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  Cyprus Overview  

Cyprus is an increasingly popular place for retirement, holiday homes and investment opportunities. Demand has steadily been increasing in the last few years, with mainly European residents purchasing - 70% from the UK alone.


As Cyprus is a member of the EU, most of the procedural restrictions on property purchased by EU members will eventually be lifted after April 2009. Until then EU and non- EU citizens are entitled to freehold ownership of one property or piece of land up to 4000 square metres. 


As the law stands now, EU nationals who live and work in Cyprus still need a permit to own any kind of immovable property. EU nationals who do not live or work in Cyprus, need a permit to own a house or an apartment, but no permit is required to own land.


The upsurge in demand for property by foreigners is attributed to many factors, including the relatively low cost of living and the high quality of lifestyle available.  Conjunctively, the unique hospitality of the local population, the attractive climate, the increasingly important role of safety (Cyprus is one of the safest countries in Europe with crime at a very low level) and security also play a very important role.


Market activity and high demand have caused local property value to show a steady and occasionally sharp appreciation, which now is at a slower pace. Good properties, especially re-sales, are still abundant and local property prices are still much lower than those of other European countries.




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