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This article was published on Tuesday 19 March, 2013.

Cypriot parliament rejects bank deposit levy

So, members of the House of Representatives in Cyprus rejected the law for the special levy on deposits. This means that the country’s bailout agreement is now in doubt and a default becomes a likely development.

Against this backdrop is it fair to say that anyone planning or intending to buy property in Cyprus, either to move their permanent residence on the island, to buy a second/holiday home or any kind of property for investment purposes, should start running away and never look back?

On the contrary, we should dare to argue that now, more than ever before is indeed the time to buy property in Cyprus for a multitude of obvious and less obvious reasons. The first obvious reason lies in the many incredible offers up for grabs because the economic stagnation has meant an over-supply of properties, which in turn results in a wide variety of available properties to choose from, most of which are sold below their market value.

Another less obvious point however, is what the outcome of today’s vote really tells us about the Cypriots. Are they a careless bunch who have brought their own country on the verge of destruction and still refuse to take on their responsibilities and make the necessary sacrifices? Far from that, today’s rejection of the levy on deposits bill has revealed that Cypriots are bold, resilient and above all trustworthy. They refused to accept the unfair taxation of small depositors, but most importantly they safeguarded the funds of the foreign investors who had entrusted their money to the Cyprus banking system. Not betraying the confidence of these depositors was of paramount importance for Cypriot lawmakers and they deserve to be applauded for their decision.

Therefore, now is indeed the time to buy property in Cyprus. Because when the dust settles after the current turmoil, Cyprus will remain the wonderful place that it was and still is. The people will remain friendly, relaxed, English-speaking and highly skilled as a workforce. The food will remain sumptuous, fresh local fruit and vegetables, olive oil, the halloumi traditional cheese, fish from the local seas, meat, poultry and eggs from local producers. The wine will still taste great, including the commandaria, the sweet dessert wine that was served at the wedding of King Richard the Lionheart, which took place in Cyprus!

Cyprus will remain a small country with a long and rich culture and civilization, the signs of which are scattered everywhere. And the variety and beauty of the scenery will remain unparalleled. Indeed, Cyprus is perhaps the only place where you can wake up in a tranquil, picturesque village, visit an ancient monastery and admire the Byzantine icons, head up to the Troodos mountains for some skiing or a walk in the dense forest, have lunch at a fish tavern on the beach at Limassol or Pafos, followed by a refreshing dip in the clear, blue Mediterranean waters, take a walk at the ancient amphitheatre at Curium and watch the sun set and end up dancing the night away at a club in the popular resort of Ayia Napa! Distances are so small that such a packed day is more than feasible.

Last but not least, is the marvelous weather. The sunshine and good weather in Cyprus is yet another big asset, something that no economic crisis could ever alter.

Therefore, don’t be fooled by what seems to be a tragic situation. See the bigger picture and buy a property in Cyprus now that the prices are down and make a truly magnificent place your new home or your permanent holiday destination. Alternatively, if you have funds available for investing and you don’t mind waiting for collecting your return, then the Cyprus property market is an ideal option, because the resilience of Cypriots means that the country will definitely recover, sooner rather than later…


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