Buying a Property in Cyprus

Why Buy Property in Cyprus?

Cyprus enjoys a warm climate throughout the year, and its people are well disposed towards the British, as a result of long-standing good relations between the two nations. Attractive taxation laws make it particularly appealing to retirees.

The island’s accession to the EU in 2004 has resulted in improved infrastructure, communications and facilities, particularly in the medical and educational sectors. Its joining of the Euro on 1st January 2008 has further underlined its position as a modern republic that welcomes people of all nationalities to its shores.

Property prices in Cyprus have risen by as much as 80 per cent over the past five years, but still represent good value in comparison with other, more established markets, such as Portugal, Spain and Italy, particularly for new build property, which is in the majority on the island.

We hope this guide will help you decide whether Cyprus is the place for you.

Note: This document deals only with matters relating to property purchase in the Republic of Cyprus.

The Turkish-occupied part of the island (called by its government the Turkish Republic of Northern Cyprus - TRNC) is not internationally recognised as a legal territory. Because of this, we do not endorse purchasing property there. Note that if you do so and the political situation changes, your home could be at risk.

Popular property locations – an overview

Interest from overseas property purchasers has traditionally been divided between Paphos on the western end of the south coast, Limassol on the central south coast, and Larnaca on the eastern outpost of the south coast. In more recent years, the relative outposts of Polis in the far west and Agia Napa in the island’s far east have drawn widely differing crowds to their shores.

Polis and the surrounding area, owing to their rural location, appeal to the more environmentally-minded individual, while Agia Napa has earned itself a reputation for the rowdy behaviour of a small number of largely British summertime partygoers. Naturally, the truth lies somewhere between the reported extremes. Out of season, Agi Napa, for example, is a quiet fishing village.

This guide gives brief descriptions of the areas most popular with British second home purchasers, but it can only provide a place to start. There are many resources to help with further research, including television and radio programmes, magazines, the Internet and property exhibitions, not forgetting estate agents in both the UK and Cyprus.

Next: Paphos >>

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• Cyprus: An Overview
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