Cyprus, the largest eastern Mediterranean island located south of Turkey, has become more and more enticing to out-of-the-country property investors. On 2014, it has recorded 11.5% of its economic sector under real estate. Businessmen seeking for Cyprus Properties for sale are into the potential trade. Here are some good reasons why you should join this group of opportunity-takers.
- Competitive Prices of Properties
Amidst being divided, every area of Cyprus possesses strong grounds as a prospect investment. Being one of the boosting property markets of Europe, it boasts a steady rate of growth and a safe investment for purchasers. Around the island’s Kyrenia region, there is an asset boom which offers a realistic venture opportunity. Price increase is around 20% and is expected to increase in the next years.
- Agreeable Cost of Living
Since living in both north and south Cyprus is not costly, it is a perfect place for the tourists and even retirees. While imported agriculture products are pricey, local products are fresh and low-cost.
- Inclusion in EU
On May 2004, Cyprus is a full-fledged part of the EU. Some economic benefits such as EU monetary assistance came with being an associate. This makes Cyprus property investments more alluring to investors.
- Low Property Taxes
Taxes in north and south parts of Cyprus are definitely low. In the case of North Cyprus, procurement tax on a property is 3% and has 5% VAT. These taxes are calculated according to the property value evaluated by Land and Registry Office. Most regions also have 1% Municipal tax. On the other hand, taxes in the southern part of the islands vary depending on the property value. There is a 3% transfer charge on a particular asset of 50, 000 Cyprus Pounds or less. Less than 100, 000 Cyprus Pounds property is charged no yearly taxes.
- Investments in Tourism
Being a previous British colony, the island is a well-liked vacation destination of British visitors. The north part of Cyprus offers a variety of sights to visit. Furthermore, it boasts a different cultural and cuisine experiences to the tourists. Presently, the island is undergoing the Tourism Plan 2010 which arranges developments and upgrades of resorts and facilities to cater more guests. Some of these plans are building more theme parks, agricultural tourism destinations, golf courses, and nature-inspired infrastructures to address the various interests of visitors.
- Excellent Facilities and Sociable People
No one can resist a good environment with wonderful people. Cyprus has state-of-the-art medical, educational, and recreational facilities that promote high living standard for everyone. Aside from low-cost living, it has low crime rate which ensures a secured living. In addition, residents are happy and friendly to foreigners. This is definitely a pleasurable place to stay or even live.
With all these reasons, advantages, and benefits, the island of Cyprus is a sure place to take your money. Join the Cyprus venture and discover more about prospective property trades.