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Cyprus a "booming" opportunity for investors

Article Date : Monday, May 14, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Strong capital growth has helped fuel British investment interest in Cyprus, according to a spokesman from a property website.

John Reilly, managing director of Buy Abroad, said that the property market in this popular European holiday destination is "booming".

A new airport and the presence of new budget airliners on the east side of the island are helping to drive up capital growth and rental returns," he said.

"With Cyprus, location is the key thing and if you want capital growth rental returns, I would buy on the east side of the island, around Larnaca," remarked Mr Reilly.

"Some people feel that prices have topped out a bit in the UK and they want to buy in a market that has still got a lot of capital growth and Cyprus is certainly one of those markets."

He also said that UK investors view Cyprus as a "safe place to buy" because of its imminent adoption of the euro currency, the land registry system and the fact that most people speak English.

Many experts believe that property investors are hoping to capitalise on Cyprus' burgeoning British expatriate community in the same way they did in Spain.
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