General Facts about Cyprus
Cyprus, which has been a European Union member since 2004, is a developed country and makes up the third-largest island in the Mediterranean. The country draws over 2 million tourists a year and is a preferred location for foreign homebuyers; some 30,000 British people own a home in Cyprus, while 10,000 rent properties there.

Geographically, the island is situated in the eastern Mediterranean just south of Asia Minor, with Turkey to the North, Egypt to the south and Greece to the northwest.

The island has been divided since 1974 into two basically parts: the Greek, and the Turkish. The Greek part is the one that entered into full-fledged EU membership; the EU is currently working on the improvement of communication and cooperation with the Turkish side.

There are many benefits to buying property in Cyprus. The weather is excellent, with sunshine and pleasant temperatures almost all year round; there’s a very low crime rate; nearly everyone speaks English; there’s low taxation and a low cost of living; and the lifestyle is relaxed, with friendly, open people.

The Property market
It’s become much easier for foreigners to buy homes, live and work in Cyprus since it became an EU member in 2004. However, it’s still true that certain restrictions exist when purchasing (which specialists expect to disappear by 2009), as well as when letting properties.

Buying a home in Cyprus is cheaper than in other popular European destinations such as France or Spain. Thanks to the property boom the country experienced in anticipation of its joining the EU, the market is solid and promises good long-term investments..

Initial Steps to Take - Before Buying Property in Cyprus
A good way to begin your search for property in Cyprus is to look in printed publications. The UK magazine Homes Overseas usually has a good deal of advertising for property in Cyprus. Publications printed in Cyprus are of course another good place to look, if accessible. Property & Home Cyprus is a good monthly publication.

Online property sites are also a good place to look; there are plenty of them and they usually provide information about buying property in Cyprus as well as frequently updated information and other services.

 One of most recommendable things to do when getting into the buying process in Cyprus is to contract the services of a lawyer, definitely before any money exchanges hands, although it’s also recommendable to do so before you even start looking for specific properties.

Another essential step to investing in real estate in Cyprus is to obtain permission from the Council of Ministers to buy property there. One can do so in person at the District Administration Office and it can also be done through a lawyer. This process is all but a formality and is granted in virtually every case (especially if you’re an EU member).

Once you find a property you’re interested in, you’ll have to pay a deposit in advance to reserve the exclusive right to purchase it. This, however, is only the case with new homes; if you’re buying a pre-owned property, this deposit is paid upon the signing of the sale contract.

Information included in this online guide;

- Where and What Property to Buy in Cyprus - with information about the most popular areas in Cyprus to buy Property.
- Financial Issues - this is a short introduction to the financial elements of buying a property in Cyprus including what to be aware of, initial and annual costs and information about how to finance the purchase.
- Legal Matters - an introduction to the most important legal things to be aware of before you sign any contract.