There is a plethora of property for sale in Cyprus, from modern villas and an apartment to old houses and buying a property in Cyprus is very similar to buying a property in the UK, if not easier!
Marilyn and Hamish Lowdon from Aberdeenshire has stated that All legal documents and paperwork are in English, most solicitors are bilingual both well versed in Turkish and English, and the legal system is based on UK. Given the right circumstances, foreign buyers can be the owner of a Cyprus property in just a day! The couple has bought their property near Paphos – which features a large balcony and shared communal area with a pool – for £172,000 in 2005, According to Sunday mail reports.
According to the publication, IT consultant James Allen, 31, is just one of the many Brits who have chosen to purchase property in the country. He paid for a deposit on a flat in Paphos in 2006. Mr. Allen now believes similar properties in the area are selling for around 30 per cent above what he paid.
He said that initially he was looking at a flat to buy and rent out in Scotland but he couldn’t find anything that would give him decent returns so he decided to look for properties abroad and Cyprus. Although his flat will not be finished until 2010, Mr. Allen has stayed in a completed part of the development.
However, in Northern Cyprus Non-nationals require a purchase permit from the government in order to buy property and such permits may take 4-12 months to come through.
Meanwhile, Cyprus has topped the list by Jet-to-Let magazine to determine the countries of most interest to property investors this year. Cyprus finished first for the second consecutive year, closely followed by France and Spain in second and third respectively. The government has launched first-time buyer scheme in Cyprus and a total of 200 million euros was set aside for the initiative. Cypriot finance minister Charilaos Stavrakis has approved the first 30 loans, which aim to help first time-buyers onto the country’s property ladder.