OVERVIEW - Cyprus
Cyprus real estate is an ever increasing investment option, offering good value and outstanding potential to foreign purchasers wishing to invest in a sought after overseas location.
Cyprus - A sought after new investment market
As an investment location, Cyprus offers a unique opportunity while its new EU membership offers the property purchaser some excellent tax benefits, low property prices and many more advantages within a rapidly growing property market. Cyprus is experiencing an increase in tourism and with this increase comes a proportional increase in demand for Cyprus property, creating a booming "Buy to Let" market.. Investors see real estate in Cyprus as a very stable investment with prices increasing at a steady pace.
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Spanish and other traditional European holiday hot spots are reliably increasing in price, showing great profits for those buying investment property in these areas. Some investors, however, are looking to new investment locations for greater financial return on investment.
Marinas
At the moment there are only 3 marinas in Cyprus. The biggest marina is Larnaca, followed by St. Raphael in Limassol and the newest, which is still not quite finished is Latchi Marina. At the moment, Pafos only has the harbour by the castle.Under the government's plan Larnaca's marina will be upgraded from 400 to 1,000 berths, while Limassol would have 1,000 berths, Paphos 1,000, Ayia Napa 650 and Paralimni 250-300. It is hoped that within the next 2 years, Cyprus will have 2 of its proposed new marinas.
Golf in Cyprus - Aphrodite's Isle is turning into a golfer's dream
Larnaca
Following the success of high-profile golfing developments at Vale do Lobo in Portugal, La Manga in Spain and Sun City in South Africa, the CTO(Cyprus Tourist Organisation) and the government of Cyprus have been quick to realise the island's potential as a Mediterranean golfing paradise.
As a consequence, golf in Cyprus has been allocated 'pride of place' amongst the island's forthcoming leisure developments, with the construction of a further fourteen new golf courses in the Republic of Cyprus announced late last year (2006).
A new member of the EU, with stunning scenery, beautiful beaches, very strong tourist industry and property prices far more competitive than in other EU countries, Cyprus is starting to stamp its authority on the world property market.
Cyprus property greatly appeals to the UK market due to the fact that Cyprus uses the English legal system and almost all residents speak English, avoiding many language barriers that exist when purchasing property in other locations. The Cyprus property market is supported by a very stable economy and general infrastructure and in Cyprus a long established and transparent property buying system offers Cyprus property buyers a safe and secure property purchase.
Cyprus to adopt the Euro
Cyprus is preparing for one of the most important changes in its history. On 1 January 2008 Cyprus will adopt the euro, the single European currency. More than 310 million people in the 13 EU member states that have adopted the euro now share the benefits of the single currency.
The adoption of the euro will bring considerable benefits to Cyprus. Price transparency in the single market of the EU facilitates price comparability, fosters competition and leads to lower prices. The elimination of the exchange rate risk is conducive to trade transactions, thus also leading to lower prices. Traveling and buying goods and services in the euro area countries is easier, because citizens will not have the hassle of changing currencies every time they cross a border, and are better able to compare prices since they can use their own currency anywhere in the euro area. Traveling and buying goods and services outside the euro area is also easier, since the euro is an international currency and therefore widely accepted in many places outside the euro area, particularly in tourist destinations. Furthermore, both savers and investors can take advantage of increased opportunities for savings and investment, which emerge in the single financial market of the EU.
The conversion rate is set at 0,585274 Cyprus pounds to the euro, which corresponds to the current central rate within the Exchange Rate Mechanism. If you are sending funds to Cyprus after 1st January 2008 you should calculate for Euros. Forward contracts are a good way of budgeting for your house purchase and means you can keep the majority of your funds in the UK earning interest and taking the exchange rate fluctuations out of the equation.
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