Buying Guide - Cyprus

Area focus: Pafos Town

When in Cyprus, don't limit yourself to the main
cities and coastal resorts. Instead, venture into
the countryside.

From fragrant citrus orchards and olive groves, rolling vineyards, wide open plains carpeted with colourful wild flowers, to cool pine forests and pristine beaches where turtles nest, Cyprus will delight you year round. Go on a wine or culinary tour discovering age-old villages cascading down hillsides with shady squares where you can sit at the coffee shop and mix with the locals.

Spend a relaxing day at one of the salt lakes where you can see Cyprus' wildlife to your heart's content. Pafos town, with its pleasant harbour and medieval fort, combines a cosmopolitan holiday resort, spectacular countryside and historical sites. The region offers the possibility of combining sea and mountains as well as having a taste of culture with its many archaeological sites. 

Lifestyle:

There's something about Cyprus that attracts expats in their droves. Is it the relaxed pace of life, the long sunny summer, the clear waters and stunning beaches? Or is it because the island feels both exotic and Mediterranean yet at the same time comfortably familiar?

Most of the island's residents speak English, and you even drive on the left-hand side of the road! Other benefits, including appealing tax breaks, make this a popular and established choice for a rental home or holiday getaway.

Prices:

Annually, house prices in Cyprus have continued to rise, increasing by 12.3 per cent year-on-year. The average property price in Cyprus is now €177,351. House prices are most expensive along the south coastal cities of Pafos, Limassol and Larnaca. Pafos, on the west of the island, is the most popular town with British property buyers. Expect to pay from €111,059 for a one-bedroom apartment locally; a two-bedroom villa is priced from around €205,032.

Buying Property:

The long-standing links with the UK combined with the island's EU accession has seen restrictions on property purchases by foreigners lifted. Deposit levels have dropped to a low 10-15 per cent in some circumstances. Cypriot banks will typically lend from 60-80 per cent of the value of the property, but on a shorter loan term than you would expect in the UK. If you're looking in the north, it's important to check carefully the title of your prospective home with a solicitor.

In The News:

There are any number of reasons why property on the island is seen as such a stable investment by so many overseas buyers. Property on the island is seen as a safe investment because the Cyprus market is growing at a stable rate and property prices remain competitive compared with other EU locations. Cyprus has long been a favourite tourist and retirement destination.

With the recent growth in the tourist industry due to increased facilities and an improved infrastructure, Cyprus is quickly taking on a new identity as a very sensible investment option within one of the fastest growing property markets in Europe. While the tourist industry in Cyprus is gaining momentum, buyto- let investment in Cyprus is viable due to the increase in demand for rental property. Needless to say, among the other reasons for investing on the island are a fabulous climate, wonderful food and drink and friendly people.

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