Eastern Mediterranean enjoys good weather throughout the year, the Sunny Island has long been popular with foreign tourists and long-term. Long, warm summers and short, pleasant winters, pristine beaches, charming villages, friendly, welcoming people, and various historical and cultural associations, archaeological remains and the Middle East and Western European influences blended to give a special charm to the combination of Cyprus. Resort town, while providing some ofthose looking for a glitzy night life of peace and quiet or more inland, the coastal town can head.
Since 2004, the European Union (EU) member of the Cyprus life of a good standard with the European average, and a modern infrastructure, quality health care and living a relatively low cost, much lower crime rate, with all this charming has created a relocation or retirement Place. Cyprus is the euro and the buyer has adopted the euro, the number of mortgages to help.
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During the past 10 years,Overseas demand for healthy economic development of their key players in the making, real estate and construction industry has fueled the growth of. However, Cyprus has enjoyed a decade or more real estate boom has finally ended in mid-2008 as rapidly as Spain, Greece and other countries hit by the recession, as has been falling since, but the price. Despite the current international prices, weak demand from foreigners as well as the local residents due to the continued downward trend in their own areThe demand is much lower than the current domestic demand.
A number of UK and overseas buyers has decreased rapidly since the economic downturn in demand because it has been greatly weakened. Sterling on the people of England more expensive to invest in Eurozone, has been losing value against the Euro. In many countries, the global economic uncertainty and falling real estate prices has made potential investors to be very careful. In addition, the Cypriot government's delay in issuing the title deedA general lack of transparency in real estate transactions in the past has been the case with some buyers can not get a clear legal title may not want to invest in property in the UK and Russia have discouraged buyers. The government is working toward a revision of property law to encourage foreign investors to adjust the real estate transaction. Many mortgage rate in Cyprus is too expensive to create home loans are among the highest in the EU,The destruction of demand.
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Weak demand, speculative construction, Greek Cypriot concerns about the banking industry, as well as the impact of Bank of England economic uncertainty, the price of other European countries and the United States out of the real estate market will fall further before boteumseuhagi has led analysts to believe. Published in December 2010 the central bank's board, according to the first three quarters of 2010, home prices fell 1.8 percent. 2009 prices have fallen4.1%.
Retirement and vacation home segment was the most difficult conflicts. Coastal towns are popular with foreign buyers was the price of Nicosia and Cyprus clearly preferred by the buyer less than that seen elsewhere. Spain's boom-and-burst real estate market, the falling price of other potential investment, vacation and retirement homes where buyers are paying attention, who replaces most of the destinations in Turkey, Bulgaria and Croatia are starting to look at.
Bank of CyprusBuying property in Cyprus to foreigners who wish to learn more about the loan approval has been cautious. In addition to increased collateral requirements, the bank has changed the terms of payment. Because of a sharp correction occurred in coastal areas are considered more risky real estate investments. All of these factors are mortgages harder to come by.
Was particularly popular with foreigners, either in Paphos and Sotira, the price to fall as much as 20% 30%Over the past two and a half years. Protaras, and Pervolia, Kiti Larnaca and to Tersefanou miles west of the region are not as price. The reason this place is popular with local buyers. The increase in sales in Nicosia was more than the other towns and cities.
The economy is expected to be slightly higher in 2011. The discovery of oil analysts in the field of undersea him over the hope that Cyprus economy. Bank of Cyprus are very stable, butAn increase in bad debt exposure and Greek banks have some concerns about. Countries with high fiscal deficits must be reined
Real estate recovery in foreign investment, increasing economic stability and growth in Cyprus in Cyprus and abroad, as well as financial, estate tax law amendment is highly dependent on the rotational hinge inches
Cyprus is still a great place to live. It's a home in Cyprus a good idea for those who want toBefore you buy look at the market closely to address the additional cost will have to wait. However, risks remain, and the steady attention of potential investors are advised to proceed with legal advice.
Points to consider for a real estate transaction:
It purchased the property before the potential buyers of land free of encumbrances and clear title deeds to him, it is recommended to clarify the number of occurrences. Because he is bound by the state, one must always deal with registered agentsCode of Conduct. Non-registered agents for real estate broker has no legal authority. Real estate transactions in Cyprus because it is not yet standardized guidance on its reputation for independent counsel to consult carefully. Transfer stamp duty fees, VAT, the minister, legal fees, survey fees and mortgage costs, as well as foreign exchange conversion costs, including fees of the Board of the permit application fees and taxes, if any, to the amount of about 6-7Percent of the selling price. Buying property in Cyprus for a permit must be obtained from the Council of Ministers.
More in Cyprus property prices set to fall
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