Cyprus has reversed the dismal European property market trend in the past five years, using tourists as the catalyst. Rules on buying property are straightforward, because the land registry system offers security of title and protection of ownership. No rates or other heavy charges (e.g. rates and taxes) exist on property in Cyprus, as is the case with most of the other European countries.

The increased trend of holiday and/or retirement homes is expected to continue due to the political developments, focusing on Cyprus already being a European country. Taxes are very beneficial for investors buying property as foreign companies, individuals or Cyprus IBCs or expatriate employees living in Cyprus, yet the living costs and taxation are comparatively lower than in Western European countries.

With regards to the acquisition of property or land there are no restrictions for property ownership to EU citizens. However, for persons of non EU member states, the restriction is for one freehold ownership property (flat or house) and land up to 2,675 sq.m (28.800 sq.ft) or for land up to 43.200 sq.ft). The permission for a non-Cypriot to purchase property is granted by the District Officer of the Town the property is found in. The Central Bank of Cyprus needs proof that all funds for payment are made from foreign sources.

Developing of real estate has now been made possible for investors ( companies or physical persons ) from European Union member states.

Cyprus being an island, affects positively the trend of property prices which over the last five years has been rising with a steady growth factor, due to the limited sup-ply of land. Currently, with the recent positive political changes that the EU accession brought to the island, and with the Cyprus economy being very healthy and strong during the last two decades, real estate opportunities are obvious and many local as well as foreign investors have gained the most out of the property development industry. In the past 2-3 years, many private investors and companies have experienced returns over 20%.

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Today, as the idea of living in the sun is becoming more of a need than a pleasure, together with a relaxed and healthy lifestyle, plus integration of Europe, all help unique places such as Cyprus that offer all the above, to receive a steady attention and demand from the Western European countries, such as UK. Further, Cyprus is an ideal place to have respite from working hard under inclement climate conditions, in a highly paced environment and with an expensive cost of living, reasons which drive people seeking a peaceful and sunny place, for a new life - to live the dream.

Property prices in Cyprus, however, have not only risen due to the demand by senior citizens and UK residents, but the locals are beginning to afford to have a holiday home in their own beautiful island, or buy a permanent dwelling because the Cyprus economy especially after 1974 has grown to one of the healthiest economies in Europe, having one of the lowest inflation and unemployment rates within EU. With the advance in tourism, telecommunications and property development industries, Cyprus has attracted since May 2004 (the accession into the EU) many young professionals from the UK that are seeking new business opportunities in the island. Consequently, that increased the demand for housing in Cyprus which the experts have forecasted will make property prices continue to rise approximately 10 - 20% annually depending on the location; it is important to note that in general, property prices in Cyprus are lower than in Spain and UK.

Cyprus is the future for many investors and home buyers. The fact that returns outperform interest rates, in association with attractive loan packages, and the property market being the safest investment worldwide, has cre-ated a whole new market. Buying new property (off-plan developments) or under construction, has proved over the last years to be one of the best investment opportunities within a competitive market.

Before construction begins, a Developer will always strongly promote the new development in order to obtain new sales quickly, enhance 'goodwill ', by having a new project in the market, and generate cash flow.

That, in association with the fact that there are always interested buyers who will pay more for a finished or nearly finished property than they would for a property 'off-plan' or a green field site with a completion date of 1-2 years away, makes the buying off-plan property a very attractive investment that can generate returns from 20-30%, always depending on the type of property and location. It takes only a few thousand Euro's to reserve an off-plan property and with the right terms of payments, the value of your purchase will certainly increase.