The number one mistake made in Cyprus today is to assume that there is a huge backlog of properties waiting to be bought at incredible prices due to the long recession, provided the potential buyer decides to act. This is a fatal mistake that is costing most luxury property buyers and investors dearly. It cannot be denied that there are many thousands of unsold properties on the island, however the vast majority of them are cheap apartments and properties. Luxury developments and villas in a prime location across the island are actually incredibly rare. Take Aphrodite Hills Golf Resort, for example, many clients tell me, “maybe let’s wait a bit.” Wait, what is the question? The resort is practically full of properties as there is a 10% building density law on all golf courses in Cyprus.

Reality

Out of all the custom build and property options in Aphrodite Hills, there are only about 10 great property prospects among them that would be suitable for an exceptional purchase or investment. Another stark reality is that luxury property sales here have been slowly picking up in recent months. In a slightly more dynamic market with very limited availability, prices will rise quickly and seriously, as has been the case particularly in Cyprus for the last ten years. The great prospects for luxury properties in the right locations on the island are very slim. What is it worth buying or investing in, is it sitting at rock bottom prices due to the recession of the last 4 years and will it provide a very astute buy or an incredible potential investment depending on where you buy this property?

The above scenario is an accurate reflection of all the luxury properties in Cyprus. The luxury prime location developments in recent years have slowly dried up, however in recent months some good prospects have emerged again. A property with a prime location in almost any destination is always worth owning as it will always increase in value. The same can be said for Cyprus, remember that in similar properties Cyprus has the cheapest options anywhere in the Mediterranean and also the prices have fallen further within the same area. Take advantage of the great prime location deals Cyprus has to offer, from luxurious beachfront villas to retirement properties and literally save many thousands of euros on your real estate needs.

Other reasons to buy a property in Cyprus,

1. Driving on the left as in the UK.
2. The longest summer golf season in the Mediterranean!
3. A similar property is much cheaper than anywhere else in the Mediterranean!
4. The lowest inheritance taxes in Europe (simply world class)
5. Golf courses have some of the most magnificent views in the world.
6. Extremely low property purchase and sale legal fees (currently 0.5-1%)
7. Many celebrities and athletes from the UK are already taking advantage of their presence here.
8. Some of the best personal and business tax rates in the world today!
9. Crime is 1/6 lower than in any other nation in Europe and the Mediterranean.
10. One of the easiest property buying procedures in the world (less than 2 hours)
11. English is widely spoken and the legal and financial systems are based on English law (except that it is much simpler and faster).

The moral of the story is that as an investor or buyer, waiting will cost you money and more importantly, due to the general lack of large properties on the island, the best prospects will be gone. It is possible to list the truly large luxury developments across Cyprus today in less than 20, but among them are some of the best investment deals and prospects in all of Europe today.

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