Situated in the northeastern part of the Mediterranean Sea and 75 kilometres south of Turkey, Cyprus is the third-largest island in the Mediterranean and one of the most popular tourist destinations. With alluring beaches and surrounding mountain peaks, vineyards studded with olive trees and ancient ruins that stir the imagination, citrus groves and old stone villages, this country has something to offer to everyone. The Cyprus property market is attractive to both locals and foreign investors who see it as a very stable and low-risk investment that is guaranteed to yield decent returns.

A key reason why the Cyprus property market is so appealing to foreign investors is that it has European systems in place, low taxation and an excellent communication system. The service sector is also highly skilled, very polished and professional and extremely hospitable. In addition, the country boasts of unique hospitality of the local population, an attractive climate as well as a safe and secure environment. The island has a vibrant tourist sector that continues to grow yearly.

Cyprus also has an excellent business sector that has become a popular offshore location for investors. Furthermore the island’s economy has been on a steady rise and is once again expected to grow by a decent 3.8% in 2008. Cyprus property represents one of the fastest growing property markets in Europe. Property sales in this Mediterranean island are further boosted by regular and increased budget airline services to the international airports at Larnaca and Paphos. Larnaca International Airport receives a lot of air traffic in the summer months from legacy airlines as Air Malta, British Airways and Emirates, while Easy Jet flies to Paphos International Airport.

The property market has been on the increase for the last few years and with the country’s accession to the European Union and the adoption of the euro as its currency it is likely that the market will remain bullish. Buying real estate in Cyprus is regarded as a solid investment for all types of buyers, from large corporations to individuals. Some of the regions of Cyprus offer excellent buy-to-let opportunities, particularly in tourist resorts.

After joining the European Union, capital growth soared around 20% per annum. In line with the growth in property prices, rental yields have also shown a strong growth. Short-term yields depending on location range from eight per cent to 12% of the property value and long-term rental yields average between five per cent to seven per cent. Buying property in Cyprus is generally considered a very straightforward, easy process. Since many of the inner workings of property exchanges follow European standards, the process is typically quite easy for Europeans to understand. This is a big selling point for investors who do not want to deal with complicated and difficult purchasing procedures.

A luxury lifestyle beckons you to the outstanding developments offered by Propertyline International. Located in the south of Cyprus in the regions of Paphos, Larnaca, and Limassol, all properties are built to the highest standards with excellent finishing throughout. The projects, situated in prime locations enjoying panoramic sea, mountain or valley views, combined with excellent after sales service, property management and easy payment terms. Most of the units feature large gardens or patios, and residents can benefit from several onsite facilities such as parking spaces, swimming pools and gymnasium, with prices starting from e102,100 Access to the main towns and airports is just a short drive away. Inspection visits can also be organised should clients wish to view a property before purchasing. Cyprus has many double taxation treaties, which can make life a great deal easier for both residents and non-residents with financial concerns and responsibilities outside the country. Capital gains from the sale of immovable property are subject to 20% capital gains tax.

However, this tax is not payable if you sell the property before taking on the title in the case of an off-plan purchase. Income earned through renting out property is taxable at the normal income tax rates and some specific deductions are applicable. The mortgage market in Cyprus is well developed and you should have no problems financing your property purchase. Most commercial banks offer mortgage facilities to locals as well as foreign nationals.