All change - Time for a new investment strategy in Cyprus?
8th May 2007
Cyprus - and we're not including northern Cyprus here - has long been a place that has attracted foreign property buyers looking for a retirement or a holiday home in the sun.
Foreign, particularly British, buyers are attracted not just for the near year-round sun, good food and friendly locals but also:
- the island is very British, in fact the laws are based on English common law
- low taxes, including 0% inheritance tax and the ability to have your UK pension taxed at only 5%
- great mortgage finance, low interest rates, 30 year terms and 90% LTV
Up until around 2 - 3 years ago the Cypriot property market primarily attracted second home buyers.
Once Cyprus became a member of the EU investors became increasingly interested in the property market there. The influx of investment was partly driven by investors trying to buy before the VAT rate on new build property was increased from 0% to 20%.
As well as these factors, investors were (and still are) attracted to the island by the restricted supply of property due to a shortage of land, a healthy resale market (by sunshine destination standards) and its increased political and economic stability brought about by EU membership.
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