Taking the purchase to the next stage

Next, a purchase agreement must be signed before making a written application to the Council of Ministers asking permission to transfer the property from a Cypriot to a non-Cypriot. This is, by and large, a formality, however the process can take up to several months. On the positive side, you are considered the property’s legal owner throughout the process.

First time buyers look abroad for opportunities

As house prices in northern Europe skyrocket and become unaffordable for younger generations, many are looking overseas for their first step on the property ladder. Cyprus, with many developments offering extremely easy and welcoming entry, is extremely popular with these young homebuyers who are attracted by the same fantastic figures that are also appealing to hard-nosed property investors.

Low cash down – maximum investment

In a nutshell, the major benefit of buying off-plan in Cyprus is the extremely small amount of initial investment required. Two-bedroom apartments in the popular resort of Larnica, for example, start at just CY£80,000. Deposits of 20% are standard, meaning that an initial outlay of less than CY£16,000 gets you on the ladder. No more money is required until completion which could be 2009, for instance, by which time the property’s value will have increased significantly. Sell on at this point and you’ll have made a tidy profit from an exceedingly small initial outlay.

Attractions for visitors to Cyprus

There are a myriad of attractions on the island and it is no wonder visitors return year after year. However in recent years intelligent investors have spotted the tremendous potential of the island. Property prices are low, the infrastructure is fast improving, massive investment into the airports, the budget airlines just moving in, entry into the euro, and of course the ease at which a purchase can be made – in English with a familiar system.