The Cypriot Property Market - Changing Trends
During the past few years, the Cypriot property market
has undergone a number of changes where buying trends,
building styles and even financing options are concerned.
What
changes
have there been on the Cypriot Property Market?
Since the Cypriot property market first caught
the attention of overseas real estate buyers a
few years back, an ever-growing number of British
expatriates and investors have seen the Republic
of Cyprus not only as an ideal country of residence
in the Mediterranean, but also a shrewd investment.
With constant TV exposure in the UK and an estimated
60,000+ British expatriates now living in the
Republic of Cyprus, the country's popularity,
not only as a retirement destination, but also
a business and commerce base, has experienced
a constant upsurge since it's ascension to the
European Union in May 2004. |
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Cypriot sunshine
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Cyprus boasts
an ideal tax climate as well as Mediterranean sunshine
Whilst the nineties saw an initial exodus of British
citizens to Spain and France, this trend is slowly changing,
as the Spanish coastline has turned into a veritable concrete
jungle and expatriates are coming to realise that the
French system of taxation is far from favourable.
Indeed, financial advisors are often quoted as stating
that the Republic of Cyprus boasts the second most favourable
tax regime in the European Union; a rather tempting statement
for many in the face of the ever-increasing tax and stealth-tax
burden placed on residents of Britain.
And so, buyers who even a few years ago might have looked
elsewhere, now see the Cypriot
property market as a superior alternative to the jaded real
estate markets in the western Mediterranean.
The Republic's financial institutions too, have been
quick to adapt to the changing face of Cyprus
Property Sales. Even as recently as 2003, mortgages were
still relatively unheard of in the Republic, as most foreign
buyers used cash to fund their purchases.
These days however, mortgages in Cyprus are not only
commonplace but also becoming increasingly sophisticated,
as more and more buyers choose to finance their purchases
through local lenders. With banks now offering property
loans in a number of currencies and at favourable interest
rates, it pays to shop around.
Lastly, but possibly most importantly, potential investors
are taking note of the many improvements being made to
the Republic's infrastructure in the wake of attaining
full European Union membership. These improvements, which
include the expansion of Paphos and Larnaca airport, a
vast expansion of the island's motorway network, fourteen
new golf courses, various leisure complexes and assorted
other undertakings, are sure to have an extremely positive
effect on real estate prices in the medium and long term,
thus making the Cypriot property market an attractive
proposition for foreign investors.
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