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Cyprus Property Investment For Sale | Guides, Economy and Cyprus Hotspots

 

"A sunshine state that is a popular retirement desination."

 

The Republic of Cyprus is a land of beaches, mountains, castles and villages with a rich cultural heritage with influences from Ancient Greece, the Persians, Egyptians and Ottomans. With 340 days of sunshine a year, an excellent infrastructure and a very low crime rate Cyprus has become a popular second home, retirement and holiday destination.

Although many of the coastal holiday resorts are seen as party destinations for the young and reckless, travel inland and one discovers medieval stone villages that have remained untouched for centuries. This sunny island is also known as the mythical birthplace of Aphrodite, the goddess of love and beauty and many of its Byzantine churches and historic towns have been declared UNESCO World Heritage Sites

With four-fifths of GDP derived from the service sector, Cyprus has become reliant on financial services, tourism and real estate – all of which have been severely affected by the international financial and euro-zone crisis.  Cyprus has particularly suffered from the exposure to the Greek fiscal debts as Cyprus banks where the largest holders of Greek bonds.

Even with a depressed property market many still choose to come to retire or holiday in the sun here.  Good second home destinations include Paphos, Limassol, Larnaca and the capital, Nicosia.

Country Guide

Geography

Cyprus is the third largest island in the Mediterranean Sea. Situated south of Turkey and to the west of Syria, Cyprus is divided into two parts, the North and the South. The North part of the island is Turkish and the south side is Greek and both parts are separated by the green line. The Cypriot culture has been influenced significantly by countries such as Europe, North Africa and western Asia making it very diverse. The country has many monuments, castles and sites to visit. With a mass of mountains Cyprus is also an ideal location for skiing or snow boarding.

Government

The Republic of Cyprus is an independent republic with a presidential system of government. The President of the republic is elected by the public for a five year term, and as President controls the executive power.  The President applies his executive power through a council of ministers who he appoints himself. 

Language

As the island is split by the green line there are two official languages; Turkish in the north and Greek in the south. A minority of the population speak English especially in tourist areas. In other parts Arabic is spoken.

Standard of Living

With a good economy and low unemployment rates Cyprus enjoys a high standard of European living. Recent surveys show that Cypriot towns have one of the lowest costs of living within a developed nation. Cyprus also has a very low crime rate, almost a sixth of the European average, making it a safe place to live.

 

Country Economy

The Republic of Cyprus has become very prosperous in recent years that is until it was hit, like so many other countries, by the Euro-zone financial and banking crisis. The vast majority of the economy was reliant on tourism, financial services and real estate all of which was affected by the Euro-zone crisis.

Key industries:

The UK and Greece receive the majority of Cyrus' exports which are mainly perishable goods such as citrus fruit and potatoes, pharmaceuticals, cement and clothing. 

 

Hotspots

Paphos

The ancient city of Paphos, with calm seas and stunning sunsets has proved popular with tourists and developers alike, and a plethora of resorts and off-plan developments have sprung up around the area. Its popularity has pushed up house prices, making it the most expensive area of Cyprus. 

Limassol

Cyprus' second biggest city, Limassol, is also highly popular, with beaches, a huge variety of nightlife and a dash of ancient culture provided by a castle and mosque amongst crumbling, old fashioned artisan streets. It is relatively commercialised and has a year round tourist season which is good for the rental market. 

Larnaca

The quieter and less-developed town of Larnaca offers a more relaxed lifestyle and property often 20% cheaper than that in the most expensive regions.

Nicosia

The capital, Nicosia, sits further inland on the dividing line across the island. With a year round tourist industry, Nicosia boasts high returns and increasing prices as land becomes scarce. 

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