Innovative property investments
Investment Property in Cyprus
Investment Overview
At one time the island was best known for its package holidays and large English–speaking population, but investment property in Cyprus is now one of Europe’s most popular investment opportunities. The country is divided into the Republic of Cyprus in the south which is under government control, and the area in the north that is occupied by Turkish Cypriots (also called the Turkish Republic of Northern Cyprus though only Turkey recognises it as such). The south of the island is where the most popular areas for investment property in Cyprus are currently found.
Property market
Foreign buyers looking for investment property in Cyprus generally choose from the market of new properties, since Cypriots traditionally pass their homes down through their families. The resale market is therefore limited, which is good news for investors as it means that demand for their completed property will be higher.
Economy
The north and south regions of Cyprus have very different economies and accordingly different property markets. The Republic of Cyprus depends on tourism to a large degree and is a member of the EU. To date, the economy of the Turkish Cypriot area of Cyprus has not shared the same stability that the southern region enjoys, and it still relies on financial contributions from the government of Turkey. However, a number of factors have contributed to a 10.6% growth in the Turkish Cypriot economy in 2006.
Popularity with Britons
The former British colony of Cyprus has long been a favourite with tourists and second–home buyers from Britain. The popularity of property in Cyprus among the British is confirmed by MoneyCorp, the currency exchange specialist, who ranked the Republic of Cyprus as the fourth most popular investment destination after Spain, France and Italy, and ahead of Bulgaria and Thailand.
Property in northern Cyprus
The Turkish part of Cyprus is often considered to be the more attractive part of the island, and as free movement is now permitted between the two parts of the island the north is attracting attention among property buyers from the Greek side as well as from overseas. Confusion over land ownership has deterred some foreign buyers, but it is hoped that this confusion has been nothing more than teething problems as significant rulings made during 2006 served to bring north Cyprus property out of this legally uncertain territory.
Related items
Documents and Reports
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Cyprus property investment report (373Kb) |
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Cyprus country guide (766Kb) |
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Cyprus property buying guide (979Kb) |
Other related pages
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What are these? |
10-20% pa for 12 years
Contracted income
with guaranteed
capital appreciation
Agricultural land
investment operated by
public listed company.
Latest Cyprus News
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