The reasons for buying property in Cyprus are as varied as the islands beautiful landscape. Whilst some are looking to buy in a peaceful village that is in close proximity to neighbours, a grocery store or caf?, others may be seeking a waterside retreat or front line golf experience.
What ever it is you are looking for, Cyprus 4 Properties, the largest real estate organisation in Cyprus, have highlighted particular areas which could be considered hot spots to help point you in the right direction:
Larnaca - Larnaca International Airport will be moved to a brand new terminal which will handle more than 7.5 million passengers a year. The old terminal is expected to be converted for commercial use. Major upgrades to the town's road network are being completed and plans continue for a new yacht marina, a new port for cruise ships and an extension of the well-known Finikoudes Promenade with its cobblestones, palm trees, five star hotels and seafront caf?s and restaurants. Larnaca’s oil refinery is shutting down and a new sports centre is being constructed in the area.
For town lovers, Livadia and Aradippou villages, in the north-west of greater Laranca, where property prices are still low, are ideal areas to buy in. Amenities are nearby, as is the town’s modern road network, offering easy and fast access to the centre of Larnaca, the beach, and the motorway network
Tersefanou, close to Larnaca, is another buying ‘hot spot’ thanks to the proposed luxury PGA golf resort planned on the edge of the village. This demand for property near the proposed golf course means that numerous apartment complexes with swimming pools, communal gardens and gyms, are being constructed in Tersefanou. These new developments are ideal for golf fans who cannot afford property inside the resort itself. Tersefanou has easy access to the highway linking Larnaca with Limassol and to the motorway leading to the island's capital, Nicosia. It is also only a ten-minute drive both to the beach and to Larnaca International Airport, making the properties even more attractive
While these villages offer basic amenities and are near greater urban centres, discussions are underway for the construction of a large shopping mall to meet the whole area’s needs.Larnaca is still considered the only town in Cyprus where property prices have risen steadily by 8 to 10 per cent a year.
Limassol - Limmasol’ s eastern beach, stretching from the Holiday Inn Hotel to Le Meridian Hotel and extending 500 metres inland is ideal for those who want an apartment within walking distance to the sea, restaurants, pubs, clubs and retail shops. Apartments here are also in great demand as holiday lets.
Nicosia - The government is offering incentives to those wishing to buy properties in Nicosia’s ‘Old Town’, which are in need of extensive renovation. The economic benefits are numerous and include the Cypriot government’s bid to subsidise up to 40% of the renovation costs of the property, to a maximum of CY£40,000 (approx. UK£46,400). These subsidies will be deducted from the owner’s taxable income over a long-term period. Rent generated from these properties is also tax-free and ‘transfer fees’ are waived
Aglantzia, which is close to the new university campus of Cyprus, is already developed to a degree, but by 2010, the number of students is expected to rise from 5000 to 8000. This will bring high demand for apartments to rent as well as for shops and services
Due to low company taxation rates, excellent infrastructure and modern telecommunications, the city centre of Nicosia has increasing numbers of international companies, thus keeping a strong demand for office space and apartments to rent
To take immediate advantage of these opportunities, which will not remain long on the market, Cyprus 4 Properties offers free inspection trips. Cyprus 4 Properties will arrange for clients to view property in the ‘hot spots’ as well as organise meetings with both property developers and private sellers depending on requirements. Meetings can also be arranged with independent legal and financial advisors and other relevant experts.
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