CYPRUS

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General overview                                                         

The former British colony of Cyprus is the third-largest Mediterranean island and one of the most popular tourist destinations, attracting over 2.4 million tourists per year. Cyprus has been a member of the European Union since 1st May 2004 and adopted the euro on 01st Jan 2008.

Walking on the beautiful sandy beaches of Cyprus, it's not hard to see why everyone from Alexander the Great to Cleopatra has claimed it as their own. Cyprus is also the mythical birthplace of Aphrodite.

Cypriots are warm and hospitable people. They feel honoured when people visit their island and respond with whole hearted warmth. Although Greek is the native language of the land, English is widely spoken in hotels, restaurants, shops and other places.

Cyprus enjoys long hot summers lasting from April till October. With a wealth of beaches and clear turquoise waters you can sit down and enjoy this beautiful inland all year round   

Why invest in Cyprus?

According to www.globalpropertyguide.com the past 18 months have seen extraordinary property boom in Cyprus. After a long period of slow house price rises, the growth suddenly accelerated.

Liberalization of the financial sector, a decrease in interest rates, and increased demand for higher quality housing and second homes are the main drivers for the recent price increases. The Cypriot economy saw good growth in 2007, with 4.4% GDP growth. Inflation was 4.6% as of April 2008.

Cyprus is proving to be very popular, low-risk investment destination. Much of the property market in Limassol, one of the most favoured areas, is driven by British buyers. Recent study shows that 40% of prospective British investors intend to buy a property in Cyprus within the 12 months.

When it comes to buying property on the island, the procedure and formalities are straightforward (and particularly simple for European Union nationals). The choice of properties is vast and there are flexible financing schemes to make property acquisition even more tempting. Bank loans can be granted in all major European currencies including Euro, Swiss Francs, and Sterling.