Property Development Scope In The Exotic Island Of Cyprus

Why opt for property development in Cyprus? The answer is simple. Cool climate, great overseas vacation and a great stay in this wonderful locale – these contribute a lot in making you think seriously about property development in Cyprus.

What to look for when thinking about property development

The decision is wise but it demands detail research in the area you have chosen to buy. Moreover, you must decide the type of property you want to invest in. It shouldn’t be such that you lament after the purchase has been done. Your investment and the property status should well compliment each other. Your target market should also be a matter of significant concern. If you were a real estate developer in Cyprus you would probably think about developing property. The developer may be an individual or they may even think of working together as partners or members of a corporate sector.

What to consider while planning for property development in Cyprus

1. Anyway, you have to start from somewhere. For this you can at well contact an estate agent for he is the one who would help you to be more knowledgeable in matters of buying the right sort of property.

2. Cyprus has proved to be more smart and dynamic in matters of developing properties and meeting the residential demands of the general public than other members of the EU.

3. Don’t look too much here and there. Try to execute your plans in those areas about which you have a thorough knowledge. Tally your idea with the market and see whether it fits or not. Your idea should also match the locality you have chosen for property development.

4. When you develop a property you should also consider the choice of the consumers. What they want, what they wish to possess and what they dream – all should be in your head while the developing plan goes on

5. You should be wise in choosing the locality for developing property. If you are thinking of renting out your property, then you can develop your property at the city centre of Cyprus where young professionals and affluent couples are in search of stylish apartments and homes. Otherwise developing properties like hotels and apartments in exotic locations and secluded beaches can also prove profitable as more than 3 million tourists visit Cyprus each year.

6. Look for what is trendy and in fashion and then sit down to plan for your property development

7. Cyprus has places with good and kind neighbours, favourable transport facilities, nearby schools, secured environment and ample parking opportunities. You may plan to develop your property here

8. Have a proper understanding of the local economy and then plan for a property development. You should never plan something so big and expensive, out of the reach of the general public

Choosing a property to develop in Cyprus

Think of profit while you decide to develop property in Cyprus. Buy low, sell high and be the gainer. A mere decorative refurbishment may help your property become more valuable and for this you don’t need to contact planners, architects and go for big investments. If you need to convert a property as a part of your development scheme then do it yourself without letting a professional interfere in the matter. A proper understanding of business regulations and architectural possibilities will definitely help you become an expert developer.

However, when you plan to convert something more significant than a house, the need of a team of expert becomes indispensable. The team appointed to develop your property should include:

1.  An engineer who would be glad to ensure that you have a safe structural solution

2. There would be a quantity surveyor whose job is to determine the costs

3. An estate agent should also be involved in the process whose job is to help you sell the finished product

4. You are also in need of an architect who would design the entire development scheme, help you in getting hold of the planning consent and handle the project with complete sincerity and conviction

5. A lawyer to take charge of all legal matters.

Why would you plan to go for property development in Cyprus?

Leaving its cool maritime climate and scenic splendor, Cyprus has numerous other facilities for supporting property development, like:

A Growing Economy

The economic growth in Cyprus is astounding. Employment condition in Cyprus is quite satisfactory and people can afford to buy homes to stay. In fact, Cyprus is identified as one of the leading high-income European countries inviting more and more people to come and invest for profitable property development schemes. According to European standards, the rate of business and income tax is fairly low in Cyprus. Under such circumstances people can seriously plan about developing and buying properties in Cyprus.

Tourism Development

Economy in this particular island is well supported by tourism facilities and this has contributed much in property development in Cyprus. Here, tourism acts as a significant source of foreign exchange. In the year 2001, tourism has accounted for 22% of the GDP. Around three million visitors come to enjoy their stay in Cyprus each year.

Property development sector expanded profoundly in Cyprus after 1974 because of heavy state investment in projects concerning the infrastructure of the island and new residential facilities for the refugees. Nowadays, sign of improvement in the field of property development has become more evident because of foreign investment in real estate infrastructure projects under governmental supervision.

For non-resident property developers in Cyprus

If you are not a Cyprus resident and you still desire to develop a property in this island you need someone to transform the property in your name for which a special permission is required from the Council of Ministers. On behalf of the purchaser, a written application has to be produced after the successful signing of the agreement. For this a Cyprus non-resident has to pay a sum of CY£250. Permissions are willingly granted as long as you do not have criminal records in your homeland or Cyprus.

What additional factors in Cyprus motivates you to be a successful property developer

Climate

Cyprus is noted for its excellent weather. Property developers invite people to enjoy a healthy climate with hot summers and mild winters and soothing rainfall.

Physical features and local attractions

Do you want to offer a stay among beautiful beaches and ancient monuments? Then Cyprus should always be your first choice.

Cultural superiority and sovereignty

Cyprus is a land of unity in diversity with influence from UK, Middle East, Greek and Turkey. Therefore, people would love to stay among such cultural affluence. This is an added advantage for property developers in Cyprus.

Charming Cyprus, affordable Cyprus, adorable Cyprus, and more adjectives when successfully added to the name gives you a golden opportunity to develop a property or make investments in this panoramic island amidst a healthy atmosphere and environment.