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What To Consider When Buying Property In Cyprus

By: mark vurnum

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The main question on property buyers' mind is "Why should I buy that house in that location?" Whatever your answer may be to buying a particular property, there are some things that you might want to consider, or rather, think about when purchasing your property in Cyprus.

Some of the time, in Cyprus, there might be traffic congestion; and this is especially during the summer. The summer in Cyprus is a high season for tourism, with the place booming with visitors, it becomes especially overcrowded. For some people, however, overcrowded areas in the summer might not sound so bad; the Cypriot people are friendly, and these make tourists feel at home. So even if the traffic might be high in these summer peaks, tourists often have a very good attitude, and everyone is treated with kindness and respect.

There are restrictions on letting your property that you must know about, of course, if you hire a lawyer before making any property purchases, you will be able to make your decisions wisely. There are also building costs and renovation costs when you buy a property second-hand and there might be unresolved debts from the vendor; once again, if you have a lawyer and have gotten all the proper advice from your experienced professional, you should have no unexpected costs and problems.

Since you know that letting your house might be a hassle (especially if it is a holiday home), you know that travelling to and fro Cyprus may also be an inconvenience. Also, there are water shortages during in some regions of Cyprus, but this is normally during the summer. You might be thinking that travelling costs might build up, but Cyprus has an all-time low cost of living, there is basically nothing to loose.

Another great thing about Cyprus is that over 90% of the residents speak English, and almost all tourists speak English. Language barrier is non-existent in Cyprus. In Cyprus, there is a low crime rate, low cost of living, peaceful lifestyle, and friendly surroundings.

Living in Cyprus is anything but expensive; there is also very low taxation in Cyprus, especially for retirees. Money is always a factor in decision making; if you do not want to waste money in Cyprus, be sure that you get a lawyer before buying a home, and that you are aware of the differences between EU and Cyprus laws.

Most people see Cyprus as a quiet place to reside after retirement, but Cyprus is more than that; it is an island with great cultural heritage, and a warm and welcoming place to live. Cyprus has everything one can look for in property: beauty, elegance and an amazing low crime rate for a modern world.

In the last few years however, there have been changes in property demand in Cyprus; then again, exactly 'Why buy Property in Cyprus?' Like many others, you may seek a second home, a holiday home or a home to live after retirement. If you are looking for a second home, do keep minding that the flights are relatively long. In the long run however, these long flights might be worth it; it is a pretty island, and houses/properties in Cyprus are cheap.

However, you might be moving to Cyprus because of business plans (which has become easier due to Cyprus being part of the EU in 2004), but whatever your reason is for buying property in Cyprus, you should keep the following scenarios to heart: Can you afford the house and the cost of living? Can you bear living in Cyprus? Are you comfortable with the laws of owning property in Cyprus?

The cost of living in Cyprus is relatively normal with the inflation at 2.8% (2002) and 2.5% (2005), however, the cost of living varies greatly if you will be purchasing property in the Republic of Cyprus, or in North Cyprus (North Cyprus had an inflation rate of 9.1% as of 2004).

Even though Cyprus has joined the EU, there are still laws that abide when buying property in Cyprus. The most concerning one being that a non-Cyprus resident cannot let property on a short-term basis, such as holiday homes. There are plans for this to change in mid 2009 for all EU citizens.

Even if Cyprus is considered by most as home away from home, there is South Cyprus (majority of Cyprus) and North Cyprus; these are known as the Republic of Cyprus and North Cyprus (Turkish Republic) respectively. There is a buffer-zone that separates the North and the South, and this zone has been maintained peacefully by the UN since 1964. Prices vary for property in both parts of Cyprus.

All major credit cards are accepted in Cyprus, there is an increase with the use of technology, and the inflation rate has been stable without sharp increases or decreases. For an island that has undergone a lot of conflict, it is pretty peaceful and welcoming; a warm and peaceful environment. Tourism is Cyprus' second greatest market, next to services.

For many, Southern Cyprus is much more enjoyable to stay in, it has an open market unlike the north, and is planning to adopt the Euro in 2008.

Article Source: http://depositarticles.com/

Mark Vurnum offers a free course covering all aspects of Cyprus Sale Properties which is available at my website www.cyprussaleproperties.co.uk

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