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Cyprus is still very much a divided country - Greek to the south, Turkish Cyprus to the North. Tourists from north European climes have been flocking to the south of Cyprus for many years. Now beautiful, largely unspoilt northern Cyprus is seeing more tourists.
The housing market in Cyprus provides a variety of opportunities for buying a house overseas. However, there have been some recent problems in the north, with many Greek Cypriots making claims to disputed family land in the north. Some foreign buyers have come under legal action and threatened to lose their recently purchased villa due to land disputes.
Ask a ProfessionalThere are investment prospects in Cyprus, but it is essential that you seek independent expert professional advice before undertaking any property purchase. There are lots of things to bear in mind, including local laws and regulations, taxes, surveyor's assessments of the building, financial currency exchange, dealing with interbank transfers, volatity of the housing market, etc. etc. In some countries there are various restrictions on foreigners owning land or property, so this needs to be checked out fully. Any property purchase is a major undertaking. It may seem obvious but it's well worth going on holiday to a country several times to see if you like it.
Surge in InterestThe interest in purchasing property abroad has increased at an amazing rate in the past five years, fuelled in the UK by a booming domestic housing market making overseas properties seem good value for money. Also, TV programmes like Channel 4's `A Place in the Sun' have made everyone realise that owning a property abroad is no longer just for the rich and famous. People are interested in purchasing a home overseas for a variety of reasons - enjoyment, investment, a new life, retirement, and more.All links and text on this site have been provided for informational purposes - they are not recommendations. |