Owning a Property in Cyprus

The third largest and third most populous island in the Mediterranean is home to some of the unseen wonders. Cyprus invites tourists and would-be settlers with its warm climate and beautiful landscapes. No wonder it has become the most popular tourist destination in the Mediterranean. There are six known regions: Famagusta, Larnaca, Limassol, Nicosia, and Paphos. Besides tourism, property development has become popular too. Any visitor may check out a Cyprus property for sale if they consider owning a property or settling in the pleasant island.
With the increasing influx of tourists and migrants, the population has nearly doubled in 50 years. There were 570,000 people in 1960. The figures rose to around 1.1 million in 2010. In 2006, more than 27,000 of people in Northern Cyprus were from Turkey, while nearly 2,500 were from United Kingdom. There were also a little over nine hundred citizens originally from Bulgaria. A growing number of people in Cyprus have either or both parents born in Turkey.
As the demand for properties grew, so did the cost of properties. In fact, popular destinations in Cyprus are much more expensive today than they once were. Many areas are now being developed to attract foreign property buyers.
Significant economic sectors are tourism, financial services, and shipping. Lack of private and public investment affects the economy to some extent. Other factors that limit economic growth are high shipment costs and lack of skilled workforce. Nevertheless, growth in the tourism industry is considered a significant boon in the economy. One area where the tourism industry sees an advantage is Paphos. The property rental and sale market in general has seen a boost.
Every Cyprus property for sale is being developed to attract potential buyers. Investors are looking at properties along the shores in every district of Cyprus. Properties can become transformed to homes or resorts. Most buyers are after properties that are near the sea, and spots that provide perfect views of the Mediterranean are popular. Paphos property, for instance, may be in form of an apartment or a luxury villa. There are lots of townhouses and villas in both urban and rural areas. Vacation houses can be rented or bought.
Old houses may also be renovated to invite tourists. Those within quiet villages that are near the main cities and towns are popular among foreign buyers. It has been noticeable that prices of properties are increasing, and cheap properties are becoming scarce. Many of the most beautiful areas have already been bought and developed. However, some investors are willing to spend big to develop rundown properties.
Generally, property buyers are after houses where they could live temporarily for holidays or permanently after retirement. Only a few buyers actually obtain properties for pure investment purposes.
The most sought-after properties in Cyprus are those in Paphos, the fastest growing town in the island where the options for luxury properties are extensive. Properties along beaches and beside golf courses are popular. Buyers prefer the natural feel, and Paphos just offers that rural setting favored by many. This rural spot provides a blend of tradition and contemporary lifestyle. It is not hard to spot people from UK living in a Paphos property. After all, there is relatively high density of British residents in Paphos and adjacent areas.
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