A little Cyprus history
Tucked away in the eastern-most part of the Mediterranean – 45 miles south of Turkey and 60 miles west of Syria – Cyprus has been a springboard for cultures and civilisations for centuries. The expanding civilisations of Assyria, Egypt, and Persia have encroached on occasion while, from the west, the Crusaders, Romans and even Alexander the Great passed through on their long journeys to the Holy Land. The third largest island in the Mediterranean (after Sicily and Sardinia, as you ask), it was an important military stronghold for the Brits protecting the sea route to India, however Cyprus gained its independence in 1960, becoming a Commonwealth state in 1961.
The North/South divide
A period of violence between Greek and Turkish Cypriots led to the Turkish invasion and occupation of the northern third of the island in 1974. Today, the United Nations control the Green Line separating the north from the south. The situation is calm and stable, with no major violations of the ceasefire lines, but is ongoing.
The perfect winter getaway
One of the strongest factors for investment is that Cyprus has recently joined the European Union – Already a prosperous nation, with the backing and funding from Europe the location is receiving a huge boost, further fuelling the booming economy.
Entry into the Euro in January 2008 is expected to raise prices universally across the island, further increasing property values.
More than 2.4 million tourists a year visit Cyprus for its blue skies, year-round sunshine, stunning beaches and spectacular scenery, not to mention the traditionally warm welcome of the Cypriots. The southern part of the island (Greek-Cypriot) is the preferred choice for the vast number of holidaymakers. While the more typical holiday resorts and marinas line the coast, inland Cyprus offers citrus and olive groves and sleepy mountain villages, as well as the surprising possibility of skiing at certain times of year.
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Recent changes in legislation allows foreign investors to purchase land and residential homes on the island. With this has came a real estate explosion of almost unequalled size. With demand so high, rental yields are staggering when compared to the low purchase price of Cypriot apartments.
There are many advantages in investing in Cypriot apartments which include the facts that there is 0% capital gains tax, 0% rental income tax and a staggering volume of demand with the population rising so quickly.
As specialists with over 20 years experience and offices globally, we provide our clients with a wealth of international real estate expertise and a housing portfolio embodying some of the most beautiful regions of the world such as Brazil, Dubai, France, Germany, Morocco and Turkey, just to name a few.