8509 Magazine - 2024 edition - Magazine - Page 78
BUYING PROPERTY
An improved economic outlook and
steady increase in tourism continues to
generate price increases in the property
market. Over the last year, prices for
apartments rose by 7.4%. This trend was
evident in Aphrodite Hills, with strong
sales in all categories of properties buyers were mainly investors, seeing
the Resort as a solid area for growth and
investment income.
Cyprus economy & the property market
The property market, particularly the
high end, is continuing to experience
steady growth as Cyprus develops into
a highly sought-after destination with
marinas, golf courses, high rise towers,
and a resort casino in Limassol. The island
remains an attractive destination for
the purchase of property by foreigners,
combining the advantages offered by
an EU member state and member of the
Eurozone, with those of security, low
crime rate, high quality of life and superb
climate; while the development of quality
properties creates prospects for increased
real estate demand, both domestically
and internationally.
Additionally, steady growth rates, various
tax incentives, the Cyprus Investment
Programme, the new tax residency
scheme and the prospects emerging from
the discovery of natural gas, create a very
positive scenario for the development of
the real estate sector over the next few
years. Cyprus has also successfully been
established as a trustworthy, secure and
friendly business destination.
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We are optimistic about the ongoing
momentum overall, and confident that
Aphrodite Hills will continue to attract
savvy buyers from all corners of the
globe, including locals seeking a solid
investment. The resort attracts because it
offers far more than a property, enticing
those who want to enjoy the high end
Mediterranean lifestyle but also benefit
from the security of favourable rental
yields to help cover costs of owning a
property.
Government Incentives and
Title Deeds
Government incentives means that
there will be no transfer fees for property
purchases subject to VAT, while for
other purchases, transfer fees will be
reduced to 50%, as estimated based on
the provisions of the current legislation.
Moreover, improvements in developers
issuing title deeds in the name of
purchasers who have paid the amount
due in full to the land developer, has
enhanced the credibility of the Cypriot
real estate market. Title deeds are
available for most properties for sale
here on Aphrodite Hills.
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