One of these areas where buying a property is good from all points of view is Cyprus. The island has been a favorite vacation spot for Europeans for many years and remains so at the present time, and over the past 10 years, Russians have also become frequent and welcome guests here.
North versus South
Cyprus is famous for its beautiful weather with 330 sunny days a year. The inhabitants of the island will proudly inform you that the local climate is the best in Europe. Life in Cyprus is measured and safe. Charming mountain villages, bustling cities, luxury hotels and growing opportunities for sports and leisure activities have already encouraged more than 60,000 Britons to buy a piece of Aphrodite Island. There are fewer Russians among buyers – about 15% of all foreigners.
The cost is projected to increase this year Cyprus real estate by at least 12%. Nevertheless, it remains very competitive in relation to the south of Spain, the main competitor of Cyprus. By the way, this island is located closer to Moscow than the Iberian Peninsula – about 3.5 hours of summer from Moscow. In addition, in the next 2-3 years, it is planned to reconstruct both international airports – in Larnaca and Paphos – in order to successfully cope with the increasing flow of tourists.
The southern coast of Cyprus is traditionally considered the most popular among both tourists and buyers of holiday homes. The main tourist areas are located in the cities of Limassol, Larnaca and Paphos, but new hotels, residential complexes, entertainment venues and golf courses are being built along the entire coast. Since the Republic of Cyprus joined the EU in 2004, its image has changed very quickly.
But it is not only the south of Cyprus that attracts investors. Many are eyeing the purchase of real estate in the emerging market of Northern Cyprus, occupied by Turkey. However, before making a decision to purchase in the northern territories, it is necessary to consult with a lawyer, as the property documents issued by the Turkish authorities may be invalid.
The reason for this lies in the recent history. Cyprus was divided into 2 parts as a result of the 1974 armed conflict. Since then, Greek Cypriots have been living in the southern part of the island, Turkish Cypriots in the northern part, and relations between them, to put it mildly, are tense. The UN and the EU continue to conduct peace talks on the unification of the island, however, this problem has not yet been resolved. It is quite possible that land and real estate purchased under the laws of an unrecognized state from current foreign settlers will soon be challenged by Greeks who fled these places in 1974. In the absence of a normal system of registration of property rights on the "Turkish" part of the island, no one can be insured against the acquisition of a disputed object there. According to the legislation of the Republic of Cyprus, which is recognized by all EU countries, Greek Cypriots continue to retain ownership of their real estate located in the north of Cyprus. If real estate transactions, as well as investments in infrastructure facilities, ignore existing property rights, this can result in lengthy court proceedings and large penalties for owners. Moreover, in accordance with the amendments made to the Criminal Code of the Republic of Cyprus on October 20, 2006, the acquisition of real estate without the consent of its rightful owner is classified as criminal conspiracy and fraud, for which a penalty of imprisonment for up to 7 years is provided – and there have already been precedents.
The whole of Cyprus as it is
Those who are interested in Cyprus real estate should be advised to rent a car and take a car tour to see as much as possible. The island is small, and traveling along its roads, which are maintained in good condition, is a pleasure.
In the west of the island, near Paphos, the Kastalia Park complex is being built. The project is located on the edge of the picturesque Akamas Nature Reserve, which is famous for its beautiful views, white sandy beaches and wonderful seascapes. In Kastalia Park you can find a wide range of real estate – from semi-detached houses with terraces, with two bedrooms, to luxury villas with a private pool. This area is suitable for lovers of a quiet lifestyle, mainly due to the fact that it is located in a secluded location. But customers, nevertheless, will be pleased to know that many infrastructure facilities, including banks, supermarkets and taverns, are located within a short drive in the neighboring areas of Peyia and Coral Bay.
The complex is built on hills, so that each house has a view of either the sea or the mountains. And semi-detached houses have access to a communal swimming pool with picturesque gardens. All villas are decorated to high standards and feature marble staircases, granite countertops and solar panels. The price for a separate villa with three bedrooms, two bathrooms and a swimming pool is 357,000 euros. Two-bedroom villas can be purchased from Headlands International at a price starting from 218,000 euros.
In the east of the island, near Larnaca, at the foot of the Oroklini mountains, there is a complex of apartments Forest Park, overlooking the mountains or the sea. Neoclassical architecture is combined with modern finishes and infrastructure, including a sauna, spa and gym. The village of Oroklini itself also has many possibilities. Sandy beaches and a calm lake are nearby. Larnaca Airport is only 20 minutes away. This makes Forest Park a very accessible and at the same time a secluded place to relax and buy a house.
Over the past few years, one of the most important resorts in Cyprus has become Aphrodite Hills, which is located 20 km east of Paphos. From there you can see the famous Aphrodite Rock, where, according to legend, the goddess first came out of the sea. This stunning golf and spa project has raised the quality standards of construction and services to a high level. The center of the resort is a five–star InterContinental hotel and a world-class golf course. In addition, the resort has the widest opportunities for other sports and leisure activities.
The creation of Aphrodite Hills began several years ago, and now the project is nearing completion. Theseus Village is the latest offer from Lanitis, the resort's developer. The lower floors of the apartments overlook the picturesque gardens, and the apartments on the upper floors have wide balconies with excellent sea views. The villas in Theseus Village, which are currently at the off-plan stage, will be located on the edge of a picturesque ravine with sea views. Each villa will have its own swimming pool and a spacious terrace for leisure activities. Prices in Theseus Village start from 385,000 euros and end at around 948,000 euros.
Ready-made facilities can also be purchased at Aphrodite Hills. The Apollo Heights complex, which is being built by Cybarco, will be completed by the end of 2007. Its territory is beautiful and well-maintained, landscaped, there is also a multi-level heated swimming pool, a children's pool, flower beds and fountains. Apollo Heights uses only natural stone and wood, only the traditional Mediterranean style. The combination of these familiar elements and materials creates a secluded, comfortable home that merges with the picturesque landscape. Prices range from 370,000 to 930,000 euros.
The Amathusa Coastal Heights complex, also under construction by Cybarco, is located in the vicinity of Limassol, just 50 m from the beach. It includes apartments, detached houses and villas located next to spacious picturesque gardens. To the south of the complex there are eucalyptus groves, and to the east there is a river, so buyers can be sure that further construction will not interfere with the view of the sea. British architects worked on the project, trying to make the complex as comfortable as possible. Prices at Amathusa Coastal Heights range from 170,000 to 687,000 euros.
Pafilia's Elysia Park Complex is located in Paphos, just 15 minutes away. walking distance to the beach and the city center. This is the largest residential project in Cyprus, with four outdoor pools, a spa, a huge gym, a hairdresser, a mini market, a business center with a conference room, 24-hour reception, central television system, security system, bank and post office and many other facilities. Not far from Elysia Park, the first Technical University on the island will be built, a new city hospital, business centers and appropriate urban infrastructure will be located there to serve this quarter. The implementation of this urban project should begin in 2010, which will affectthe demand for real estate in the area, including in terms of rent. Completion of the 1st phase of construction is planned in December 2009, the 2nd phase - in May 2010.
