South
Cyprus property market has had its day. It was back in the early
1990’s when every one wanted to buy to invest. Now the north Cyprus
property prices have gone crazy so it’s a sellers market! The prices
have risen to ridiculous amounts comparable in places to the UK; a 1
bedroom apartment in Limassol is £71,000 outch! And only 80m2 off
plan! near the town and 20 min drive to the beach.
With
prices this High there it would really make return on investment via
rental income not as viable as investing your money in a high
interest account.
As for
resale return for the savvy investor it does not score very high on
return there either as the prices have reached their peak for this
reason in some areas the prices actually have not changed for some
time and growth is now minimal. it gets even better not! Vat is a
hefty15% and it takes up to 5 years to get your title deeds.
The South
Cyprus has a very strong anti Brit feel, not a friendly feel
especially to the Ex Pats who are living there! South Cyprus is over
populated it’s like being back in the UK and very commercialised,
this has come through over development its very similar to being in
the South of Spain in the 1990’s. It’s meant to be a paradise Island
now it’s more like a billboard Island! Every where you turn there is
a new billboard advertising something different and you will find a
McDonalds and KFC on every corner not quite an Island of paradise
more like home away from home with more sun, all well and good if
you still want to be part of that hurried lifestyle however most are
moving abroad to do quite the opposite!
Aya Napa
has some beautiful golden sandy beaches but it’s very over crowded
with youth from all around screaming and shouting, being drunk and
disorderly. In comparison the TRNC is beautiful, untouched and
unspoilt you can drive from the East coast to the West Coast and
find virgin beaches where you will be alone on them all day and not
be disturbed! That's why it’s called Fantasy Island!
The crime
rate in South Cyprus is not great either rising every year, unlike
the North with only a 2% crime rate!
Every
year there are more and more people moving over not just from the
native country’s but also the Ex pats who were once living in South
Cyprus are now selling their properties in the south cyprus and
moving north Cyprus to the TRNC. This is because in the North Cyprus
property market you are getting a lot more property for you money,
better exchange rate and 16.5% on you money when put into the banks.
As well as that it’s a more peaceful country, better way of life and
much more friendlier people.
5 to 10
years ago you would of only heard of retired people coming out to
live in the TRNC, but now there are a lot of young people coming to
see what opportunities fall there way. Also a lot younger families
are moving out here because it’s a safer place for children and the
education system is fantastic, with 5 great prep/private schools and
7 fantastic University’s coupled with the laid back way of life it’s
an amazing place to bring up children, Who would not want that for
their children?
South
Cyprus property market has had its day its time to move on wards and
up wards to a new and more beautiful part of the Island namely North
Cyprus property where you can get great value home or investment
property, less commercialism, less crime, and a friendlier race of
people!
