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Property in Cyprus

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When people talk about buying property in Cyprus, they are usually referring to buying in the Republic of Cyprus, the Greek section of the island, rather than buying property in North Cyprus, which is the Turkish sector.

This is because the Greek side of the island - the third largest island in the eastern Mediterranean - is far more developed and has a much bigger property market.

Many buyers from the UK and other countries are keen on buying an investment property in Cyprus for a number of reasons. It has one of the most agreeable climates in the world with an average of 330 days of sunshine annually that translates into a rental season that is longer than in most of Europe.

There are plenty of direct flights from the UK and other European countries, and Cyprus enjoys a low cost of living, numerous tax benefits, little crime and a disarmingly friendly, widely English-speaking population. Now a member of the European Union - and all the stability and advantages that brings - is coupled with strong historical links with the UK and its days as a British Crown Colony. It has fabulous beaches, tranquil pine forests, and stunning, varied scenery including dramatic mountain ranges suitable for skiing in the winter months.

Cyprus is also rich in remnants from its fascinating history, including prehistoric settlements, temples, Roman and Venetian fortifications, ampitheatres, Crusader castles, Byzantine churches and monasteries. There have been many attempts to solve a more recent episode of its history - the split between the Greek and Turkish sides following the Turkish invasion of the island in 1974 - and positive steps have been taken, including some relaxation of border controls.

With Cyprus having a long established property market, there is a wide choice of properties to buy in Cyprus, including period properties both in need of renovation and fully restored, as well as newly built apartments in holiday developments and luxury seaside villas.

People buying property in Cyprus tend to concentrate upon established, popular coastal areas like Paphos, Larnaca, Ayia Napa and Limassol. The Troodos mountains are another popular area with holiday home purchasers. Over-development has tarnished some coastal areas. The northwest of the Greek section of the island is the least developed.

To a British visitor, much will be familiar in Cyprus: cars drive on the left, road signs are both in English and Greek, and the legal system and property buying process are based upon the English ones.

By Ben West

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