PROPERTY IN SOUTHERN CYPRUS - FREQUENTLY ASKED QUESTIONS
| Where is Cyprus? | |||||
| Why should I choose Southern Cyprus? | |||||
| What is the cuisine? | |||||
| How is the economy and political situation? | |||||
| How is the real estate market? | |||||
| How do I travel to Southern Cyprus? | |||||
| How is the climate? | |||||
Where do I find other resources: |
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| Where is Cyprus? | |||||
In the far eastern Mediterranean and sitting just to the south of Turkey is the spectacularly beautiful island of Cyprus. As the third largest of all the Mediterranean islands (ranking in size just after Sicily and Sardinia), the Republic of Cyprus, consisting of the southern portion of the island, is approximately two thirds of the island’s 9,250 square kilometers. Geographically Cyprus is part of
Asia but the lifestyle and customs are similar its southern
European neighbors
with a relatively high standard of living. Cyprus is a
scenic country noted for its hilltop castles, old churches,
beaches, and rugged mountains. the island is dominated
by the mountain masses and the central plain called the
Mesaoria that they encompass. The Troodos Mountains cover
the southern and western portions of the island, while
the coastal lowlands surround the islands enabling the
perfect Mediterranean lifestyle. |
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| Why should I choose Southern Cyprus? | |||||
While buying a property is relatively straightforward in Cyprus, i.e. all properties are freehold, the legal system is based on the English system and taxation and inflation are relatively low. Cyprus boasts an almost endless list of opportunities from sports facilities, clubs and golf courses, to a wide choice of both international restaurants and local tavernas, all within the setting of the beautiful Mediterranean. |
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| What is the cuisine? | |||||
Moussaka is known for its Greece roots but the Cypriot recipe of making individual moussakas in terracotta pots is something to be tried. Barbecued Halloumi cheese made under the grill is another favorite of the Cypriot population. No visitor to Cyprus should leave without trying the delicious okra stew. Brandy Sour is the known drink of Cyprus as it combines local brandy with the fresh tang of Cyprus lemons. Limassol is famous for its Carnival
celebrations and processions and seasonal favorites can
be found such as pastry bourekia
filled with mint flavour cheese and ravioli. Also sticky
sweetmeats such as daktyla and kandaifi. |
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| How is the economy and political situation? | |||||
The Republic of Cyprus joined the European Union on May 1, 2004. The government of the Republic of Cyprus is the internationally recognized authority on the island but, in practice, its control extends only to the Greek Cypriot southern part of the island. A passport is required for travel to Cyprus. Tourist and business visas are issued at the port of entry for a stay of up to three months. The northern area operates under an separate and autonomous Turkish-Cypriot administration. For foreigners who have purchased property, temporary residence permits from one to four years in duration can be easily obtained by visiting a local immigration office and presenting the required documents. The Cypriot government has designated Larnaca and Paphos
international airports, and the seaports of Limassol, Larnaca,
and Paphos the only legal points of entry and exit from
the Republic of Cyprus. These ports are all in the southern
part of the island. Visitors arriving through these designated
ports of entry are normally able to cross into the north
for day trips. |
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| How is the real estate market? | |||||
The demand for Cyprus properties is high and the good properties are commonly sold off plan. In this way, most well established developers are not very flexible on price. As all properties are freehold, transfer of ownership from seller to buyer is a relatively simple procedure through the Cyprus Land Registry Office. For non- Cypriots, evidence of payment for the property with foreign exchange must be provided. To transfer title, permission must be obtained from the Council of Ministers and funds should be transferred. Upon transfer of the property and registration into the purchaser's name, a “transfer fee” ranging from 3-8% (depending on market value of the property) is due to the district land registry office. The mortgage market is active in Cyprus and mortgages are available from the major banks including, Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank. Mortgages will generally range from 60 –80% of the property value for periods of 7 to 10 years. They can also be obtained in various foreign currencies. It is generally not advisable to buy any house that needs
extensive refurbishment as the labour shortage in Cyprus
can cause problems in finding a qualified builder to do
the work and at a reasonable price. |
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| How do I travel to Southern Cyprus? | |||||
| Fly: Over 38 airlines, including Cyprus Airways (the national
carrier of Cyprus), operate scheduled flights to and from
the two main international airports, Larnaca and Paphos.
Sea: From the ports of Limassol and Larnaka, Cyprus is
connected with various ports in the region including Piraeus,
Rhodes, Heraklion, Haifa, Port Said, Jounieh and many Greek
islands. |
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| How is the climate? | |||||
A temperate Mediterranean climate with hot, dry summers and mild wet winters. Any rainfall is generally between November and March. In general, variations in temperature and rainfall are governed by altitude and, to a lesser extent distance from the coast. Expect the higher mountain areas to be cooler and moister than the rest of the island. |
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