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By: Bill Mackay

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Don’t leave it too long to invest in Cyprus - the property market is starting to move again, says Jackie Nicholls
It’s hardly surprising so many people are looking to invest in Cyprus. With its slower place of life and 340 days sunshine a year, the island is a favoured retirement location – but it’s also becoming increasingly popular with families.
What’s more, English is widely spoken and driving is on the left. Add to this an exceptionally low crime rate, no inheritance tax, low income tax rates (5% on pensions), mild winters, long, hot and dry summers - and you have a lifestyle that’s very appealing.

You can be here in just four and a half hours from the UK. Flights come in to either Paphos Airport on the west side, or Larnaca Airport on the east side.
Picturesque Paphos, with its pretty villages, is very popular with ex-pats, particularly retirees. Prices currently range from a mere €40,000 euros for a restoration project, to high-end, custom-built villas from €1m. Meanwhile the relatively unspoilt area of Polis, with the beautiful Latchi harbour and stunning Akamas Peninsula, is now home to some very exclusive developments.
“Generally, Cyprus is moving upmarket – the government has strategic plans for more golf courses and marinas, all positioning it firmly in the upmarket segment of the international tourist market. The country has an exciting future”, says Jonathan Salsbury, UK Country Manager for Cybarco, a major developer on the island.

He adds, “Loans from local banks in Cyprus have become less generous since the downturn. However, we have been able to secure very attractive finance. For example, with our new Akamas Bay Villas project, our customers can obtain euro loans at a fixed 4.25% interest rate, easy payment terms and a 100% bank guarantee.”

Local property agent, Alan Phillips from Sold To says, “Like markets all over the world, we’ve been in decline. Property prices are around 35% less than a year ago, creating some great investment opportunities - especially in the Paphos district.”

To the east side of the island are Larnaca and Famagusta, where prices tend to be lower. Both are very popular holiday resorts and great for generating rental income.

In between Paphos and Larnaca is Limassol, a bustling holiday resort. It’s the centre of the wine industry and also the island’s main port. You can even ski nearby in the magnificent Troodos Mountains in the winter. Prices in this area appear to have held their value.

Elias Pekri of the Cyprus Estate Agents Association says, “Despite problems facing the world market today, now is a very good time to buy in Cyprus. Prices will not go any lower, because they have already been heavily reduced – we are at the bottom.”

Patricia Marks from Cerise Consulting, a local agent, agrees. “There are amazing bargains right now – but people need to act soon, before prices increase”.

WHAT’S AVAILABLE:
Limassol Marina [Picture 1]
Nestling within an area of Limassol featuring 5 star hotels, “The Residence” is outstanding. The yacht marina, blue flag beach and the Mediterranean are right on the doorstep. Setting new standards of exclusivity and luxury, this gated development provides residential heaven. Prices from: Apartments €1,200,000, Duplexes €1,800,000, Villas €4,500,000.

Property Link, tel: 00 357 188 894, www.propertylink.com.cy
Amathus Costal Heights, Limassol [Picture 4]
An award-winning, luxury ‘village style’ residential project, in an exceptional location on the outskirts of cosmopolitan Limassol. 50 metres from the beach. Consisting of apartments and villas all enjoying sea views. Prices from €285,000 to €900,000
Cybarco, tel: 020 8371 9700, www.cybarco.com
Tiffany Gardens, Limassol [Picture 11]
This new “Resort Residence” development is conveniently located southwest of Limassol town, in an up-and-coming area. It features a wide selection of 1, 2 and 3 bedroom spacious apartments and penthouses. Prices from: 1 bed €149,800, 2 bed €245,100, 3 bed €283,700. Leptos Estates, tel: 00357 26 880 120, www.LeptosEstates.com

Troodos Mountains, Limassol [Picture 8]
A luxurious old stone house, fully renovated, in the traditional mountain village of Lofou in the Troodos area. Price: €285,000. Cerise Consulting, tel: 00 357 26 65 30 52, www.ceriseconsulting.com
Melania Gardens, Paphos [Picture 2]
Melania Gardens E is an apartment block with private gardens and unobstructed sea and mountain views. The project includes a communal swimming pool and children’s paddling pool. Price: €86,520-€171,400, VAT exempt.

Aristo Developers, tel: 0800 856 3337, www.aristodevelopers.com
Akamas Bay Villas, Latchi, Paphos [Picture 3]
An ultra-exclusive beachfront development, adjoining the Akamas Peninsula, one of the most beautiful areas of Cyprus. Only 40 villas offering a haven of beauty and luxury. Just launched, construction started. Prices from €1.6m to €3.97m.

Cybarco, tel: 020 8371 9700, www.cybarco.com
Argaka Villas, Polis, Paphos [Picture 5]
Detached villas and bungalows in a unique seaside location, close to Paphos forest and Polis. Prices from: €425,000.
Leptos Estates, tel: 00 357 26 880 120, www.LeptosEstates.com
Kamares, Tala, Paphos [Picture 6]
This is a multi-international award winning development. Detached off-plan and custom-built villas available. Prices from: 3 bed €576,215, 4 bed €649,304.
Leptos Estates, tel: 00 357 26 880 120, www.LeptosEstates.com

Tala, Paphos [Picture 7]
This beautifully maintained and charming 3-double-bedroomed, two-bathroom traditional bungalow is on a large plot in a secluded cul-de-sac, in the sought-after established residential area of Stephanie Village. Sympathetically renovated to a very high standard, it comes with a private pool and Title Deeds. Price: €425,000.
Sold To, tel: 00 357 26 272 368, www.soldto.net

Amber Hills, Tala, Paphos [Picture 10]
An exclusive new development of 10 bespoke villas, each with infinity pools, on large landscaped plots set in a breathtaking hillside location with panoramic sea views. Prices from: €850,000-€1.1m.
Cerise Consulting, tel: 00 357 26 65 30 52, www.ceriseconsulting.com
Kiti, Larnaca [Picture 9]
This modern-design complex will comprise seven 1- and 2-bedroom apartments. Apartments will all enjoy unobstructed views to the coastline and spacious uncovered verandahs. Prices from: €80,000–€170,000. Aloizou, tel: 00357 24 65 70 67, www.aloizou.com.cy

Pissouri Panorama, Pissouri [Picture 12]
Panorama Residences are new, luxurious three- and four-bedroom villas nestled along the coastline of Pissouri village, with landscaped gardens, terraces and, secluded swimming pools.
Prices: €790,000- €1,780,000.
www.aristodevelopers.com

Article Source: http://depositarticles.com/

Bill Mackay works and writes for the leading offline and online magazine Living Abroad Magazine. The magazine is your monthly guide to living and buying abroad , with a wealth of information, stories, and guides

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