Cyprus Property
Floating on the waters of the European Mediterranean, but pointing longingly towards the shores of Syria, Turkey and Lebanon, Cyprus is an eclectic mixture; a kaleidoscopic blend.
Its cultural influences are dominated by Western Europe, but its geographic proximity to Asia and Africa gives it more than just a hint of the East. Long coveted by mainland Greece and Turkey, this small island has its own definite and beguiling character.
The third largest island in the Mediterranean and one of its most popular tourist attractions, Cyprus attracts over 2.4 million tourists each year, a large proportion of which are British. In fact, Cyprus was a British colony until 1960 when it became an independent republic. It became a member of the Commonwealth in 1961 and a member of the European Union in May 2004. British influences are still evident today; none least the left hand drive roads.
There are the main tourist centres of Paphos, Larnaca and Limassol, but if curiosity draws you out of the cities, you’ll discover the small villages of the beautiful Akamas Peninsula, walk the trails of the spectacular Troodos mountains, explore the Byzantine monasteries or climb to the medieval castles with their shimmering island views. Wander through the sea of wildflowers covering the island in spring and Cyprus will take your breath away.
Furthermore pay testament to one of the oldest civilisations of the Mediterranean by tracing the island’s history through 10,000 years of rule by many empires. The Ancient Greeks, Romans, Egyptians, Phoenicians, Venetians, Ottomans and British all left their mark, making the island a mosaic of different cultures and periods.
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Financial Benefits of Investing in Cyprus
- Freehold property ownership
- British based legal system
- International banking system; strong accounting and financial services systems
- Attractive tax regime with tax incentives
- Double tax treaty with 40 countries
- Inheritance tax 0%
- Residents can transfer UK pension to Cyprus and pay only 5% tax
- Residency can be obtained by providing proof of property ownership
- No restrictions on the number of return visits to UK once residency obtained
- Average annual real estate appreciation of 16%
The Cyprus Economy
The main economic indicators of the Cyprus economy are given in the table below:
| Key Economic Indicators | 2004 |
2005 |
2006 |
2007 |
2008 |
| Inflation Rate | 2.3% |
2.6% |
2.5% |
2.4% |
4.7% |
| Registered Unemployed | 3.5% |
3.5% |
3.4% |
3.1% |
2.9% |
| Gross Domestic Product (€m) | 12.653 |
13.462 |
14.435 |
15.565 |
16.962 |
| GDP Real Growth (€m) | 4.2% |
3.9% |
4.1% |
4.4% |
N/A |
| GDP Per Capita (€ | 17.100 |
17.800 |
18.700 |
19.900 |
N/A |
| General Government Surplus/(Deficit) (€m) | (515.6) |
(325.5) |
(172.5) |
537.4 |
N/A |
Source: Central Bank of Cyprus - February 2009
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Paphos
Paphos is the jewel of Cyprus, with a mild climate and a natural beauty and with mountains dipping into crystal clear waters and gentle hills sloping into deserted bays. The relaxed tempo of life offer visitors and residents a tranquillity and peace few places in the world can offer.
Experience a kaleidoscope of rich colours in the springtime, breathtaking blue skies and sunshine in summertime, the deep contrasting colours of autumn and enjoy Halcyon days in the warm winter sun.
Admire the intricate floor mosaics in villas dating back to the Roman period depicting scenes from Greek mythology, considered among the finest in the Eastern Mediterranean. Equally impressive are the underground Tombs of the Kings carved out of solid rock and decorated with Doric pillars.
Paphos is the mythical birthplace of Aphrodite, the Greek goddess of love and beauty who, it is said, rose from the waves and crashed on its shores. The town, including the Sanctuary of Aphrodite, was officially awarded UNESCO World Heritage status in 1980 and included in the list of cultural and national treasures and has often been described as an open museum.
In Paphos you will enjoy safety and security. Unspoilt and serene, the Paphos way of life attracts visitors who come back year after year or stay forever. Shake hands with people whose reputation for hospitality and good food is world renowned. You will want to stay forever.
What Does Paphos Have to Offer?
- Ancient capital of Cyprus Island's most important tourist destination
- Very warm and hospitable people
- Stunning location with many places of historical and archaeological interest in the region
- Mildest climate on the island - coolest location in the summer, warmest in the winter
- Good choice of direct flights to Paphos from most main UK airports
- Reasonable flight times from the UK (4 hours from London; 5 hours from Manchester)
- Recently upgraded Paphos International Airport
- New marina under development
- Excellent golf location - currently 3 operational courses with plans for 6 further courses
- Many sports and leisure activities
- Major cultural events and festivals
- Picturesque harbour with a truly Mediterranean feel
- Variety of luxury 5-star hotels Traditional restaurants & tavernas but also many cafés bars and night clubs
- Blue Flag status awarded to 11 beaches in the Paphos region
- Near to other main cities - 35 minute drive to Limassol; 70 minute drive to Nicosia
- High quality European standard of living
- Paphos is not a seasonal destination, it remains open all year round therefore increasing rental potential
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The Developments - Cyprus Real Estate
Mandria Gardens
- Located near to the village of Mandria, nestling on a hillside overlooking the Mediterranean, 15 minutes from Paphos in west Cyprus
- South west facing one and two bedroom apartments built on two levels, traditionally designed amid landscaped garden surroundings
- Only 10 minutes from Paphos International Airport
- Beach only 400m away located in a secluded bay setting
- Resort-style development with swimming pools, clubhouse, golf courses nearby
- Peaceful, undisturbed setting Prices from €137,214
- Two financial options available
- 50% discount on furniture packs
Aphrodite Springs
- City living style apartments close to Paphos
- Located near to Neapolis site, planned urban development with universities, medical facility, shopping malls, business park and 3,500 new homes, therefore incredible future rental opportunities
- Prices from €138,754
Vikla Villas
- Hill top situated development boasting breathtaking views of the Paphos coastline
- Traditional Greek design two and three bedroom luxury villas with 3 year rental guarantee option at 5% pa
- Prices from €278,331
Peyia Gardens
- Resort residence located in the fertile hills of the traditional village of Peyia
- One and two bedroom garden apartments and penthouses with 3 year rental guarantee option at 5% pa
- Prices from €117,958
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The Developer - Leptos Estates
Leptos Estates, a long established organisation with almost 50 years of history, has achieved a leading position through the professionalism and team effort of its employees, its international network of sales service in 50 countries, its vast investment in land purchasing and an effective after-sales service support.
Extensive in-house expertise enables Leptos Estates to offer clients a totally comprehensive service from land purchasing and architectural design through to construction and interior design. The organisation has one of the largest technical departments in Cyprus, with more than 60 civil engineers, architects, interior designers and surveyors.
The name Leptos Estates is internationally regarded as the number one home builder in Cyprus and is one of only two companies in the Paphos region to have been granted a First Class Licence for ANY kind of project development. It has perhaps the biggest design and construction department in Cyprus comprising of civil engineers, architects, surveyors and interior designers and the company maintains an ethic of continuous training.
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Leptos Estates selects only the finest locations Cyprus has to offer in residential, retirement and holiday residences and uses the highest standards of construction and design, to build elegant homes to suit the lifestyle and taste of today's discerning property owners. During its lifetime Leptos Estates has successfully completed over 200 different home developments with more than 15,000 homes. The organization has an extensive land bank, owning prime locations in Cyprus and Greece (Athens, Paros, Santorini, and Crete), from luxurious beachfront villas to coastal condominium projects and rural properties.
In particular Paphos offers great potential for development and the Group are responsible for the 5-star Coral Beach Hotel & Resort, the Thalassa Boutique Hotel & Spa and a number of other hotels in addition to the construction of residential and holiday homes, as well as shopping centres and unique projects such as Neapolis (see below) and the construction of the new marina at Paphos.
The Group is widely expanding in Greece through prestigious residential and holiday developments as well as luxury hotels. Major emphasis has been given to Chania in Crete, Paros and Santorini, three of the most beautiful Greek islands.
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The Developer - Awards
- International Home Awards 2008: Best Development Cyprus - Limnaria Gardens (Cyprus) & Aphrodite (Greece)
- International Homes Magazine 2008: Leading Cyprus Developer - Leptos Estates
- Bellevue Best Property Agents 2007: Leptos Estates
- International Property Awards 2007: Best Development Cyprus - Paradise Gardens IV
- International Property Awards 2006: Best Development Cyprus - Vikla Village Bentley
- International Property Awards 2005: Best Development Cyprus - Kamares Villas Bentley
- International Property Awards 2005: Best Development Greece - Golden Coast Beach Villas
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