Overseas Investment in Cyprus 2016
The Market in Cyprus is finally picking up and investment is now coming from Russia – China the middle east and even the UK.
After the last 6 rocky years the property market in Cyprus is finally getting back into order and attracting overseas investment to help the struggling economy . Even with the banking crisis that still looms the appeal of buying an apartment or villa in Cyprus is still strong. Mainly among the cash rich Russians & Chinese who keep savings in the banks in Cyprus. But now the UK buyers are slowly coming back into the market because of the value of sterling.
For UK and Irish buyers it’s the deep routed ties that attract them to invest and English is a common language on the island. The property buying and legal system is the same and in Cyprus they drive on the left hand side of the road. Even the road signs are the same as in the UK. It is a short four hour flight and there is over 300 days of sunshine a year so no wonder the cash rich UK and Irish investors are now returning.
At the moment there is around 90,000 British expats & Irish many of them around the popular resorts of Limassol, Paphos and Larnaca.
The Euro is currently at a 7 year low against the price of sterling and because of this Cyprus has seen the UK investor keen to take advantage of the low property prices coupled with the weak Euro. Apartments and villas on the coast have fallen about 30 percent after the global recession. Inland properties can now be bought in 2016 for around 40 percent of what they were in 2008 so no reason Paphos is now so desirable.
Since 2010 the number of property sales in 2015 have almost doubled in number because of the wealth of investment last year from Russia and China, the middle east and now the UK.
Statistics show 20% in sales growth and a total number of sales in 2015 of 4,550 the majority of which were all overseas buyers.
Confidence in the Cypriot Market is now returning in 2016 so there never has been a better time to buy or sell property in Cyprus.
The Euro Property network are experts in Cyprus re sale property and can help with any free advice you require.
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