Cyprus Apartment Investments - Will the Euro boost prices?
Great news was my reaction when I heard that Cypriot government decided to incorporate the Euro as their trading currency, especially what it would mean for the Cyprus property market. Oddly enough though not everyone was so open to the new currency but the Cyprus property market has already benefited significantly since it’s introduction.
Prices are already rising healthily at around nine per cent a year, compared to five per cent the year before. A closer look at the Cypriot market shows that the rush to buy land before the 15 per cent VAT on land purchases kicks in on January 1 … plus low interest rates, the arrival of several budget airlines and a shortage of property for sale … have also helped to spur on property prices in southern Cyprus of late.
The all year round holiday resort of Cyprus is a real favorite with the Brits and there is a bonding between the two peoples due to a resilient onslaught during the second world war. Of course we are all Europeans now and equal partners that is ready to take on the world together and where better to relax than the beautiful island of Cyprus which boasts over 300 sunny days a year making it that so muck more pleasant to enjoys the wonderful sites that Cyprus has to offer.
Although the majority of overseas buyers still come from the UK, other nations are beginning to get a foothold on the Cypriot property ladder. “Since its accession to the EU, in 2004, more countries have become aware of where Cyprus is and it has brought new purchasers from other countries. “Cyprus now attracts investors from the Middle East and other European countries.” And with recent changes in VAT legislation (15 per cent on new properties), the market for VAT-exempt properties in particular is hotting up.
The great thing about the development of Cyprus in these times is that the environment is always respected. There is also a very strict code of conduct within the Urbanization planning rules and green areas are on top of their list of priorities. I believe in Cyprus for this very reason as I now it will always be successful as you can see through further articles on the Cyprus Informer Blog.
