Cyprus Newsletter

Welcome to this current newsletter update. The property market appears to be moving forward again after a period of reduced activity in the latter part of 2006.

The year to date has seen an increase in the number of people looking for all kinds of property from investment to residential. It would tend to support the trend that more and more people are looking to depart the UK for sunnier more stable climates and economies etc.

The level of crime here is also very low when compared to that of the UK and other European Countries. People still go out and leave their property open and cars are left parked with keys in the ignition and engines running. There is no fear of them having gone missing on the return of the owner!There is a large volume of properties in the market and many developers are offering "Special Deals" in order to move their stock.

There are other things that are being included in new projects such as bowling greens, heated pools, tennis courts, and in one case a fully equipped gymnasium and squash courts. These are being introduced in order to meet the demands of the purchasers to improve the level of activities in projects.

We are going to be joining the Euro in January 2008. This will, so we are told, have an impact on the price of property here in Cyprus, if the trends of other countries are anything to go by. Given the above scenario 2007 is a good time to get into the property market if you are considering it. In order to maximise the value of your purchase it is better to get in at the start of the project rather than at the finished stage. The reason for this is that if you buy off plan, you will get the best possible deal where as on completion the prices will be around 20 to 30% more expensive. This applies to all types from 1 bed Apartments to Luxury Villas. Many people are not convinced by this argument and prefer to see bricks and mortar, on the basis that they have the property now.

The other issue that have people in a quandry is the Title Deeds. Whilst it is a bonus to have these upon taking delivery of the property, there are genuine reasons why this is not possible. This does not mean however that your ownership of the property is not 100%. Provided you follow the system laid down, employ the services of a reputable lawyer and have the sale agreement (contract) lodged in the land registry, you are in the eyes of the law the legal owner of the property. As such you are able to sell at any time you wish, to another person should you decide to do so.

Now that we are fully fledged members of the EU the situation with regards to the level of property owership and mortgages etc have changed for the better. It is now possible to get mortgages in foreign currencies such as the Swiss Franc, Euro and US$ as well as GB£. The rates for these are very competitive with loans of upto 30 years duration depending on age. These can be loaned upto the age of 70!