Buy Homes in Cyprus…Turn Dreams Into Reality

If you are looking at property investment, a holiday home or just somewhere new to live, well Cyprus probably tops the list both for today and for the future. Ever since Cyprus became a complete member of the EU it’s economic growth has progressed steadily, resulting in it’s rising popularity. The foreign resident population has developed in a big way forcing up property values as it becomes clear that it is a very special place to live in. It really is a dream come true opportunity as far as property investment is concerned and recently it was claimed to be becoming the Florida of Europe.

Cyprus benefits from a wealth of resources due to its beneficial location with excellent climate, it is also now a member of the European Union, providing highly beneficial advantages in communications, transportations and trade and growth throughout the economy. In fact, the EU is the source of over 50% of trade for Cyprus and over 70% of 2006’s 2.4 million tourists were from the EU. Cyprus is also strongly tied to both the middle east and Africa, all of which helps to understand the increasing interest to buy cyprus property.

The property price index has been on the rise for the last few years and if we are going to take notice of the present indicators this will not change for many years to come. At the same time and a very exciting factor is that new property development is still rising too as supply is still lagging behind demand. If you don’t want to lose out on potential profits then you should really get moving fast as what we are witnessing here in Cyprus is the same as what happened in Spain 20 years ago and we know how much money was made there.

The good news for property investors is that there are still many villas available both resale and new build. You will find a varied choose in both Estate Agent and Developers and all more than anxious to help you, so make sure you get well informed before you start to tackle with these guys.

Cyprus is also an ideal location due to the fact that the locals all speak English, so you can happily get by in your own language. You will also be supported by English speaking solicitors so you will always understand exactly what you are signing. If your are from the UK then you will also feel at home as their legal system is almost the same and something else of interest, they drive on the left hand side of the road.

Two differences that you should be aware of are that as a non-resident of the island it is only permitted for you to own one piece of property on Cyprus (although there is a possibility of this changing in the future) and that when buying new Cypriot property, it is quite likely that the title deeds will not be received for up to five years after completion. Importantly this does not prevent sale of the property before the documents are received, in fact some people already sell on their properties before construction is complete.