LIMASSOL, CYPRUS - Ajay Ahuja

LIMASSOL, CYPRUS

Population

920,600 persons

Population Growth

0.56%

Land Area

9,240 km²

Currency & Exchange rate

1 CYP = 1.14232 GBP

GDP-PPPMethod

GDP Growth

2.00%

GDP Per Head

$13,900

Financial

Interest Rate

Inflation Rate

2.8%

National Bank

Central Bank of Cyprus

Political

The 1960 constitution, which allowed for a population-determined sharing of power between the Turkish and Greek communities, officially remains in force. However, in practice, the state organs that it established are duplicated in the two zones.

Cyprus has been divided since 1974 when Turkish troops invaded the northern part of the island., Thus, the Republic of Cyprus remains generally the Greek Cypriot part of the country. The northern part of the island refers to itself as the 'Turkish Republic of Northern Cyprus' ('TRNC'), but is not internationally recognised. In May 2004, Greek Cyprus joined several other countries in joining the European Union. Yet Cyprus remained divided. Politics on both sides of the island are dominated by the continued division of Cyprus. There have been several initiatives since 1974 to try to achieve a settlement of the Cyprus problem. All of these for one reason or another have run into the sand.

The executive President is elected for a five-year term, and exercises executive power through a Council of Ministers appointed by him. The current President is Tassos Papadopoulos - since 28 February 2003. The next Parliamentary elections are in May 2006 followed by the presidential in 2008.

Social Security

Yes

Languages

Greek, Turkish, English

Customaries

Respect should be shown for religious beliefs. It is customary to shake hands and other normal courtesies should be observed. It is viewed as impolite to refuse an offer of Greek coffee or a cold drink. Beachwear should be confined to the beach or poolside. Between 1300–1600 hours is siesta time in the summer (May–September).

Photography is forbidden near military camps or installations.

Ethnic Make-up

Greek	85.0%
Turkish	12.0%
Other	3.0%

Tax

Income Tax

Capital Gains Tax

Taxable income (£)		Tax on lower amount	Rate on excess
Exceeding (£)	Not exceeding (£)	(£)	%
0	9,000	0	0
9,000	12,000	0	20
12,000	15,000	600	25
15,000	-	1,350	30

Spouses are taxed separately, not jointly, on all types of income.

Tax at a rate of 20% is levied on gains from all immovable property located in Cyprus.

Description

The economy remains export-orientated with manufactured goods and with the southern Greek-Cypriot region having a strong agricultural sector, producing fruit, vegetables, barley, citrus and grapes. The major trading partners are the US, UK, Italy, Greece, Russia, Bulgaria and Germany.

Since 1996 the negative economic trend has been dampened and reversed. Tourism is the main component to GDP growth. The growing importance of the services industry and also the growing offshore financial services is also a major contributor to the GDP.

The northern Turkish controlled region has been severely limited in economic growth and relies quite heavily on Turkish subsidies.

Investor Profile:

Cash & Equity Investor

Pension Investor

Holiday Investor

Retirement Investor

Downshifter Investor

Category:

Bronze

Population:

Total

British

150,000

10,000

Climate:

Hours of Sunshine Per Day in Summer

Days of Rain Per Year

January

July

Average

Water Temp.

19C

30C

23C

Proximity to:

Airport

Beach

Nearest City

45 minutes to Larnaca airport

Ladies Mile

Pafos

Restaurants and bars:

You will find many bars, restaurants and clubs. The old town of Limassol in the area around the castle is contains lots of funky bars and coffee shops where many Cypriots hang out. Limassol has a bright and lively nightlife, along with some of the best festivals on the Island: the wine festival in September.

There are plenty of restaurants that line the beach all offering competitive prices. Walking around Limassol you will find restaurants of all kinds.

Sports and leisure facilities:

Water sports, diving, tennis, gymnasiums, Aerobics classes and aqua classes. Limassol also boasts water parks.

Transport:

Public Transport

Roads

There is public transport service with regular connections between cities, with scheduled taxi services and comfortable coaches. Private taxis and rental cars are readily available.

Distances between towns are relatively short, covered by a good network of modern roads. The short distances between cities are becoming even shorter due to a motorway network, which is constantly being extended and upgraded.

Crime rate:

Remarkably low

Main types of employment

It has a major winemaking industry, and an important commercial and tourist centre.

Future plans:

To improve its tourist attractions and become further integrated into the Eurozone

Yield range

6 – 9%

Type of property

Entry Price

Rent-

Peak

Rent-

Off Peak

Average Annual Yield

2 bed apartment

£60,000

£340

£300

6.4%

3 bed apartment

£76,000

£570

£480

8.2%

3 bed townhouse

£80,000

£550

£450

7.5%

Detached

£100,000

£600

7.2%

Demand for letting

Peak

Off peak

Very high

High

Finance and leisure scores:

Total (out of 10)

Financial (out of 5)

Leisure (out of 5)

Flights scheduled from:

Heathrow, Gatwick, Manchester, Newcastle, Bristol and Southampton, Birmingham, Glasgow

Typical cost of flights:

Peak

Off Peak

130 – 210 GBP

80 – 150 GBP

Operators:

British Airways, Cyprus Airways, SN Brussels, Helios Airways, Olympic Airways, Air 2000, Charter flights

Description:

Limassol is the second largest town in Cyprus, it has a large port which is busy with ships visiting from all over the world. Its cheap to get to and its a lot cheaper to buy than Spain. In fact Cyprus is the new Spain! This part of Cyprus is getting talked up a lot. Even if it is hype buy now and cash in later. There is still room for prices to grow. The climate is comparable to Spain but with half the price tag!

Yields are not bad but they will grow. Demand is rising due to sophisticated holiday makers requiring an alternative to Spain so rental values will grow thus bettering the yield if you get in now. Expect entry prices above to double in the next 5 years.

Hot Website:

http://kypros.org/Cyprus/limassol.html

Estate Agents:

Address

Tel

Web

Buy sell Cyprus

Shops 5-6, Posidonos Ave, Myra Court, Kato Paphos, Cyprus

+357 26819012

www.buysellcyprus.com

katopaphos@buysellcyprus.com

CyprusHomes.Org