Real Estate In Cyprus – Invest Today to Harvest Tomorrow
Cyprus economy is largely dependent on the real estate industry as a major pillar of development. Foreign investors have invested a lot of millions of Euro into Cyprus real estate in the last few years. The Government of Cyprus has realized that a strong Cyprus real estate industry will help the Cyprus economy to develop even further. However the Cyprus Government apart from some attempts to prop up and stimulate the Cyprus real estate sector in times of harsh conditions, it has not taken the really necessary decisive steps needed. Cyprus is a comparatively small economy, so real estate values are easily reflected in the state of its economy.
Cyprus real estate prices can fluctuate up or down relatively fast. So the recent downward trends can easily be upset very soon. Cyprus property is a desirable commodity for investment purposes. Many foreign investors have in the last years invested in houses, apartments, villas, hotels, marinas, golf courses, but also in land, mostly property by the sea. Cyprus property prices had gone through the roof in the period 2005-2008, with aggressive buying and selling of Cyprus property by foreign investors as much as by local ones.
Real Estate In Cyprus Grow Fast
The values for Cyprus property have in the last 3 years been restricted by as much as 30-40% in some areas due to the slowed up Cyprus economy, by reason mostly of the world economy crisis. Cyprus`s Economy has been struck by the global economic crisis too. Cyprus real estate has suffered. However despite this, the prices of property in Cyprus are predicted to rise again sharply in the near future as Cyprus`s economy is improving on the outlook of its huge gas deposits found offshore Cyprus, on its south shores towards Lebanon and Israel in its exclusive economic zone.
Offshore Cyprus is hiding a treasure such that Europe has never seen. In the Capital of Cyprus, Nicosia, Cyprus properties have suffered the least loss. They not only maintained their values, but also in some areas of the Cyprus Capital the prices of Cyprus properties have gone up. The Cyprus Capital is the economic power house of the economy of Cyprus, as most services and the ministries of the Government of Cyprus are located there. Also in the capital of Cyprus is located the Cyprus University which already prides itself for its high standards of education and international base of students.
It Is Easy And Safe To Invest In Cyprus Real Estate
It is very easy and safe nowadays for a foreign person or legal entity to buy property in Cyprus, as the Cyprus real estate laws are comprehensive, statute orientated and precise. A large number of judicial decisions by the Supreme Court of Cyprus has interpreted and set precedents for a lot of gray areas of the Cyprus real estate laws. Real estate agents have played a major role in the development of the vital industry in Cyprus, and are still an integral part of this complicated Cyprus economy machine. Cyprus Real Estate agents are regulated by statute law and their license to practice is issued by the Cyprus Real Estate Agents Association. A commission of between 3% and 5% is nowadays charged by the Cyprus real estate agents for services rendered. There are about 190 registered Cyprus Real Estate Agents. There are now great opportunities for purchasing Cyprus property. Cyprus property for sale is now available in prime locations at very attractive prices. For more information on real estate services please follow this link: Real Estate Services.
Taxes Are Low On Real Estate in Cyprus
Real Estate in Cyprus taxes are comparatively low, making the investment and holding of real estate in Cyprus attractive.
Some taxes concerning real estate in Cyprus are as follows:
- Transfer tax on real estate in Cyprus is 3% on the first €85.430, 5% up to €170.860 and 8% for anything above that.
- Real Estate in Cyprus holding tax is about 0% up to €170.860, 0.25% for up to €427.250, 0.35% up to 854. 300 and 0.4% for anything above that.
- No inheritance tax on real estate in Cyprus!
- Capital Gains tax on real estate in Cyprus is paid on the profit you make from the sale. The first €85.000 is free of tax for the first sale.
- Stamp duty on contracts for purchasing real estate in Cyprus: a) A stamp date of 0.15% is paid on contracts for the purchase of Cyprus real estate to a value of up to €170.860 , b) The duty is 0.2% for any value above that. The stamp duty must be paid within 30 days, or there is a penalty.
- Municipal duties on real estate in Cyprus are very small anointing to €25 to about €250 per year, depending on the extent of the land.
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Our in house Real Estate expert, is at your disposal to advise you on the type of real estate suitable for your purposes, the price, the legal and technical characteristics of the property, the valuation and the possibilities or profit. He is a UK trained expert with experience in the field of real estate management and valuation. He is at your disposal for a free consultation.