Property in Southern Cyprus stays hot

Property in Southern Cyprus has consistently achieved up to 10 per cent capital appreciation each year since 2001. With subsequent EU grants and funding now available, property prices are likely to continue to rise.

“The property market throughout Cyprus is one of the fastest growing in the European Union and prices in some areas are increasing by an annual average of 20 per cent,” said Nick Fullerton, director of Foreign Currency Exchange.

“It is an attractive country for foreign residents permanently residing there, because you only pay a 5 per cent flat rate of income tax and property prices are still lower than in many other European countries.”

The low cost of living, comparatively low crime rates, good infrastructure, convenient airline links and excellent sunshine records are also attracting investors and holiday makers to buy property in Southern Cyprus.

“What potential buyers do not fully appreciate are all the many other wonderful aspects of the island,” said Pauline Gallagher of Halcyon Properties. “If you travel a few miles inland you will find beautiful unspoilt countryside with fabulous nature trails. The Troodos Mountains are spectacular both in the summer and the winter when they attract skiers.”

The process of buying property in Southern Cyprus is based on the UK system and solicitors have been conveyancing on behalf of British clients for years.

For those interested in buying property in Southern Cyprus, a one-bedroom apartment in Parnera, with open-plan living accommodation, air-conditioning and car-parking space is on the market at £49,137 through Antonis Loizou & Associates Chartered Surveyors.

If you’re looking for larger properties, two- to three-bedroom bungalows and villas in Tala – with private pools and roof gardens – start from £160,464 through Halcyon Properties.