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Cyprus

About Cyprus

The Republic of Cyprus is a Mediterranean island and member of the European Union since 2004. The island is split between the Turkish-controlled North and the Greek-controlled South and has a population of only 800,000. It has one of the fastest growing EU economies and is classed as a high-income country. It has emerged from its financial crisis of 2013 in great shape and promises future growth as it continues to attract new investment. Property prices here are still recovering from the recession, so it is a good time to buy.

About Cyprus

Capital: Nicosia
Currency: Euro and Turkish Lira
Language: Greek and Turkish
Schengen Area Member: No. Membership in progress.

The Republic of Cyprus is a Mediterranean island and member of the European Union since 2004. The island is split between the Turkish-controlled North and the Greek-controlled South and has a population of only 800,000. The capital, Nicosia is divided between the two powers. EU citizens do not require an entry visa for Cyprus; neither do holders of a Schengen visa who have already entered the Schengen area in accordance with the terms upon which their Schengen visa was issued.

Cyprus is 240 kilometres long and about 100 km wide, making it one of the smaller EU countries. It has been divided politically for decades and a violent division of the island in 1974 saw 200,000 Greek Cypriots leave their properties in the north, which is now dominated by Turkish Cypriots, although the entire island is an EU member. There are international airports in Larnaca and Paphos: other public transport is bus or taxi.

Cyprus enjoys a Mediterranean climate, with long, warm, dry summers from May to October and mild winters with occasional rain, lasting from December to February. Summer and winter in Cyprus are separated by short autumn and spring seasons.

Although Greek and Turkish are the official languages, most Cypriots speak English. German, French and Russian are also widely spoken due both to the number of Cypriot graduates from overseas universities and the island’s commercial ties with the global business community.

Cyprus economy

The Cypriot economy has very strong growth prospects and is one of the fastest growing EU economies. Following a financial crisis in 2013, the government has worked tirelessly to restructure and diversify its economy and the effort was rewarded by Cyprus coming out of its recession a year earlier than expected. The World Bank classifies it as a high-income country and today the economy is mainly built upon the services sector, including tourism, financial services and real estate, which accounts for over 80% of the island’s total GDP and around 75% of employment.

Cyprus culture

Cyprus is a fantastic mixture of ancient and modern. It is allegedly the birthplace of the Goddess Aphrodite and history buffs will find plenty of fascinating sites and remains to entertain them. It is also renowned for its beaches, and before the civil war in the 1970s it was a very chic holiday destination for the international jet set. Today it offers quite a cosmopolitan lifestyle that appeals to people of all ages; this coincides with it attracting new businesses and investment due to its East meets West location. Apart from its tranquil, island way of life, Cyprus is a great place for foodies and apart from the Greek and Turkish cuisine that dominates, there is a fusion of cultural flavours on this island. There is plenty to do on Cyprus and it attracts a number of international sporting and cultural events. It may be an island of ancient legends, but it is very much connected to the modern world.

Location and price

Cyprus is increasingly popular as a “home in the sun” destination, particularly as property prices have been depressed for some years and overseas buyers are taking advantage of the fact that prices fell by as much as 50 per cent between 2010 and 2015. Paphos is traditionally popular with British buyers, partly because of its proximity to the airport, not forgetting its numerous cultural highlights and an infrastructure geared towards the needs of foreign residents. There are properties for sale in traditional villages and in new build resorts around the Paphos area and prices vary widely, but are still excellent value for money and can range from €40,000 for an apartment to €300,000 for a villa.

Limassol is drawing a more cosmopolitan crowd due to its new marina and its top class shopping. It is also a major business centre. It is therefore a little more expensive than Paphos and apartments start from around €90,000 for an apartment to over €340,000 for a villa. Around the luxurious marina you can expect to pay anything from €350,000 to over a million. The northern part of the island is becoming more attractive to overseas buyers as its infrastructure has greatly improved since 2013 and the cost of living here is lower.

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