The number one mistake to make in Cyprus today is to assume that there are a huge backlog of properties just waiting to be bought up at incredible prices due to the long recession, whenever the potential buyer decides to act. This is a fatal error to make and one which is costing most investors and luxury property buyers dearly. There is no denying that there are many thousands of unsold properties on the island, however the vast majority of these are apartments and cheap properties. Luxury prime location developments and villas across the island are actually incredibly scarce indeed. Take Aphrodite hills golf resort for example, many clients tell me, “perhaps we will wait for a while” Wait for what is the question? The resort is practically full with property as there is a 10% building density law on all golf courses in Cyprus.
Out of all the property and custom build options in Aphrodite hills there are only about 10 great property prospects among them, which would be suitable for either investment or an exceptional bargain buy. Another stark reality is that luxury property sales here have been slowly picking up over the last few months. In a slightly more buoyant market with very limited availability, prices will rise rapidly and seriously as has been the case particularly in Cyprus over the last ten years. Great luxury property prospects in the right locations around the island are very scarce indeed. What is worth buying or investing in, is sitting at rock bottom prices due to the recession over the last 4 years and will provide an extremely astute bargain purchase or incredible potential investment depending on where you purchase this property?
The above scenario is an accurate reflection on all luxury property in Cyprus. Luxury prime location developments over the last few years slowly dried up, however over the last few months some good prospects have emerged again. Prime location property in just about any destination is always worth owning as it will always accrue in value. The same can be said for Cyprus, remember that on like for like property Cyprus has the cheapest options anywhere in the Mediterranean as well as this the prices have been reduced the most within the same area. Take advantage of the great prime location deals that Cyprus has to offer from luxury sea front villas right through to retirement property and literally save many thousands of Euros on your property needs.
Other reasons to buy property in Cyprus,
1. Driving is on the left as in the UK.
2. The longest golf playing summer season in the Mediterranean!
3. Like for like property is far cheaper than anywhere else in the Med!
4. The lowest inheritance taxes anywhere in Europe ( Simply world class)
5. The golf courses have some of the most magnificent vistas in the world.
6. Exceedingly low property selling and purchase legal fees (currently 0.5 -1%)
7. Many UK celebrities and sportsman are already taking advantage of being here.
8. Some of the finest personal and business taxation rates around the globe today!
9. Crime is 1/6 lower than any other nation throughout Europe and the Med.
10. One of the easiest property purchase procedures in the world (less than 2 hours)
11. English is widely spoken and the legal and financial systems are based on English law (except far simpler and faster).
The moral of the story is that as an investor or buyer waiting around will cost you money and most importantly due to the overall lack of great property around the island the best prospects will have gone. It is possible to list the truly great luxury developments in the whole of Cyprus today at under 20, but among these are some of the finest bargains and investment prospects in the whole of Europe today.