Published on 02 June 2008 at 04:47 pm
Filed in Property News for Cyprus » Reasons Not to Invest in Property in Cyprus
We’re in a bad mood today thanks to tax bills and telecom providers so we thought we’d take it out on the Cypriot property market and give you some of our favourite reasons not to invest in property in (the Republic of South) Cyprus, because quite frankly there are quite a few compelling ones!
Yes, this article is about Southern Cyprus and not the Turkish Republic of Northern Cyprus. So don’t get confused guys. Right – reasons not to invest include the fact that tourism numbers are falling, property investors are scarce, the government’s left hand hasn’t a clue what the right hand is doing and policies and practices across the island are scaring would-be buyers, investors and visitors away.
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Since the Republic of Cyprus joined the EU back in 2004 the property buying process has become even simpler for EU based real estate investors.
This is a guide to the property buying process in Cyprus for non-Cypriot purchasers and it features details of the fees, taxes and costs associated with making an investment into property in Cyprus.
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The Republic of Cyprus is an exciting country for property investors and one which already offers fantastic capital growth and rental yields and which is likely to see improvements in these two profit areas over the medium term as Cyprus aligns itself for adoption of the Euro in 2008.
Furthermore an investor has an exceptionally strong year round tourist market to focus on as well as a growing second home market and a well established retirement market offering the right amount and type of investment diversity in one country that an investor requires when building a successful portfolio.
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In 2005 Cyprus was named one of the top five property investment hotspots in the world. The attractions of the third largest island in the Mediterranean Sea for both visitors and property investors alike are linked to the fact that Cyprus is blessed with a perfect climate that consists of year round fine weather ranging from temperate or cool but sunny in the winter to hot and sweltering in the summer.
On May the 1st 2004 the Republic of Cyprus became a full member of the European Union and it is poised on the brink of joining the European Exchange Rate Mechanism within the next two years. These facts have resulted in the property sector in Cyprus receiving an intensification of interest, however there’s a great deal more to excite property investors examining this European hotspot - read on to find out more…
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