Cyprus Property Investment Opportunities. Real Estate Cyprus.

£57,000 / $86,000 *

New Developments in Cyprus

The Republic of Cyprus is the third largest island in the Mediterranean Sea after Sicily and Sardinia, and lies 75 km south of Turkey with Syria and Lebanon to the east, Israel to the southeast, Egypt to the south and Greece to the north-west. It therefore lies at the crossroads between Europe, Western Asia, and Northern Africa. The climate is temperate with dry summers and variably rainy and mild winters, apart from the snow in the southern and western Troodos mountain range, where seasonal skiing attracts tourists. Tourism also forms a major part of the economy of the Turkish Cypriot North along with trade, education, small agriculture and light manufacturing. Here the economy is growing at a rate of over 10% and per capita income has doubled in the last three years, partly because of spending by Greek Cypriots after the opening of the borders. This growth has been buoyed by the relative stability of the Turkish Lira, a boom in the education and construction sectors and a highly developed infrastructure which has encouraged offshore businesses. The discovery of oil south of Cyprus will assuredly boost the economy further. Tourism in the last year brought in 51,848 visitors and £19.7 million in revenue.

The population consists of an ethnic mix of just over ½ million Greek and just over ¼ million Turkish Cypriots, sharing many customs but maintaining separate ethnic identities based on religion, language, and ties with homeland. The culture, one of the oldest in the world, with archaeological sites from various historical periods, has been heavily influenced by the Byzantine era and the Orthodox Church is strong here. So are art, literature, music and dance, often performed in reconstructed ancient theatres. Since 2000, there has been a major increase in the number of permanent British residents. Although Greek and Turkish are the official languages, English is widely understood and is taught in schools from primary on, with many official documents also published in English.

The Republic is divided into six districts: Ammochostos, Keryneia, Larnaka, Lemesos, Pafos and Nicosia, the capital, in the centre, with two UK military bases remaining in the south. Nicosia is a modern and dynamic capital teeming with shops, restaurants, museums and entertainment and the home of the University of Cyprus. It is a trade and manufacturing centre producing textiles, leather, pottery and plastic, with copper mines nearby. The Republic of Cyprus is internationally-recognised and has been a member of the European Union since May 2004.

Its Parliament, known as the House of Representatives, is a legislative power elected via proportional representation for five years and representing in its numbers the division of the population into Greek and Turkish, with a Greek Cypriot President and a Turkish Cypriot Vice-President. The vote is free to all over 18.

• Official Language: Greek, Turkish & English
• Currency: Cyprus Pound
• View Cyprus on the World Map

New Developments in Cyprus

Cyprus Property     * currency exchange rates subject to fluctuation.