Don’t leave it too long to invest in Cyprus – the property market is starting to move again, says Jackie Nicholls

It’s hardly surprising that so many people are looking to invest in Cyprus. With its slower pace of life and 340 days’ sunshine a year, the island is a favoured retirement location – but it’s also becoming increasingly popular with families.
What’s more, English is widely spoken and driving is on the left. Add to this an exceptionally low crime rate, no inheritance tax, low income tax rates (5% on pensions), mild winters, long, hot and dry summers – and you have a lifestyle that’s very appealing.

You can be here in just four and a half hours from the UK. Flights come in to either Paphos Airport on the west side, or Larnaca Airport on the east side.
Picturesque Paphos, with its pretty villages, is very popular with ex-pats, particularly retirees. Prices currently range from a mere €40,000 euros for a restoration project, to high-end, custom-built villas from €1m. Meanwhile the relatively unspoilt area of Polis, with the beautiful Latchi harbour and stunning Akamas Peninsula, is now home to some very exclusive developments.

“Generally, Cyprus is moving upmarket – the government has strategic plans for more golf courses and marinas, all positioning it firmly in the upmarket segment of the international tourist market. The country has an exciting future,” says Jonathan Salsbury, UK Country Manager for Cybarco, a major developer on the island.
He adds, “Loans from local banks in Cyprus have become less generous since the downturn. However, we have been able to secure very attractive finance. For example, with our new Akamas Bay Villas project, our customers can obtain euro loans at a fixed 4.25% interest rate, easy payment terms and a 100% bank guarantee.”

Read more in the March issue of Living Abroad magazine