Long awaited changes to Cypriot property law aimed at similutating sales of new homes in Cyprus are finally in place.

The changes, which either abolish or reduce property transfer fees (depending on whether you are paying VAT on your purchase) came into effect on December 2, 2011 and will remain in force for a period of six months.

To benefit, the property must be new and the contract must be dated and concluded before June 2012.

Essentially, if you pay VAT on your house purchase, you’ll pay no transfer fee at all and if you are eligible to pay VAT on your purchase, your property transfer fee will will be reduced by 50 per cent.

Richard Way, of the Overseas Guides Company says it’s hoped the Cypriot tax initiative will kick start the property market in the face of growing financial uncertainty across Europe.

“Now that a favourable decision over transfer tax has been announced, buyers who had been waiting in the wings for confirmation will now be happy to commit to a purchase, thereby injecting some life into the depressed Cyprus property market,” Way says.

Whether things run as smoothly as that remains to be seen, but this does seem to be a step in the right direction for a property market that’s had its fair share of struggles over the past years.

If you are about to buy an overseas property then, despite today’s uncertain global economy, you are one of a growing number of people returning to the market after a period of, how shall we say, choppy waters.

The latest PrimeLocation.com International Search Index, which is published quarterly, reveals that the number of people house hunting on our site increased overall by 14% during the third quarter of 2011 and by 17% for the top ten most popular destinations (see list below).

At the top of the table, the United States is the most popular attracting 31% more searches than in the previous three months and overall it remains the third most popular destination for property hunters.

France: one of the European countries that an increasing number of British buyers searched for last quarter.

Switzerland was another big winner within the top ten – the number of searches for its Alpine homes increased by 30%, helped by the thousands of wealthy Brits moving money into its safe haven property markets at the moment.

But what, you may ask, is stirring people to buy overseas when several of the countries popular with British buyers are facing financial meltdown – i.e. Spain, Italy, Greece and Portugal?

The answer is that searches are beginning to increase again in the better known destinations despite the financial problems besetting them as many British retirees decide it’s time to emigrate to Europe and beyond for a better quality of life despite the recession.

PrimeLocation.com index also recorded more interest in Germany; searches there rose by 28% compared to the previous quarter driven by its status as the darling of international investor set as its economy shrugs off the recession.

So are there any losers? Only two countries within the top ten saw a decline. Searches for Cyprus property fell by one per cent, and the United Arab Emirates by five per cent, which dropped one place as a result within the Top Ten.

For a full list of the most popular countries by volume of searchs, go to www.primelocation.com.

There’s more good news on the horizon for yachting fans and boat owners, as the Mediterranean island of Cyprus is turning its sights to creating several magnificent new marinas.

With the increasing appeal of marinas and marina property, a number of new top notch marinas are being created on the island, to help boost tourism and interest in property. The new marinas are set to be located at the major resorts of Limassol, Larnaca, Ayia Napa and, Paphos, plus a smaller marina at Zygi, and between them will create thousands of new berths for yachts, plus high class leisure facilities and new property.

Various consortiums of private companies are involved in the creation of the marinas, with some still in the tendering process. The biggest by far will be at Limassol, which has recently been awarded to the Zenon consortium, and construction starts in early 2009.

The grand plans for the Limassol marina include a man-made artificial island, with 600 berths, plus 400 berths on the mainland. It will be located near the centre of Limassol and carefully designed to complement the old harbour, old town and medieval castle.

At the new Larnaca marina, which is expected to have at least 900 berths, it will also be able to accommodate the so-called super yachts, measuring over 35 metres in length, and host a terminal for cruise liners. Larnaca is already an important port on the island, but can only accommodate 200 boats, so it will be a massive improvement.

If you already own property in south-west Cyprus, or you’re thinking about buying there, then future travel to Paphos International Airport is set to be a more pleasant experience, thanks to a new and improved airport terminal and runway.

Work on a new terminal and runway extension began at Paphos International Airport in 2006 and has been finished on time and within budget. Designed by Pascall and Watson architects and Canadian designer, Stantec, the new terminal will be officially inaugurated on November 8th by President Demetris Christofias and will open to passengers on November 17th.

Paphos International Airport currently has the capacity to handle over 1.7 million passengers a year, but the new terminal is expected to increase this number to up to 2.7 million. The airport runway has been extended to 3,100m, allowing larger aircraft to land. Amongst the many new features included in the design, the terminal has environmentally friendly lighting, 940 new car parking spaces and air conditioning systems.

Both BA and Easyjet operate daily scheduled flights to Paphos, but the longer runway will increase the potential for extra flights and larger aircraft. In order to help improve the journey for people travelling on to the town of Paphos – located 10 miles from the airport – the local government has started work on a four-lane highway. It will be especially welcome during the summer months, when the current roads are prone to congestion.

The third largest island in the Mediterranean Sea, Cyprus is a popular location for second home and holiday home owners, and adopted the Euro at the beginning of the year. Both tourist numbers and property buyers flock to Cyprus, with prices rising over the last six years. As well as the favourable climate, expats cite the community feel, good standard of lifestyle and safeness of the island as factors they love.

As it’s located close to the airport, the coastal town of Paphos is one of the top spots for property buyers in south-west Cyprus, but it also acts as a gateway for exploring the south-west of the island. If you’re interested in buying here, then there are lots of great properties to explore, both by the sea and inland, from top notch luxury developments such as this, to detached villas or an architecturally designed apartment in a quiet village location.