Eric Gift Okeoghene

BUYING A PROPERTY IN CYPRUS Buying a property in Cyprus is ultimately a better choice of investment when compared to more established markets like Portugal, Spain, and Italy in value particularly for new build property, which is predominant on the island. Even though the prices of the properties on the island has risen by an astonishing 80% in the past five years. Add that to the welcoming atmosphere the country extends to its tourists and new residents most especially to the British but also to people of other nationalities. It is imperative however, that a thorough understanding of the recent history of Cyprus is absorbed as location decision starts. As well as reading about the towns on the island and the distinct experiences they all offer. NOTE: Since the Turkish invasion and occupation of Northern Cyprus in 1974, Cyprus has been split into two: Greek Cyprus (the southern Cyprus) -which is part of the European union- and the Turkish Cyprus (the northern part of Cyprus) -which is not part of the European union and not recognized by the united nations. Since buying properties in the northern part of Cyprus can lead to legal issues over the initial right of the vendors to sell properties in the first place as well as a lot of instances of fraudulent or incomplete deals over the transfer of deeds and other documents, investors in the Turkish Cyprus are advised to put in a lot more care in completing such a purchase. Next, a few questions need to be asked. What are you buying this property for? are you a retiree in search of a holiday holding or is it for a financial investment? What are your specifications for your dream location? Is it budget, population density, type of property, facilities? The above questions streamline the number of possible locations. To determine the number of constraints or locations that fit your constraints, a deeper level of research is required on the towns on the island and their specialties. For those who have decided to select the Greek Cyprus as their target location, below is a brief description of few famous towns of settlement in the republic and what they are known for: Paphos: located in the south-west and the villages around rapidly growing to be the most popular and rapid growing area for investors with its airports with direct, all-year round flights to the United Kingdom and a few other destinations. Limassol: the second largest city (after its capital Nicosia) with a marina acting as lure for investors. Ayia Napa: located in the far south-east, once famed for being a perfect substitute for the American Las Vegas due to the holiday excesses enjoyed by the younger population which ha considerably calmed down. Larnaca: Cyprus’s third town and one of the most expensive along the southeast coast where it is situated. The nearby beaches are among the island’s best and the is a waterfront town with contrasts in its social atmosphere is also remarkably slower in pace than Limassol.