Cyprus is a European Island situated in the eastern Mediterranean, 50 miles south of Turkey. It is the third largest island in the Mediterranean and attracts around 2.5 million tourists per year. The climate is temperate with warm, dry summers and milder winters. Cyprus is not only a summer tourist destination but also has enough snow on the mountains in winter for skiing.
In 2007, property prices in Cyprus increased by 19%, fueled by a strong economy, low interest rates and the recent currency conversion to the Euro. Cyprus has the lowest rate of income tax in Europe and relatively low property prices, around 20% lower than in Portugal for example. Demand for property is increasing, particularly with UK and Russian investors.
It seems that the Cypriot property market has not been negatively affected by the global credit crisis and prices should continue to rise. However, when investing in property in Cyprus, it is important to research the different regions to make sure you are buying in a good location. The island is split into four areas, The Republic of Cyprus controls approximately 59%, the Turkish Republic of Northern Cyrus controls approximately 36% of the island, and the remaining approximately 5% of the land mass is split evenly between British Military Bases and the UN-controlled buffer zone between northern and southern Cyprus.
Cyprus is the best place for holiday vacations with family and friends, where you can enjoy at the beaches. Many of the people are visiting the place every year and the thinking to buy a home/villa. That’s why investing in Cyprus as become so crazy for most of the people.