After EU accession, Cyprus is no longer just another tourist destination offeringsandy beaches and fun. It’s becoming the home, work place, business destinationand retirement home for more than half a billion people coming from all over Europe.Furthermore, the government is introducing 15 % VAT on Cyprus property purchasesin accordance with the “acquiscommunautaire”. All these lead to one and only conclusion - property prices are rising! Until now, foreigners were allowed to buy as much property as they wanted, but wereonly allowed to transfer one house or one plot of land up to 4,000 sq.mto their name.

Most restrictions to foreigner buyers have now been lifted whichhas lead to anincrease in demand by 50-100% and generated an increase in both sale and rentalprices of Cyprus properties. Cherry Clift( Investment Property in Cyprus ) with more than 20 years experiencein the real estate business, believes that Cyprus property prices could possibly riseby 50 % or more.“Until now, there was a huge rush to buy Cyprus property before EU accession andVAT introduction. But freedom of movement after EU, will furtherincrease demandfor Cyprus property real estate. Once restrictions have been completely lifted wewill have a new wave of buyers coming here to live, work, investor retire. That’s millions of people coming to a small island with limited land resources!” These factors will certainly lead to an increase in demand for Cyprus properties.

Now is the time to purchase before Cyprus introduces 15% VAT on land sales