After extensive research of all of Europe's hot spots and biggest developer's Euro Property Guide has purchased this development in its entirety pre plan achieving discounts and an opportunity that would usually be unobtainable for you the customer.
Why we invested in Cyprus
The property market in Cyprus offers great potential for superior investment returns for investors and second home buyers alike.
"Over the last three years demand for property has increased by an average of 15% to 20% per annum. This will increase with EU membership as people from landlocked central European countries, which are also destined to become member states, are expected to look for second homes on the island" (source : FT World Report).
- EU membership May 1st 04 resultant macro economic boost
- A falling interest rate environment. Central Bank of Cyprus base rate is 4.25% whilst the European Central Bank (ECB) rate is only 2%. Interest rates have to converge for possible Euro entry in 2007. Interest rates go down property prices go up!
- Central bank of Cyprus reduced interest for the 3rd time in 4 months by 0.5% on the 9th of June 05
- A potential devaluation of the Cypriot pound prior to Euro entry in 2007, possibly adding up to 15% in sterling value
- The law restricting foreign ownership of property to just one per person, is to be lifted post 1 May 04 after a transitional period with the resultant boost to demand from large investors overseas
- The island has a world demand for property, including from a growing and affluent Russia and former Soviet states. There is also a large investor demand from Greek Cypriots living in the UK and US
- Highly educated, English speaking and low cost workforce will attract flows of capital from within the EU and other markets
- 50,000 British ex-pats provide an attractive community for UK retirees and a dynamic demand for quality property in quality areas
Why we invested in Blue Sky Apartments?
- After EU Membership May 1st all development gaining planning permission will be subject to 15% VAT of the purchase price. Blue Sky Apartments achieved planning permission before May 1st, therefore is not subject to VAT. A saving of 15%
- The developer Ectoras of the Illiad international group are very strong with completed UK and Cypriot developments exceeding £100 million in value
- Prices on the east coast are significantly lower than the Paphos area. With better beaches and equal facilities the prices are set to equal out with its increasing popularity among foreign investors
- The development is close to the trapped city of Famagusta. With Cyprus carrying a full vote in the EU Turkey must look to solve their differences (one of the main ones being the occupation of Famagusta) in order to have any chance with their desired application for EU entry. Many Cypriot papers have recently reported on the resorts imminent return. Reunification would benefit from approximately € 600 million in aid from the EU. Being on the outskirts of such an affluent boom town would have a dramatic ripple effect on property prices
- Low cost units with low deposits are marketable to a very wide audience