Benefits of Investing in Cyprus
Have you been putting valuable money every summer into renting a vacation home? Why not splurge a little and purchase your own summer house. Not only will you have a place to go for vacations for years to come, but you can also rent the home out to make an extra income. Investing in properties is a great way to earn capitol growth, have a larger write off for taxes, and have a regular income with no work involved.
Statistics have proven that in 2008, 1 in 3 people will purchase a vacation home in Cyprus. Cyprus is known as the “Jewel of the Mediterranean”. The tourists have caught on to this secret, increasing the tourist revenue by 30% annually. There has also been a large increase in advertising for Cyprus, which is also bringing in a large amount of visitors. While the country is still fairly new to tourists, now is the perfect time to invest while the prices are relatively low.
The economy in Cyprus is slowly growing while the prices of properties are still very low. The government in Cyprus is UK oriented so the banking and legal systems are very modernized. Cyprus is said to be one of the largest growing investment industries in Europe. The prices are increasing from 15-20% annually. In the year 2008, Cyprus is said to start using the Euro. The successful investment growth and the new adoption of the Euro has been written about in multiple magazines and news releases. The growth in Cyprus has only begun and is said to increase as the years go on.
The most popular areas of Cyprus to invest in is Larnaca and Paphos. There is currently a plan to erect multiple marinas in Larnaca which include a brand new 1,000 port luxury marina that will be easily accessible near Larnaca, but also easy to get to from Paphos. There is said to be a remodeling project for the older Paphos harbour with large beach improvements. There will be a pedestrian walk from the harbour to Geroskipou. The government in Cyprus has also stated that they will be modernizing the Paphos and the Larnaca airports. New terminals will be added to each airport which will allow more than 2.7 million passengers to be served. Along with the new terminals, there is also going to be a new motorway that will connect the Paphos airport to Polis. The goal is to cut the traveling time in half which will attract more visitors to the area. The popular promenade in Phinikoudes is also getting a restoration. The promade will be extended with more sea front restaurants and shops
Modern
perspective and development in
cyprus:
- Cyprus has always been known for its quaint villages and small shops. However, there has been talk of a brand new development called ‘Neapolis’. It is a 1 billion $ plan that will be erected on a 250 acre site. As the largest development in the world, it will include a new hospital, university, research and study centre, multiple business parks, and tourist areas for cultural and leisure sport or theater activities. The popular promenade in Phinikoudes is also getting a restoration. The promade will be extended with more sea front restaurants and shops. Cyprus is best known to tourists as the perfect location for golfing. There are 3 large respectable golf courses, including the Aphrodite Hills complex. There are 10 smaller golf courses that are located across the island and are being updated to the PGA championship course requirements.
