Friday, May 11, 2012

Lifestyle and Property in Limassol

Limassol is the second largest city of a small Mediterranean island called Cyprus. The city is located on the island's southern coast. In 2011, the population was estimated to be approximately 235,000.
The fine weather in Limassol has forever been a main appeal for foreigners. The city has gorgeous, sandy beaches that are contrasted against strong mountains and charming villages. In summer, Limassol gets almost 12 hours of perfect weather for the beach. The city has some of the most popular and highly recommended bars and nightclubs in Cyprus. You can find reasonably priced drinks with great music and superb atmosphere. Limassol is ethnically diverse, particularly with British foreigners making Limassol their country of residence. English is widely spoken. Limassol offers an extensive range of accommodation built within a small walking distance to local facilities such as restaurants, cafes, nightclubs, bars, and other places of entertainment.

The locals of Limassol are kind and have a friendly disposition. Furthermore, the city is still very strongly tied to traditions. There are many cultural celebrations offered throughout the year. Some events take place in the open at the Greco-Roman theatre of Kourion, both by local and visiting theatre groups. The city celebrates two key festivals; the spring Carnival with its customary parade displays, and the late summer Wine Festival - both of which being very popular among tourists.
With regards to economics, Limassol has the biggest sea marina in the Mediterranean. Tourism in Limassol is one of the most important sources of revenue for the Cyprus government. In recent times, Limassol has had a considerable increase in the activity of its construction industry. This has mostly been due to the tourism sector, in addition to the growing investments of foreigners. Limassol is the commercial hub of the Cyprus, due to the fact that it is situated between other major cities such as Nicosia, Pafos and Larnaka.
The properties available in Limassol are exceptionally diverse. You can find comfortable apartments situated in the hectic city centre, or lavish villas located in more quiet residential districts. Limassol offers unique properties which are built by the island's reputable developers who are known for their exceptional building quality and expertise. Other than new properties, there is also a wide range of resale properties. The yearly capital growth of these properties is unmatched compared to the rest of Europe. It is possible to achieve up to 6.5% return on investment from investment properties in Limassol, based on average rental yields.
The biggest danger with regards to property investments in Limassol, however, is the sheer number of unlicensed real estate agents. These offices are operating illegally, yet they are rampant. It is essential to avoid these offices as they are not allowed, by law, to represent the purchaser in any contractual agreements. This means that in the event where the purchaser faces issues with their contract, the real estate agent cannot be held liable for any of their potential wrongdoings. This could occur if the agent has falsely sold a property under the guise of representing the owner, when in fact the owner was unaware of any such dealings. The safest medium through which to purchase property in Cyprus is ultimately by means of a licensed real estate agent.

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