Property in Cyprus - Investment Focus

More About Cyprus

The third-largest island in the Mediterranean, Cyprus is in its eastern part, close to Turkey, Greece and Israel. Flight time is about four hours from the UK and Ireland to either of its airports, Paphos or Larnaca. The capital city is Nicosia.

This island can boast 340 days of sunshine a year, with temperatures rarely dropping below 16C in the winter, and reaching the mid-thirties in summer. There are a plethora of Blue Flag sandy beaches and pretty coves, and many picturesque villages, notably in the Troodos mountain range. Boat-lovers will appreciate its two large marinas, at Larnaca and Limassol, with 450 and 250 berths respectively.

With its low cost of living, low crime rate, international schools, excellent public health care with all the latest medical equipment including private clinics and medical centres, plus the ease with which one can obtain a residence permit, Cyprus is a tempting destination for a second home.

Investors Fact File

• Capital growth 20% and increasing
• One of the strongest economies in Europe with regards to its financial hub
• Cheap airlines started flying in March 2007 (Monarch)
• Shortage of residential land in hotspot rental areas
• Huge financial backing from Europe as one of the EU’s newest members
• Paphos and Larnaca international airports are being massively expanded
• Plans to renovate Larnaca marina to 2,500 berths in the next three years
• New marina in Coral Bay will house 1,000 berths
• Widening of motorways to cope with tourism demand
• Construction periods 2–3 years
• Longest rental season in the Mediterranean
• Common law legal system, based on the UK and easy for UK investors to understand

 Key Facts - Cyprus

	Climate - Cyprus has a dry climate and is hot for much of the year with 340 days of sunshine. Being an island, the majority of coastal resorts are cooled by a sea breeze.
	Cost of Living - Loaf of bread: €1 (70p), bottle of wine: from €5 (£3.50)
	Currency - euro. £1 = €1.26
	Getting There - Cyprus is served by scheduled airlines year-round and by charter flights during the summer season. (easyJet are taking over GB Airways' flights from March 2008). Prices can be very cheap as part of a package holiday. Flying time is up to five hours. The major airports are Larnaca (mainly scheduled flights) and Paphos (mainly charter flights).
	Time - GMT +2
	Population - 750,000