Buying property in Cyprus
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Articles on Cyprus
The holiday home market ain’t what it used to be. Things seemed so simple a few years ago – you fell in love with a destination, holidayed there year after year, and eventually decided to buy a little place for you and yours to enjoy, and possibly even to retire to. Unfortunately, nothing’s quite that simple anymore. Vulgar terms such as capital growth, rental returns and inheritance tax have encroached on these dreamy idylls and before you can say ‘exit strategy’, we’ve all become investors, clamouring to get our hands on a piece of the next emerging market.
Fortunately, the onset of the overseas property investment phenomenon hasn’t altered the fact that there are some beautiful properties in some stunning parts of the world and, strange as it may seem, they can be bought and enjoyed by investors and leisure buyers alike.
One destination that currently ticks the boxes of both parties is Cyprus. A favourite with European holidaymakers for many years, Cyprus – formerly a British colony – is an extremely welcoming island for Brits, with English spoken by almost everyone, and driving on the left another pleasant colonial hangover.
Of course, the benefits don’t stop there. Cyprus boasts a fabulous climate, with a reported 330-odd days of sunshine a year (doesn’t get much better than that in Europe – or anywhere else, for that matter). It also benefits from a very low crime rate and offers visitors plenty to see and do, with historic sites aplenty (yes, it wasn’t just the Brits who came plundering). Add to that charming mountain villages, bustling towns, chic hotels and a burgeoning sport and leisure market, and you start to see why some 60,000 Brits have already chosen to snap up a piece of the aptly named Island of Venus.
In property terms, Cyprus has managed to pull off that most difficult of conjuring tricks; to burst onto the scene with a pacy property investment market, while retaining its allure for the holiday home buyer.
Prices this year have been predicted to increase by a healthy 12 per cent or more, but property is still eminently affordable when compared with the likes of southern Spain or the Algarve. Of course, Cyprus is a tad further away than the Iberian peninsula – it’s a good four-hour flight from the UK – but that doesn’t seem to be putting too many Brits off, and both Larnaca and Paphos airports (south-east and south-west respectively) are to be redeveloped in the next two to three years, to cope with increasing tourist traffic.
It should be said, though, that it’s not just southern Cyprus that’s courting the UK property buyer; many Brits are now being tempted to dip into the burgeoning property market in the Turkish Republic of Northern Cyprus, but those who are should seek expert legal advice before signing on any dotted lines, as title deed and land registry issues can be a minefield. The reason for this is now part of history: Cyprus became two nations – the southern part being Greek Cypriot, the northern Turkish Cypriot – during hostilities in the early 1970s. Since then, relations have been strained to say the least, but UN and European Union peace and unification talks continue. There will be no quick-fix to this problem, though, and buyers of property in the north who do not seek the correct advice run the risk of legal contests with antagonised Greek Cypriots who claim Turkish Cypriots are selling property on their land. Buyer please beware.
Regardless of the north/south divide, the southern coast of Cyprus has traditionally been the most popular region for both holidaymakers and homebuyers, with Paphos in the south-west favoured by the more mature market, while Larnaca (south-west) and Limassol (sort of in the middle) play host to the youth. This is, of course, a massive generalisation, as glamorous nightspots, hotels and golf courses are under development all along the south coast, and the face of Cyprus has been changing ever-faster since the island’s accession to the European Union in 2004.
Those interested in finding property in the region would do well advised to hire a car and try a touring holiday to take in as much of the island as possible. The distances are not great and driving in Cyprus is a relatively relaxing experience.
On the Akamas Peninsula, an area of outstanding natural beauty just a short distance from Paphos , Headlands International is offering property at Kastalia Park. In this peaceful setting, with rugged gorges and wide sandy beaches, Kastalia boasts properties from two-bedroom terraced and semi-detached houses to luxury detached villas with private swimming pools. This region is prized by those seeking the quiet life, due largely to its inaccessibility, but buyers will nonetheless be pleased to hear that many amenities, including banks, supermarkets and tavernas, are just a short drive away, in neighbouring Peyia Village and Coral Bay.
Set on a gentle hillside, all the properties within the development offer either sea or mountain views and villas without private pools have access to a communal pool within landscaped gardens.
Villa finishings are of a high standard, with marble staircases, granite worktops in the kitchens, and solar panels fitted as standard. The price for a three-bedroom, two-bathroom detached villa with pool is CY£220,000 (c£253,000). Two-bedroom villas are available from CY£160,000 (c£188,000). Current property buyers also have the opportunity to pay a 20 per cent deposit on off-plan properties, with nothing more to pay until delivery.
Further east, near Larnaca, at the foot of the Oroklini mountains, is the Forest Park development of luxury apartments, again with a choice of mountain or sea views. This small complex of 31 one-, two- and three-bedroom apartments, again offered through Headlands, blends neo-classical architecture with high-specification accommodation and modern facilities, such as a sauna, spa and gym. While Oroklini village provides a host of amenities and facilities, and there are sandy beaches and a tranquil lake nearby, Larnaca airport is just a 20-minute drive away, making Forest Park a very accessible getaway-from-it-all option. Prices start from CY£79,000 (c£91,000).
One of the landmark developments in Cyprus over the past few years has been Aphrodite Hills, which lies some 12 miles east of Paphos, and overlooks the famous Aphrodite Rock, where, legend has it, the goddess first emerged from the sea. Legend also has it that swimming three times around the rock will return you to your youth – but by the time you’ve made the swim, chances are your youth will have got bored and gone home.
Nevertheless, this stunning golf and spa project has raised the bar on the island in terms of specifications and facilities, and continues to swell with a five-star InterContinental hotel, a world-class golf course and a host of other sport and leisure options. There is a huge range of properties and plots available, with everything from elegant apartments to grand villas currently on the market, Theseus Village being the latest offering from the developer Lanitis.
The ground floor Theseus Village apartments open onto landscaped gardens, while higher apartments have wide balconies, making good use of the elevated site to give excellent sea views.
The villas will be situated at the edge of a dramatic ravine, with views to the sea, and each will have its own pool and large terrace for entertaining. With four bedrooms and generous receptions, the properties will make use of local stone and timber, and include features such as stone fireplaces and covered terraces leading to the private pools.
Junior villas will also be available at Theseus Village, with either two or three bedrooms.
Prices for properties in phase one currently range from CYP£207,000 to CYP£521,000 (c£241,000 to c£607,000).
Read our articles about buying property in Cyprus:
- Investing in property in Cyprus
- Buying Property in Cyprus
- Buying property on the Eastern Mediterranean Islands
as well as overseas news stories affecting the property market in Cyprus or view our range of property for sale in Cyprus.
First published in Homes Overseas Magazine September 2007.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
