PROPERTY PRICE GUIDE - BUY OR RENT
Property prices are steadily increasing against a background of a reduction in the number of new projects currently under construction and the favourable comments, particularly from the UK media on the advantages of purchasing property here in Cyprus .
Prices vary within districts and depend largely on the type of property purchased.
It is expected that prices will continue to firm as we move closer to the conversion to the Euro, which is scheduled to take effect from 1 January 2008 .
If you are seeking investment property here in Cyprus it is a good idea to secure it before 2008.
Thinking of buying land to have a villa built? You should be aware that from early 2008 it is anticipated that VAT will be levied on land purchases. In order to avoid this payment land should be secured before the end of the year.
We have a wide range of options for all kinds of property from 1 bed apartments through to 5 bed villas in large plots.
With the Cyprus Pound due to be linked to the Euro in the coming month there is speculation that the currency will be allowed to devalue whilst held within the range allowed by the EU. This should be to the advantage of overseas clients with strong currencies.
Now is a good time to buy whether it is for investment or personal use. There are still some properties in the market that are exclusive of VAT. All projects approved after 1 May 2004 are subject to VAT.
With prices changing on a regular basis we would be happy to advise you of the current price range for a particular type of property that is of interest to you.
For those seeking to purchase re-sale property you should be aware that this process is much shorter than the UK . We have many people visiting Cyprus looking for re-sale property on the basis that when they find something they then have to return home to sell their property. This is the wrong way to approach the problem for the reasons explained above. There have been many disappointed clients who have found their ideal home only to discover by the time that have sold the property has been purchased by someone else!
