can seem as though every village will soon have its own venue, when the global economic depression, and new regulations about water sourcing, have in fact doomed the majority of proposed golfing resorts across the island. But despite this, most sites still advertise golf properties in Cyprus as though nothing had happened.
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Don't buy real estate in the TRNC!
We've all heard what happens to you when you even think about buying one of North Cyprus' homes. Not only does the property you're purchasing ultimately belong to an irate Greek-Cypriot refugee, but those nasty Turks will kidnap your children, burn down your shed, and eat your dog. Let's face it a moment, there's been an awful lot of publicity about the fact that purchasing North Cyprus properties is not 100% safe, when it is in fact safer than ever, following a recent ruling by the European Court of Human Rights.
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We don't just want to sell you a property.
We make sure you're safe, satisfied and informed.

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But it's not all bad news...

Reading through some of these facts about Cyprus, you might wonder why anyone would want to live here in the first place. But before you dismiss Aphrodite's Isle out of hand, consider that every country has its own issues, and there's no such thing as the perfect place to live.

As of May 2010, six of our staff live in the Republic of Cyprus. We are all happy here, and not one of us has any plans of returning to the UK.

What's more, there are also many good reasons for moving to Cyprus. At Ahrodite Sun Properties we simply believe that you have the right to make an informed choice about what will ultimately be one of the biggest decisions of your life.

 

Disclaimer. Please note that the information given on this website is displayed for guidance purposes only. It does not replace the need for professional advice, either legal or otherwise. E&OE

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