Home for Sale Paphos: Remember These Tips When Acquiring a Property In Cyprus

Cyprus has long been a sought after overseas property place within the British. With assorted new resorts to choose from through the entire isle, why exactly do lots of today's buyers opt for relatively costly houses in Paphos?

Where the sea laps the coast in south western Cyprus, Paphos sits majestically as it has done for millenniums, and now provides both a rich history and streamlined new developments to make a haven travellers and property purchasers have been flocking to for decades. Aphrodite, Goddess of Love and Elegance, could very well balk at the quantity of developments that have risen in her renowned birth place through the years but a sympathetic smile may also be in order as the complete location retains that particular atmosphere of enchanting aura that keeps bringing men and women back for more year after year.

Actually, for most Paphos is identified with Cyprus, so much in fact that somewhere between the early nineties and two thousand and two, 4 out of 5 homes here were owned by non-Cypriots. Afterwards, additional locations such as Limassol, Larnaca, Ayia Napa and Protaras sprung up as fresh foreign real estate hotspots promising lower prices to attract more travelers and investors usually searching for a throbbing night life and a home-from-home experience. Due to these brand new places, recent years have observed a levelling off in Paphos home costs, but nevertheless they continue to be about 15% higher right now than on other parts of the island. Therefore it is true to say that the property marketplace in Paphos has lacked activity lately, but with greater demand in the other spots of the region, local property prices of these regions are now achieving similar levels to those in Paphos.

That said, Paphos as a property location seems to preserve its cachet of distinction and, unlike many of its less costly rivals, it boasts some of the greatest attractions around the island, including UNESCO world history sites, several great golf areas, and a completely new harbour due to finish in the near future at Coral Bay. Added to this, Paphos provides a well established air, with possibly fewer evidence of new growth than elsewhere on the island, making the entire area a clear option amongst many critical, up-market investors.

Growth rates in Paphos are already very healthy at about 15% per annum in the last 5 years. With a strong and stable economy, zero unemployment and an excellent tax regime without having inheritance tax, Cyprus is a tempting option to buyers. The result of Cyprus joining the EU in 2004 has been to inflate property costs and many real estate agents and builders concur that they'll start to increase further with the joining of the Eurozone in January 2008. Some other Euro zone participants have since experienced a 16% price rise in the year just before entry and several experts anticipate that Cyprus is going to be the same.

Sophia Rhodes writes on Cyprus property for those seeking to buy a home.