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Cyprus development credit crunch |
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If it is a retirement home that you are looking for Cyprus seems to be the place to go. You can enjoy a decent living and have it cost far less there. The prices of the homes in Cyprus are far cheaper than those in Portugal or France, making that an attractive feature for potential buyers. Also if you are on a pension and decide to retire to Cyprus, they only tax pensioners 5%. This makes it a very wise choice for those opting to retire overseas. On the other hand it does have a few disadvantages. It has a severe and worsening water shortage. It is also expensive and difficult o get to the tourist areas. Now if they were able to get a better way of allowing people that reside in Cyprus the ability to get to the tourism areas more easily it would surely help them sell more properties than they have been to date. But as this has not happened yet it has had a negative impact on sales, especially with the British. Also land ownership in Cyprus is ruled by Turkish law, and although they seem to be straight forward, one needs to be certain
that the deed will be theirs and not have been used as a security by the developer. This is something that has been done and is entirely legal for them to do. Until the paperwork is in your hand it is not your property. This is another area of contention that potential buyers have with the idea of purchasing in the Cyprus development area. It is a very beautiful location and the homes are of good quality. It is something that a person needs to research very well before pursuing. It is not something that should be jumped into that is for sure. Then again most people do not jump into any home buying venture no matter where it is. I think that I would seriously consider it as a feasible thing to do seeing the state that the economy is in. The tax savings alone are an amazing thing that needs to be seriously considered as well. To be able to live in a nice home, in a beautiful location surrounded by water is something that many of us can only dream about. But those that are able to should actually look into the idea as it is totally feasible as long as you take note of some of the mentioned warnings above. Retirement is to be enjoyed and this would be a beautiful spot in which to do so. Credit Crunch
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