Due to the booming property market in the Republic of Cyprus (south Cyprus), many properties are currently bought off plan. Unfortunately, from a buyer's point of view, this means that Cyprus developers are not very flexible when it comes to the price of their properties. However, the thriving market does offer advantages to those wishing to buy abroad.

Advantages of Buying Property in Cyprus

?  One of the principle benefits of the house market in the Republic of Cyprus is that it is generally very simple. All properties are freehold, which means that the transfer of ownership is a quick and easy procedure. Additionally, buying in southern Cyprus does not come with any financial risks.

?  In terms of financial gain, a buyer in Cyprus could find himself with a wonderful investment opportunity. Capital appreciation is estimated to reach 8 to 10% over the next few years meaning that there are opportunities for buyers to become developers themselves and make a profit from refurbishing properties.

?  Mortgages in Cyprus can be arranged from between 60 and 80% of the value of the property and range from 7 to 10 years. What's more, a mortgage can be arranged in a foreign currency, making it easier to buy a second, or holiday, home.

Opportunities for Cyprus developers

With the above benefits of Cyprus property in mind, property developers have wonderful opportunities on the island. In fact, many developers choose to relocate to Cyprus to begin a business there. Moreover, as one of the few countries with a flourishing property market Cyprus developers have a lot to be happy about.

Things to Consider Before Buying in Cyprus

?  Some estate agents recommended buying a property that requires little or no refurbishment. This is largely due to the lack of skilled labour on the island, meaning it may be difficult to find a qualified builder. However, if you have the ability to carry out the work yourself or have contacts in the building industry, you may find that taking on a property project is not impossible.

?  If you are looking for a property to sell on or rent out to holidaymakers, consider the location of the house and the proximity of amenities. Even if you are planning to live in the house, you may wish consider these factors in your search.

Cyprus is a beautiful country and the sun is certainly shining on Cyprus developers, because the island attracts countless homebuyers every year. However, if you wish to buy or develop, it is wise to do your homework.