The number one mistake made in Cyprus today is assuming that there is a huge backlog of properties waiting to be bought at unbelievable prices due to the long recession, whenever the potential buyer decides to act. This is a fatal mistake that is costing most luxury property investors and buyers dearly. There is no denying that there are many thousands of unsold properties on the island, however the vast majority of these are apartments and cheap properties. Luxury developments and villas in prime locations across the island are actually incredibly rare. Take the Aphrodite Hills golf resort, for example, a lot of clients tell me, “maybe we’ll wait a while.” Wait, what’s the question? The complex is practically full of properties as there is a 10% building density law on all golf courses in Cyprus.
Reality
Of all the property and custom build options in Aphrodite Hills, there are only about 10 great property prospects among them that would be suitable for investment or an exceptional purchase. Another stark reality is that luxury property sales here have been slowly recovering in recent months. In a slightly more buoyant market with very limited availability, prices will go up quickly and seriously, as has been the case particularly in Cyprus for the last ten years. Great prospects for luxury properties in the right places around the island are very rare. What is worth buying or investing in, is at rock-bottom prices due to the recession of the last 4 years and will provide an extremely astute bargain purchase or incredible potential investment depending on where you buy this property?
The above scenario is an accurate reflection of all the luxury properties in Cyprus. Luxury developments in prime locations in recent years have slowly dried up, however in recent months some good prospects have re-emerged. It is always worth owning a prime location property in almost any destination as it will always accumulate value. The same can be said for Cyprus, remember that for similar properties, Cyprus has the cheapest options anywhere in the Mediterranean and, moreover, prices have been reduced the most within the same area. Take advantage of the great prime location deals that Cyprus has to offer, from luxury beachfront villas to retirement properties, and literally save many thousands of euros on your real estate needs.
Other reasons to buy a property in Cyprus,
1. Drive on the left as in the UK.
2. The longest summer golf season in the Mediterranean!
3. Similar property is much cheaper than anywhere else in the Mediterranean!
4. Lowest inheritance taxes anywhere in Europe (simply world class)
5. Golf courses have some of the most magnificent views in the world.
6. Extremely low property buying and selling legal costs (currently 0.5-1%)
7. Many UK celebrities and athletes are already taking advantage of being here.
8. Some of the best personal and business tax rates in the world today!
9. Crime is 1/6 lower than any other nation in Europe and the Mediterranean.
10. One of the simplest real estate transactions in the world (less than 2 hours)
11. English is widely spoken and the legal and financial systems are based on English law (except much simpler and faster).
The moral of the story is that as an investor or buyer, waiting will cost you money, and more importantly, due to the general lack of great properties on the island, the best prospects will be gone. It is possible to list the truly great luxury developments in all of Cyprus today in fewer than 20, but among these are some of the best deals and investment prospects in all of Europe today.
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