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A growing number of UK residents are looking to the island for holiday home, many more decide to retire there and thousands are taking advantage of good investment conditions.
It's impossible to predict exactly what return you'll get from your investment but recent reports from various sources agree that it will be high.
For example: Property News reports that house prices on Cyprus rose by more than 20% in 2008.
Until now, a foreigner was allowed to buy as much property as she/he wants, but was only allowed to transfer one house or one plot of land up to 4,000 sq.m to her / his own name. But now most restrictions to foreigner buyers are lifted which will lead to an increase in demand by 50-100% and generate an increase in both sale and rental prices.
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Louis Constantinou, with his more than 30 years experience in the real estate industry, believes that property prices could rise by more than 50 %.
"Until now, there was a rush to buy before EU accession and VAT introduction. But freedom of movement after EU, will further increase demand for real estate. Once restrictions are lifted we will have a new wave of buyers coming here to live, work, invest or retire. That's millions of people coming to a small island with limited land resources!" added Louis. |
Jacob Clein, another real estate expert, agrees with Louis assessment.
"Prices will only go up. Cyprus is becoming a top destination for retirement, investment, working and living. EU citizens prefer Cyprus to other countries because they find it safer and friendlier. There is a big interest on new properties. The relatively low taxation and low cost of living in Cyprus has also an added appeal for potential buyers, offering a full, but comparatively inexpensive lifestyle." |