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The Cypriot Property Market

Last updated at 17:06 GMT, Tuesday, 11 November 2008

When you hear the word Cyprus, it congers up visions of a mystical tropical island paradise far away, what few realize is that the Cypriot property market is an investment paradise in this current maelstrom of financial doom and gloom. And, why would it not be? Cyprus is beautiful, who wouldn’t want to live on the island or invest in it.

With its stunning beaches, year round sunshine, and easy lifestyle, it’s a locale worthy of royalty. For the past decade expatriates from all over the world have been buying up retirement property as well as, starting business concerns on the island.

With the current worldwide economic downturn, it’s a hard call as to where to place your investment capital. What is great about the Cypriot property market is there are some great bargains for people looking to place their risk capital. Commercial property is still in big demand in Cyprus which is a superb sign for investors. Combine this with Cyprus’s adoption of the Euro as its medium of exchange, great tax shelters, and a self contained system of banking and finance right on the island, and the Cypriot property market looks mighty attractive.

Southern Cyprus and in particular luxury properties in Limassol and Paphos is really the hot commodity. Now, not only are the British buying up property in Southern Cyprus, but also investors from other parts of the EU, Russia and the Middle East. Another attraction to the Cypriot property market is the relatively stable economy compared to the rest of the world, and its solid infrastructure. These are important components a shrewd investor always looks for. Another thing investors love to see is the government taking an active role in attracting foreign investors and continuing to work hard developing new programs to make investing easier. This year alone, the Cyprus government has been hammering out an attractive mortgage program aimed at attracting expatriates.

The Cypriot property market by all accounts and evidence appears to offer up a solid investment during rough global financial times. The Southern Cypriot property market may be the place to set your investment goals into motion. It has an awful lot to offer; beautiful scenery, friendly interesting expatriates from all over the world, and arguably most important, offers up some great bargains. Great bargains that could be the seed to major financial wherewithal over time, whether you plan to retire there on your investment, or sell sometime in the future.