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About Cyprus: Cyprus - A Mediterranean Island Cyprus is the 3rd largest Mediterranean island - covering 9,251 square kilometres, 240 km from West to East and 96 km from North to South - with a population of approximately 750,000. Being at the crossroads of three continents - Europe, Asia and Africa - it has one of the oldest histories of the world, dating back 9000 years. Its strategic position, its wealth in forests and mineral deposits, as well as its skilled craftsmen, made it the prized possession of the powers of the day. Cultural influences came from all directions - all major regional civilizations left their mark on the island, contributing to the development of a very rich and diverse cultural heritage. Turkey is 75 kilometres (47 miles) north; other neighbouring countries include Syria and Lebanon to the east, Israel to the southeast, Egypt to the south, and Greece to the west-north-west. As historically Cyprus has been at the crossroads between Europe, Western Asia, and Northern Africa, with lengthy periods of mainly Greek and intermittent Anatolian, Levantine, and British influences, it is generally considered a transcontinental island. Cyprus - The Island of Aphrodite Cyprus is the legendary birthplace of the goddess of beauty, love, sex and passion, the beautiful Aphrodite. According to Hesiod's Theogony, the goddess emerged fully grown from the sea where the severed genitals of the god Uranus were cast by his son, Kronos, causing the sea to foam. The legendary site of Aphrodite's birth is at 'Petra tou Romiou' (or 'Aphrodite's Rock'), a large sea stack close to the coastal cliffs near the coastal town of Paphos. Throughout ancient history, Cyprus was a flourishing centre for the cultic worship of Aphrodite. Cyprus - Through the Ages Cyprus has always been an important trading post between the empires of Europe, Africa and the Middle East, and throughout history someone has always wanted to take it from someone else. First the Mycenaeans grabbed it, then the Phoenicians, Egyptians, Assyrians and Persians. Alexander the Great took it off them, then Ptolemy snatched it from him. Rome took over in 58 BC and kept the place in relative peace and security until the 7th century, when the Byzantine and Islamic empires started three centuries of bickering over it. In 1191, Richard the Lionheart, on his way to the Crusades, dropped into Cyprus for a spot of conquering, but the Cypriots caused him too much trouble (one of them killed his hawk and he was forced to massacre a few villages in retaliation), so he sold them to the Knights Templar. The Templars sold the island to Guy de Lusignan, whose heirs hung in for three centuries, repressing the culture and orthodox religion but doing wonders for the economy. The Venetians took over in 1489, but were booted out by the expanding Ottoman Empire in 1571, which kept Cyprus for 300 years before handing it over to Britain. Cyprus became independent in 1960 following years of resistance to British rule. It is now an independent sovereign republic with a presidential system of government. Its fully democratic, European-style system retains the respect of individual rights and encourages private initiative. The entire island entered the EU on 1 May 2004, although the EU acquis - the body of common rights and obligations - applies only to the areas under direct Republic of Cyprus control, and is suspended in the areas in the north of the island, administered by Turkish Cypriots. Cyprus - Infinite Variety Cyprus is an island of almost infinite variety with superb mountain scenery, forests and fascinating coastlines and beaches, as well as places of great historical and archaeological importance. The capital city, Nicosia (Lefkosia), is located to the north-east of the centre of the island and is the only divided capital in the world. All the other major cities are situated on the coast: Paphos to the south-west, Limassol to the south, Larnaca to the south-east, Famagusta to the east, and Kyrenia to the north. The climate is temperate and Mediterranean with hot, dry summers and cool, variably rainy winters. There is sufficient snow for a seasonal ski facility in the Troodos mountains. At the moment Cyprus has three major golf clubs on the island providing idyllic facilities; Tsada Golf Club, the Secret Valley Golf Club and the new and exclusive Aphrodite Hills Golf Club, all based in the Paphos area. Cyprus - A healthy Economy The Republic of Cyprus has a market economy dominated by the service sector, which accounts for 76% of GDP. Tourism and financial services are the most important sectors. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and the goal is the adoption of the EURO on 1st January 2008. Banking practice together with the range of services offered and the methods of management and control, closely follow the British pattern. The currency in Cyprus is the Cyprus pound (CYŁ), which is made of 100 cents to the pound. Cyprus - A good Investment From 1st May 2004 Cyprus formally joined the EU; this was a major milestone for Cyprus with many benefits. Property prices rose in anticipation of EU entry, however, there has been a sizeable increase in people looking to buy in Cyprus since joining - especially the British. EU citizens will have the automatic right to work on the island and social security and other benefits will be transferable as between other EU states. In Europe Cyprus is unquestionably right now one of the very best places to invest in property. The main factor behind this is Cyprus's entry into the EU. The capital value of property is likely to rise considerably over the next few years. Also rental returns are strong and likely to improve which makes a property investment in Cyprus even more attractive. There is strong seasonal market for short term lets, i.e. the summer months. The Cyprus summer is also a long one and due to the many golf courses Cyprus is virtually becoming a year round resort. Also due to Cyprus having many British Army personnel, long term lets are also in high demand. Plus since the high increase in people relocating here longer term lets are needed to house these people while their villa is being built. As far as a return on a property investment is concerned, this depends on the specific property, on location and on timing. As a rough guide one should expect 15- 25% gains annually over the next 5 years, which is being conservative. While there are no guarantees in life, Cyprus property offers a highly attractive opportunity. Cyprus - Some useful facts Cyprus enjoys a remarkably low crime rate, 1/6 of the European average, another reason for being popular among foreign buyers for whom security has become a key element in the property world. Visitors are invariably surprised and reassured by this relaxed aspect of life on the island, for crime is virtually unheard of, and theft is not commonplace. The relatively low cost of living in Cyprus has an added appeal for the potential buyer, offering a full, but comparatively inexpensive lifestyle. Recent statistics pointed to Cyprus as one of the most inexpensive countries in Europe. The national language of Cyprus is Greek, but English is spoken almost everywhere. The Island is served by approximately 30 major airlines, linking it to the four corners of the world through its international airports at Larnaca and Paphos. Approximate journey times from the airports are as follows: Laranca to Ayia Napa / Protaras / Paralimmi- 45-60 mins Pafos to Polis-45 mins Flight times to Cyprus from some major international Airports: New York 11 hours |