Property price in Cyprus is on average a fourth of the value in Western Europe.
This makes it possible for you to own a second home, for holidays or leisure, a more luxurious retirement home, or even a lucrative investment opportunity.
Although so much cheaper it appreciates steadily over the years and especially during the last five, on a rate of 15 to 25% per year depending on location. Accompanied by a strong currency your propertys net worth is growing at a very healthy pace.
With the European Union accession from May 1st this year, a healthy and growing economy, a rising overseas property demand and the right for multiple ownership and rent out by all member state citizens, provide the foundation for a momentum that will keep healthy property price growth for a good many years to come.
Useful Information Under the Immovable Property Acquisition Law, non-Cypriots, Companies and trusts are entitled to buy freehold immovable properties, subject to prior permission by the Council of Ministers. This must be submitted in writing by the non-Cypriot buyer after the Contract of Sale is signed. The procedure is merely a formality, and permission is normally granted more or less as a matter of course to all bona fide buyers wishing to purchase a flat, house or piece of land for the erection of a house not exceeding 3 donums (4,014sqm). This and other matters can easily be carried out for you by a solicitor. |
