Property in Cyprus holds many attractions for both the investor as well as those looking for a holiday home in the sun. The weather is beautiful with lots of sunshine for the majority of the year. The cost of living is low as well as the taxation rate in comparison to other European countries. English is by far the most spoken language in Cyprus. The people are friendly and accommodating on this island and life is laid-back and relaxing. For British people looking to purchase property or live there, the financial and legal aspects of Cyprus law are similar to that of the United Kingdom.
Cyprus became a full member of the EU in 2004, and after that date membership increased demand and prices for holiday and retirement homes. With the Turkish sector of the island soon expected to join the EU. The same is bound to happen and already there are those with a keen business eye who are poised for the tremendous investment opportunities expected. Low cost airlines have already begun to fly there increasing tourism numbers and the Euro will become the Cypriot currency by January 1st 2008.
There is a lot of investment into long term tourist infrastructure, which is the main source of income for the island. They are building 9 new Golf courses, (talking about 14). There are four new marinas being built in Limassol, Paphos, Ayia napa and Protaras. Paphos will have a 1,000 berth marina which will be the biggest in the East Med. Both Paphos and Larnaca airports are expanding in the next 3 years to world class standards as part of the government's 2010 strategy.More...
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