Real Estate & Investment News in Cyprus from Propertyshowrooms.com

New marina 'will boost Limassol property market'

Tue, 20 Mar 2012 00:00:00 GMT

A new development in Cyprus which encompasses a marina, waterside apartments, restaurants and leisure facilities is expected to provide a boost to the Limassol property market.

The project was showcased this weekend (March 18th) at the Dubai Boat Show 2012 and has attracted significant interest from Middle Eastern investors, with the scheme due to open in approximately nine months.

Kurt Fraser, sales and marketing director at Camper & Nicholsons Marinas, the firm operating the Limassol marina, explained the security, privacy and size of berths offered in the Cypriot location are among its biggest selling points.

"It is also exceptionally rare to have private villas with super yacht berths alongside. In the Mediterranean, Limassol Marina is the only one that comes to mind," he added.

Those hoping to find a home in Limassol may have to move fast to secure one of the 274 apartments or villas available, as the organisation revealed over €40 million (£33.3 million) has already been generated by sales of the Cypriot properties.

The development is likely to be seen as a welcome boost to Limassol's real estate market. Earlier this month, Cyprus Property News reported on figures released by the Department of Lands and Surveys, which showed the number of sales in the destination fell by 14.8 per cent in February, compared to the same month in 2011.

Sales to foreigners increasing in Cyprus

Tue, 8 Feb 2011 00:00:00 GMT

The number of foreign buyers active in the Cypriot property market last year increased compared to 2009, new figures have revealed.

However, the total number of real estate purchases made in the country by overseas investors remains well below the market peak of 2007, A Place in the Sun reports.

In total, 2,030 homes were bought by overseas nationals during 2010, up 15 per cent compared to the previous year. According to previous research, the volume of properties in Cyprus sold to foreigners at the height of the market in 2007 was 11,281.

The greatest improvement in property sales was seen in Nicosia, with a 46 per cent increase. This was followed by Famagusta, where sales increased 16.5 per cent, Paphos, up 16.3 per cent and Limassol which improved by 12 per cent.

As a result of the currency rate, a large number of Brits have avoided the Cypriot property market in recent years which means that sales to foreign buyers over the previous 12 months have tended to be from further afield.

Prices expected to fall in Cypriot property market

Thu, 28 Oct 2010 00:00:00 GMT

Property prices in Cyprus are expected to fall for the remainder of 2010, Property Community has suggested.

According to official figures from the Cyprus Statistical Service, the number of transactions taking place in the country has been on a steady decline, with September posting falls of 13.2 per cent year-on-year.

This reduction in sales comes despite falling prices, increased distressed property availability and other sales incentives being offered to buyers.

Indeed, experts claim that domestic economic troubles are putting people off buying and foreign property investors have disappeared from the market.

As a result, the number of building permits being issued to developers has fallen, the news provider reports.

However, Cypriot government officials have revealed their plans to start bringing in foreign developers to help overcome this problem and hopefully reignite the market.

The news may interest individuals looking to purchase property in Cyprus, with current low prices offering buyers the chance to secure a bargain.

Buying property in France could be influenced by personality

Wed, 21 Jul 2010 00:00:00 GMT

Personality could determine a person's happiness in their chosen overseas property relocation, claims one website for those looking to move abroad.

Rather than allowing money or proximity of family to determine overseas property investment, it could be wise to let personality and temperament sway the decision.

According to Shelter Offshore, those seeking a quiet life full of peace and tranquillity could find themselves happiest in France.

Alternatively a calm but adventurous spirit could love living in Turkey among half written rules and a growing number of expats.

Unlike France where things can be readily handed over, Turkey offers those planning to move there the chance to pioneer and create their own home.

Holiday experts, Travelsoon, claims Turkey has seen its property market experience a 20 per cent growth since 2008, increasing the number of visitors to the country.

If neither Turkey's call of adventure nor France's laid-back attitude appeal, then Cyprus offers the best for a more young at heart personality.

Shelter Offshore claims Cyprus is perfect for those looking for an active social life and some fun while enjoying a great climate.

Developers in Cyprus are focusing on high-end buyers

Mon, 22 Mar 2010 00:00:00 GMT

A developer in Cyprus has adjusted its marketing strategy in an attempt to tempt a glut of high-end buyers back to the European island, Overseas Property Professional (OPP) has reported.

The Cypriot property market has been dented fairly badly by the global economic crisis and as such has seen a decrease in the amount of investors looking to tie-up their money in housing within the country.

But developer Aristo, alongside many others in Cyprus, has launched a new project in the village of Pissouri and is hoping to attract more wealthy buyers to the market.

"We felt we needed to rebrand and categorise our developments to identify specific marketing strategies for each type of property … they have different clientele and we need to use different marketing channels," group marketing manager Panayiotis Michaelides told OPP.

Potential property investors may be interested in the news that the latest Cyprus Department of Lands and Surveys figures show that sales increased by 24 per cent during January.

Popular areas included the country's capital city Nicosia, port city Limassol - where Pissouri is based - and coastal city Paphos.

Cyprus property could be "tempting" for investors in 2010

Mon, 1 Feb 2010 00:00:00 GMT

Bargain prices in Cyprus combined with its Mediterranean climate make it a tempting proposition for property investors.

In an article in the Daily Mail, Graham Norwood draws attention to the cheap prices developers and estate agents are offering to tempt UK buyers back to its market.

According to the land registry in the country, only 1,480 homes were sold to non-Cypriots in the first ten months of 2009, something which is being put down to the global economic crisis.

However, property agents have suggested things are looking up. Justin Stayles of PropCyprus told the paper said: "Prices are just about stabilising after a long period of freefall.

"If you're going to buy at the bottom of the market, get in quickly."

Areas such as Paphos are likely to benefit from a new motorway which will link the town with the expanding airport.

The Whitehaven News recently described Cyprus as an ideal holiday destination anytime of the year.

Cypriot property 'to bounce back'

Tue, 6 Oct 2009 00:00:00 GMT

The property market in Cyprus is set to bounce back, it has been predicted.

Chairman of the Association for the Promotion of Property Development George Mouskides acknowledged in an article for the Financial Mirror that there has been a major fall in prices and transactions during the world economic crisis.

However, he stated, matters should now improve in the coming months as the world economy begins to recover.

The British tourism sector is one such area Mr Mouskides pointed to, suggesting many who have held back from taking foreign holidays will now book last-minute breaks to the island.

Summarising the prospects for Cyprus, he concluded: "The situation in Cyprus will begin to become more positive and this, according to all visible signs, will first and foremost influence the property sector."

Last month, it was suggested by president of the Cyprus Land & Building Developers Association Lakis Tofarides that the Cypriot government should lower property taxes.

This will help increase transactions, he told the Cyprus Mail.

Make tax changes, Cypriot government urged

Wed, 23 Sep 2009 00:00:00 GMT

The Cypriot government can bolster the property market in the country by making some property tax changes, it has been argued.

President of the Cyprus Land & Building Developers Association Lakis Tofarides told the Cyprus Mail that VAT could be altered in a couple of ways.

Cyprus is the only European Union country to place charges on purchases without deducting property transfer duties first, he noted.

He also called for a simplification of the regulations on the levy, remarking: "The VAT allowance for first homes should be given to all Cypriots and other European Union citizens buying a permanent home in Cyprus."

Mr Tafarides also advocated a halving of capital gains tax for a finite period.

Those thinking of buying Cypriot property may wish to watch closely to see if any such ideas are taken up, which could lower the cost of purchasing there.

Cyprus is set to see renewed economy growth in 2010 after slipping into recession this year, AFP quoted finance minister Charilaos Stavrakis as saying earlier this month.

Cyprus 'safe for investment'

Wed, 29 Jul 2009 00:00:00 GMT

The Cypriot property market is one of the best that anyone can invest in, a minister in the country has said.

Interior minister Neoclis Sylikiotis commented that some media coverage of the country's market has been unnecessarily negative, the Financial Mirror reports.

Rather, he countered, "property investment is much safer in Cyprus than anywhere else'', adding that despite the world economic crisis and the problems of neighbouring countries, "the estate market in Cyprus is quite healthy and still in positive growth rate.''

Such comments may interest those thinking of investing on the island, as may the minister's pledge that new building and registration rules will be introduced to further enhance the sector.

Moreover, the market is already "stable and secure", he insisted.

Last month the country's state statistical service brought out a report that highlighted the position of Cyprus as the only country in the European Union still enjoying economic growth, which in the year to the end of the first quarter of 2009 was 1.2 per cent.

Cyprus property developer offers wares in UK

Tue, 2 Jun 2009 00:00:00 GMT

A property developer in Cyprus has launched its latest residential offering in London.

Pafilia is showcasing homes at its new Monthis Hills development, having already put on displays in Croydon and Maida Vale over the weekend.

This week it is to display the prospect at the Andaz Liverpool Street Hotel (tomorrow) and at the Baglioni Hotel in Kensington on Wednesday June 3rd.

Investors keen on buying investment property in Cyprus may wish to check out one of the presentations, either to investigate this specific development or to find out more about buying in the country in general.

The firm's UK and Ireland area manager Demetris Prodromou said: "Property in Cyprus has become an even more attractive proposition with the current crisis around the world."

He added: "People are looking for more secure alternatives and bricks and mortar are obviously an attractive proposition."

Last week another developer, A E & ML, revealed that it had also launched a new project on the island.

This consists of three-bedroom homes five minutes walk away from the beach between Cape Greco and Paralimni in the area of Fig Tree bay, with prices starting at EUR350,000 (GBP303,000), the London Daily News reported.

Do homework, northern Cyprus property investors told

Mon, 4 May 2009 00:00:00 GMT

Property investors considering the northern part of Cyprus have been advised that the complications involved in the self-declared republic demonstrate the value of good research.

Chief executive of the Association of International Property Professionals Paul Owen told those buying property overseas : "You need to do your homework, do your research and make sure you take independent legal advice to make sure you are buying what you think you are buying."

He was speaking after a case in which a British couple had to give up land they had bought in the north to build a house on after the court ruled it belonged to a dispossessed Greek Cypriot.

While northern Cyprus is an "extreme" example, Mr Owen said such principles should apply to anyone looking to buy overseas property.

Talks are currently ongoing between the Greek Cypriot south and the Turkish north about the possible reunification of the country, with property rights being one of the contentious issues under discussion.

Cyprus interest rates will soon fall, says governor

Thu, 26 Mar 2009 00:00:00 GMT

The governor of the central bank of Cyprus, Athanasios Orphanides, has said that lending rates will soon come down in the country.

Such a change could help drop the cost of mortgages for those keen to buy property on the island.

Speaking to a press conference this week, Mr Orphanides said: "We have already seen reductions in specific commercial bank products and loan interest rates and I expect further significant reductions in loan interest rates in time."

This could be partly fuelled by the actions of the European Central Bank (ECB), which has cut its own rate recently, he noted.

Last month saw the governing council of the ECB - of which Mr Orphanides is a member - trim 0.5 per cent off its rates.

The next meeting of the council will be on April 2nd, when it will decide if another reduction is warranted.

Greek and Turkish Cypriots resume property talks

Fri, 27 Feb 2009 00:00:00 GMT

Leaders of the Greek and Turkish Cypriots have resumed their discussions regarding property rights on the Mediterranean island.

The talks, which are being sponsored by the United Nations, are part of an effort to help unify the country, something that may make it more attractive to British investors who have been considering purchasing Greek property.

Dimitris Christofias, leader of the Greek Cypriots and Mehmet Ali Talat, his Turkish Cypriot counterpart, held a two-hour discussion on the matter in Nicosia.

Taye-Brook Zerihoun, the United Nations secretary-general's special representative for Cyprus, told reporters that the discussions are set to resume on March 5th.

The first round of discussions were held earlier this month and were hailed as positive by Mr Zerihoun, who described the initial meeting as "substantive".

Once the issue of property rights has been resolved, the two leaders will go on to discuss matters relating to Cyrpus' relationship with the European Union.

Cyprus 'favourite' for overseas investors

Thu, 19 Feb 2009 00:00:00 GMT

Cyprus has emerged as the country most of interest to investors looking to purchase property overseas.

A study by Jet-to-Let magazine saw the country come out on for the second year running, beating France and the US, which came second and third respectively.

The publication, which surveyed 500 readers to find their preferred investment locations, also revealed that there has been a decline in interest in property in the UAE, with the emirates falling from fourth place in 2008 to eighth this year.

Editor of the magazine Dominic Farrell stated that the research indicates property investment is still popular, despite some "negative" coverage in the media.

"This survey shows that investors can see beyond today and realise that property has few rivals in terms of medium to long-term prosperity and risk," he remarked.

However, Bloomberg recently reported that Aristo, Cyprus' largest homebuilder, saw property sales drop 41 per cent during the first ten months of 2008.

Cyprus property market hits 'slump'

Sat, 14 Feb 2009 00:00:00 GMT

Cyprus' largest homebuilder has recorded a 41 per cent fall in sales for the first ten months of 2008.

Aristo noted that a drop in demand from British investors has contributed to the decline, with the number of Britons enquiring about homes in the country falling by 75 per cent, Bloomberg reports.

And many of Cyprus' real estate firms have been impacted by the property slump, with Michael Cartwright of Leptos Estates explaining that the company has had to lower its prices and scale back development since the onset of the economic downturn.

"Business isn't good, but we're surviving," he told the news source, adding: "The biggest problem is the value of the pound and the weak UK housing market."

The UN recently stated that talks taking place on the island in an attempt to unify the Greek and Turkish Cypriots have been going well, with discussions regarding property rights described as "substantive".

Cyprus property talks hailed as "substantive"

Tue, 10 Feb 2009 00:00:00 GMT

Talks taking place in Cyprus regarding property rights on the island have been described as "substantive" by the United Nations (UN).

The discussions are being held by Greek Cypriot leader Demetris Christofias and his Turkish Cypriot compatriot Mehmet Ali Talat in an effort to reunify the island.

And special representative to secretary-general Ban Ki-Moon Taye-Brook Zerihoun explained that outcome had been positive.

"They had a good round of substantive discussions on this issue and they have agreed to continue these discussions next week," he stated.

The talks are part of a larger drive by the UN to give the island a single national identity following years of disagreements between the two parties.

Should the attempts be successful, further opportunities for property investors wanting to make a purchase on the island could become available.

Property expert Dave Bexon recently stated that Cyprus is one of the leading countries for investors looking to make purchases.

Couple find paradise with holiday home in Cyprus

Tue, 27 Jan 2009 00:00:00 GMT

A couple who invested in a property in Kato Paphos, Cyprus have spoken of their happiness with their holiday home in the sun. Don and Christine Stark, who both work in the aviation...

New Disneyland planned for Cyprus

Wed, 21 Jan 2009 00:00:00 GMT

A new Disneyland could be built in Cyprus. A Russian conglomerate is applying for planning permission to build the resort in the town of Pyla.

If the plans for the Disneyland in Cyprus are approved, it will be the largest ever single investment made on the island, reports Overseas Property Professional (OPP). It is hoped that the project would boost the tourism market for those considering buying holiday homes in Pyla and its surrounding area.

The new Disneyland resort would be built near the UN buffer zone between Turkish and Cypriot lines around the Larnaca - Famagusta border. The Russian investors had originally thought of locating the new Disneyland in Serbia, but decided upon Cyprus after a delegation from the island highlighted its political stability, EU membership and year round sunshine.

Property professionals have spoken in favour of the project. Derek Hatton, director of local agency Morpheus Investments, told OPP: "A great number of buyers are rightly being cautious at present and are making sure that before buying a property, for whatever reason, that the area is sustainable and has plenty going on to ensure its resale potential and capital growth in the future."

Hatton added that the planned Disneyland wasn't the only development to attract potential investors: "Fortunately for us who are marketing the Larnaca Golf and Country Club, which is currently under construction, there is the new marina being built here...and the airport is also upgrading its capacity. If this receives the final stamp of approval, I expect sales to rocket here."

This story was brought to you by holidaylettings.co.uk, the UK's No.1 for holiday homes worldwide.

Figures show increase in Cyprus interest

Fri, 5 Dec 2008 00:00:00 GMT

Cyprus has emerged as the leading country among investors considering purchasing overseas property, one expert has claimed.

David Bexon, managing director of property portal smartnewhomes.com, explained that the number of people searching his website for overseas homes jumped by 45 per cent between July and September of this year.

And analysis of the company's figures for the preceding months revealed Cyprus is country most users are searching for, possibly indicating that investors are considering making purchases in the area.

"Countries like … Cyprus are attracting second home buyers as well as property investors, because of their holiday potential," Mr Bexon explained, noting that recent figures from Knight Frank have indicated that the country is offering annual growth of at least nine per cent at present.

Manager of property developer Cybarco Jonathon Salsbury recently claimed that the Cyprus property market will not suffer in the credit crunch as it is receiving a boost in the form of investment from countries such as Russia.

Nicosia 'perfect for property investors'

Thu, 20 Nov 2008 00:00:00 GMT

Nicosia presents the perfect opportunity for property investors, according to one industry expert.Martin Pearce, UK sales manager for Aristo Developers, has told the Liverpool...

Getting a foot on the foreign property ladder in Paphos

Wed, 19 Nov 2008 00:00:00 GMT

Cyprus property is showing a year-on-year growth of more than 18 per cent and with a legal system based on Britain's, it's no wonder the island is popular with UK expats.IT consultant...

Cyprus 'safe from credit crunch'

Fri, 31 Oct 2008 00:00:00 GMT

The property market in Cyprus will not be brought down by the credit crunch, an expert has stated.

Manager of property developer Cybarco Jonathon Salsbury said the market is less vulnerable than it would have been in the past because the dependence on British buyers is now much less as investors are increasingly arriving from countries such as Russia, Kazakhstan and the Middle East.

He added: "In addition, the Cypriots themselves buy second homes in a reasonable number, so you've got a market that's not entirely dependent on international buyers and certainly not dependent on the British market."

These markets have developed since last autumn, prior to which Britons dominated, Mr Salsbury noted.

According to the Royal Institution of Chartered Surveyors, the Cypriot economy has coped well with the crunch and should benefit from the recent European Central Bank rate cut.

The International Monetary Fund has predicted that the island will enjoy growth of 3.4 per cent this year and 2.9 per cent next year.

Cyprus favoured by first-time buyers

Tue, 21 Oct 2008 00:00:00 GMT

A UK couple has given the Cyprus property market a vote of confidence by buying their first home there.

Scots Stephen White of Dunbar and Eilidh Mark of North Berwick told the Sunday Mail that rather than look for a small flat in Scotland, they would invest on the island in a place that would grow in value and enable them to make a profit to purchase a home in Scotland in the future.

"We'll hold onto the Cyprus flat for two years, then hopefully the money we make when we sell it will give us a heftier deposit for our first house in Scotland," said Mr White.

Rather than buy a small flat for around GPB100,000, the couple invested GBP105,000 in a three-storey off-plan development near Larnaca that has come with guaranteed rentals for three years.

Last week developer Cybarco said the current trend is for Britons to remain enthusiastic about buying Cypriot property, with a large number of transactions still occurring.

Manager of the firm Jonathan Salsbury described this trend as "extremely encouraging".

Cyprus 'beating the crunch'

Mon, 20 Oct 2008 00:00:00 GMT

Cyprus is beating the credit crunch due to a high level of continued interest in the property market there, it has been stated.

The country has been attracting more buyers as an alternative to other markets which are faring badly, Easier Property has stated.

It quoted the managing director of Cybarco UK Jonathan Salsbury stating that the country has a range of attributes which have combined to buoy the market.

He stated: "What we are witnessing here is a conscious choice of quality build, proven track record, lifestyle and belief in sustainable growth over price."

This positive view of Cyprus has also been expressed this week by Louise Hoade, the director of Principal International.

She said Cyprus has "bucked the trend" of the credit crunch as one of just three countries in the world experiencing positive appreciation on property.

Ms Hoade stated that the country is benefiting from a range of attributes, from plentiful flights and good weather to low crime and a "sound" legal system.

Cyprus unification 'in everyone's interests' says expert

Wed, 10 Sep 2008 00:00:00 GMT

A property expert has said it is in everybodys interests - including those of overseas property investors - that the Cyprus unification process succeeds...

Cypriot unification 'to benefit everybody'

Wed, 10 Sep 2008 00:00:00 GMT

There will be widespread benefits for all - including property investors - if talks to unify Cyprus succeed, it has been stated.

Property editor for overseas investor magazine Buy Association Paul Collins said such an outcome would "only be good for Cyprus".

He added that as well as Cyprus itself being able to gain greater integration into the European Union (EU), the resolution of the situation would also help Turkey to gain EU membership.

Mr Collins concluded: "So there are sort of knock - on effects, it will definitely benefit everybody."

Such a resolution could open up new opportunities for investors to buy property bargains in Cyprus.

The division of Cyprus into the southern Greek Cypriot part and northern Turkish Cypriot part dates from 1974, when Turkish forces invaded the north.

Since then, Turkey has been the only country in the world to recognise the claims of northern Cyprus to be a separate nation state.

Cyprus 'doing well' in credit crunch

Tue, 9 Sep 2008 00:00:00 GMT

Cyprus is not only coping well with the credit crunch but is actually gaining from it, it has been suggested.

Property editor at investor magazine BuyAssociation Paul Collins said the reports he had read indicated that Cyprus has been coping well with the situation, adding that the decisions some people make to move or retire to popular overseas destinations are often "galvanised" by times when the economy is not doing well.

He concluded: "Cyprus is one of those destinations so I'd imagine it could do quite well out of the current situation, as long as economics in Cyprus itself doesn't get heated and suffer the same problem."

The recent Knight Frank survey of property prices around the world indicated that the country had seen annual house price inflation of 12.9 per cent up to the end of the second quarter of 2008, compared with eight per cent one year before, making it one of just eight countries in the survey to see double-digit house price increases in the past year.

Such news may encourage those who are looking for property investment opportunities in Cyprus.

Cyprus tipped as bargain investment location

Tue, 2 Sep 2008 00:00:00 GMT

Those investing in overseas property may still find good deals in many markets, it has been claimed.

Citywire has stated that traditional overseas markets remain popular, although Cyprus is one of the best bargain locations for European investors.

The portal stated: "Spain, France, Portugal and Italy remain firm favourites but if you have a limited budget, going further afield to Eastern Europe, for example, or Cyprus means lower prices."

Bulgaria is also mentioned as a location where low prices are available.

Getting value for money is a prime motivation behind the bulk of investments in overseas property at present, stated the chief executive officer of Homesgofast.com Nicholas Marr.

He stated that investors are tending to stick to those prospects that offer "low deposits and guaranteed returns".

Mr Marr also said that those who have the funds to buy property without having to take on high loan-to-value borrowing are at an advantage in the current market, as these buyers are able to capitalise on lower prices.

Cyprus property 'can be funded in many ways'

Wed, 27 Aug 2008 00:00:00 GMT

There are many ways to fund a property purchase in Cyprus that can bring it within reach of fairly modest budgets, it has been stated...

Cyprus 'offering many investment opportunities'

Wed, 27 Aug 2008 00:00:00 GMT

There are many ways investors can fund the purchase of an apartment in Cyprus, it has been suggested.

Most buyers looking to raise equity on their existing property will be able to accrue between 20 and 30 per cent of the figure required for a deposit on such a property, Corsavoo.com has stated.

Off-plan is another way recommended by the portal on the grounds that such developments can be growing in value even by the time construction is complete.

It adds that the advantage to those looking to let out such properties is that tourism in Cyprus has shifted in recent years from large hotels to an emphasis on smaller accommodation such as apartments and villas.

One hotspot where new properties and off-plan plots can be purchased for around EUR250,000 (GBP199,000) is the village of Souni near Limassol, Homesgofast.com reported last week.

Celebrity couple invest in Cyprus

Thu, 14 Aug 2008 00:00:00 GMT

Celebrities Peter Andre and Katie Price have just purchased a property in Cyprus, it has been revealed.

According to OK! magazine, the famous couple recently bought an off-plan property near Larnaca.

The publication said the property is now finished and is ready to be used by the reality TV stars.

Cyprus is regularly visited by Peter Andre as he is of Cypriot descent, while wife Katie has also found much to enjoy on the island.

She commented: "I love Cyprus. I can chill and I love the weather."

OK! added that the Mediterranean island has also proved to be popular with many other famous faces, including Boyzone singer Stephen Gately and actress Kim Cattrall.

This comes after Jet-to-Let magazine flagged up Cyprus as a particularly popular market with foreign property buyers, partly because it has not been "overly exposed" to the turmoil in the global economy.

Investors pointed towards Cyprus

Wed, 13 Aug 2008 00:00:00 GMT

Cyprus has been flagged up as an ideal market for overseas property investors in the UK.

Homes Overseas described the Mediterranean island as an "elite" location, since it offers strong investment potential.

The magazine stated that average property values on the island are about £150,000, which means it is relatively cheap in comparison with Britain.

However, Cyprus was said to offer the further advantage of a growing market, as house prices are going up at a rate of about 20 per cent a year.

Therefore, investors could be able to snap up a bargain residence which will quickly appreciate in value.

As a result, they would make a healthy profit if they decide to put it on the market at a later date.

Homes Overseas commented: "The Cypriot property market has performed robustly since the country became a member of the EU and Nato in 2004."

This comes after Jet-to-Let magazine flagged up Cyprus as a particularly popular market, as it has not been "overly exposed" to the turmoil in the global economy.

Cyprus set to attract British visitors

Fri, 8 Aug 2008 00:00:00 GMT

A budget airline has confirmed that it is begin operating a new route between the UK and Cyprus next year.

Monarch will start running its twice-weekly service between Larnaca and Birmingham Airport in March 2009.

The move further enhances the ease of access to Cyprus, which could the Mediterranean island a popular choice for holidaymakers next summer.

Furthermore, the improved connectivity could enhance the appeal of Cyprus among foreign property investors, particularly lifestyle buyers in the West Midlands.

Liz Savage, managing director of Monarch, commented: "I am sure that the people of the Midlands will warmly welcome the introduction of this service."

Meanwhile, the aviation sector has received a boost as both Ryanair and easyJet have revealed a year-on-year increase in passenger numbers.

The former saw custom go up by 19 per cent in July 2008, while easyJet saw a 20 per cent rise over the same period.

Cyprus attracts holiday home buyers

Mon, 4 Aug 2008 00:00:00 GMT

Cyprus is proving to be very popular with holiday home buyers from overseas, according to a media report.

Travel and Tourism News stated that the Mediterranean island is increasingly being seen as a year-round holiday destination.

As a result, more and more people are choosing to visit at various times of the year, including during the winter.

This has led to growing interest in the Cypriot property market among lifestyle buyers, as many want their own permanent base in the country.

"Many choose to spend extended holidays in their properties, visiting several times a year," said Travel and Tourism News.

The media outlet added that the adoption of the euro in Cyprus earlier this year has been a positive development for visitors and investors.

This reinforces the conclusions of France 24, which recently said the island's entry into the single currency has helped to sustain its property boom.

House prices going up in Cyprus

Thu, 31 Jul 2008 00:00:00 GMT

Cyprus currently offers some of the best growth potential in Europe, a media outlet has revealed.

According to France24, the Mediterranean island was enjoying a property boom prior to its accession to the euro in January 2008.

The news provider stated that this has continued in the wake of the currency changeover, despite the worsening decline in other parts of Europe.

Commenting on current market conditions, France24 said: "There is a ray of property sunlight, though, and it's directed over Cyprus right now."

The online portal added that the adoption of the single currency has helped Cyprus maintain earlier growth rates.

Estimates suggest that property values in Cyprus should go up by at least three per cent this year.

This echoes recent comments in the Telegraph, which stated that only Cyprus has avoided the end of the European property boom.

Cyprus calls for ban on new courses as water runs short

Wed, 30 Jul 2008 00:00:00 GMT

A water shortage in Cyprus has led to a call for a ban on golf courses. Soaring temperatures have already meant water rationing has been introduced, but the property market could be affected if the golf course ban comes into force.

Cyprus is currently experiencing the worst water shortage in decades, according to The Mail on Sunday. Pauline Gallagher of Halcyon Properties said: "Water shortages have been an ongoing problem. The government is addressing this by investing in desalination plants or piping in water from other countries."

However, the minister for agriculture now wants a ban on new golf courses, which would affect property development. The water used on Cyprus's golf courses each year would reportedly supply 150,000 people.

Temperatures in Cyprus are reaching 40C (105F) and water rationing is already in place - taps are being turned off for up to 20 hours per day in holiday hotspots such as Ayia Napa. The Cypriot government is currently importing water supplies from Turkey and Greece to try and ease the problems.

This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.

Briton hails move to Cyprus

Thu, 24 Jul 2008 00:00:00 GMT

A retired Briton has told a newspaper why he has decided to leave the country and relocate to Cyprus.

Speaking to the Financial Times, 68-year-old Andy Leck said the Mediterranean island offers a number of advantages such as year-round sunshine.

However, he told the publication that monetary concerns have also played a part in influencing his decision to move to another country.

For example, he said Cyprus taxes just five per cent of a person's pension income, compared with 40 per cent in the UK.

This means that he can enjoy a higher amount of disposable income if he settles overseas.

Commenting on the disparity, Mr Leck said: "I save £40,000 a year by being in Cyprus rather than Britain."

This comes soon after Jet-to-Let magazine revealed that almost 40 per cent of prospective British buyers intend to buy a residence in Cyprus within the next year.

Foreign buyers head to Cyprus

Fri, 18 Jul 2008 00:00:00 GMT

Cyprus is proving to be especially popular with foreign property buyers in the UK, it has been revealed.

According to Jet-to-Let magazine, British investors are not letting credit-crunch related problems put them off buying an overseas residence.

The publication flagged up Cyprus as a particularly popular market, as it has not been "overly exposed" to the turmoil in the global economy.

Dominic Farrell, editor of Jet-to-Let magazine, added that investors will continue to buy if the "right product" is on offer.

He commented: "Cyprus continues to provide a solid, low-risk investment opportunity."

Mr Farrell also stated that the Mediterranean island is a more attractive proposition than the British housing market, as confidence in the UK is being "slowly eroded" by issues such as rising inflation.

This comes soon after Jet-to-Let magazine revealed that almost 40 per cent of prospective British buyers intend to buy a residence in Cyprus within the next year.

Cyprus buyers told to stay south

Wed, 16 Jul 2008 00:00:00 GMT

Those buying overseas property in Cyprus should stick to the south and avoid the north at this time, an expert has advised...

Briton speaks of Cyprus property investment

Tue, 15 Jul 2008 00:00:00 GMT

An overseas property buyer in the UK has told a newspaper of her decision to invest in the Cypriot housing market.

Marion Fivey, who lives in Falkirk in Stirlingshire, recently spent £196,000 on a one-bedroom apartment near Paphos.

Speaking to the Sunday Mail, she said she plans to use it a buy-to-let property, as the region is popular with holidaymakers from Britain, Europe and Cyprus.

The yields would then be put towards funding her retirement in later years.

Ms Fivey commented: "My financial advisor said the best move was to invest abroad.

"We wanted it to have maximum rental potential and Cyprus is a great bet for this."

She added that as well as being a nest-egg for her retirement, the property will also be a good holiday home in the meantime.

This comes after the Independent said that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the newspaper, this development represents a "convincing case" for the island's investment credentials.

Investor favours Cyprus over Spain

Tue, 17 Jun 2008 00:00:00 GMT

A British property investor has told a newspaper why he chose Cyprus over other Mediterranean markets.

Martin Cooper recently purchased two apartments in Limassol with a view to renting them out to workers and holidaymakers.

Speaking to the Sunday Mail, he said he believes the island has considerable rental potential, as there is demand among the domestic workforce and foreign tourists.

However, he stated that Cyprus could potentially be more lucrative than places such as Spain, as it is currently at an earlier stage of development.

Mr Cooper commented: "I did research and I think parts of Spain are too saturated with property, whereas much of Cyprus is still in its infancy."

He added that growth is currently being driven by a number of factors, such as investment in infrastructure upgrades and the recent adoption of the euro.

This comes after the Independent said that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the newspaper, this development represents a "convincing case" for the island's investment credentials.

Cypriot tourism on 'upward course'

Mon, 9 Jun 2008 00:00:00 GMT

Owners of investment properties in Cyprus could find they enjoy better than expected rental income during the coming winter.

The Association of Cyprus Travel Agents (Acta), Cyprus Tourism Organisation and the Ministry of Tourism have been working together to attract more visitors to the island, reports the Cyprus Mail.

Akis Kelepeshis, president of Acta, told the trade group's annual general meeting that there were already signs that those efforts were paying off and that 2008 would be the start of a "firm upward course" for the Cypriot tourism industry.

He added: "The efforts made this year for increasing numbers in the winter season 2008-09 appear to be bearing fruit."

The news, which could mean that owners of rental property in Cyprus enjoy good levels of occupancy during usually quiet months, comes just days after an increase in the number of Britons booking holidays to the Mediterranean island was reported.

Travel website lastminute.com revealed that bookings for June breaks to Cyprus were up 32 per cent on the corresponding period in 2007.

Cyprus property 'is a great investment'

Mon, 2 Jun 2008 00:00:00 GMT

Two holiday home buyers from Scotland have outlined the advantages of owning a property in Cyprus.

According to Ian and Cathy Rutherford, purchasing a house on the Mediterranean island has proved to be a "great investment".

Speaking to the Sunday Mail, they said this is because they have been able to rent it out during those times that it would otherwise be empty.

Furthermore, they stated that continuing increases in house prices in Cyprus means that the value of their new home is going up. .

Mrs Rutherford commented: "A similar apartment sold recently for about £20,000 more than we bought ours for, so it's a great investment too."

She added that as soon as they retire, they plan to spend far more time living in their Cypriot property.

This comes after the Independent said that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the newspaper, this development represents a "convincing case" for the island's investment credentials.

Euro entry attracts investors to Cyprus

Tue, 22 Apr 2008 00:00:00 GMT

Cyprus has become more popular with foreign property buyers as a result of its recent currency changeover, analysts have stated.

The Mediterranean island became a member of the single European currency on January 1st 2008.

According to Home Move, this "historic event" has led to more people becoming aware of potential opportunities in the Cypriot market.

Many were said to have been attracted because they believed euro membership would lead to various economic benefits, such as substantial growth in its housing market

Home Move commented: "Predictions that Cyprus would see strong growth in property prices this year are proving to be accurate."

The website added that there is high demand from both Cypriot nationals and foreign migrants.

This comes after the Independent said that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the newspaper, this development represents a "convincing case" for the island's investment credentials.

Cyprus tourism trade tempts rental investors

Fri, 4 Apr 2008 00:00:00 GMT

Property investors are increasingly choosing to snap up houses in popular Cypriot holiday resorts.

According to the Galway Advertiser, the Mediterranean island is attracting about 2.5 million foreign visitors every year.

This is helping to drive economic growth across Cyprus, which has in turn enhanced its appeal to prospective property buyers.

The newspaper said that investors from countries such as Ireland are showing a keen interest in the market and choosing to buy new developments in hotspots such as Paphos.

Since Cyprus offers good weather for 12 months of the year, this puts them in good stead to collect healthy rental returns.

Meanwhile, the country's expanding housing markets means investment properties are steadily increasing in value.

The Galway Advertiser commented: "The property market in Cyprus remains very strong and vibrant, offering excellent value with quality developments."

According to the Home Move website, property values in Cyprus are likely to go up by about eight per cent this year.

Russian investors favour Cyprus

Wed, 5 Mar 2008 00:00:00 GMT

A growing number of property investors from Russia are choosing to buy homes in Cyprus, experts have revealed.

The Royal Institute of Chartered Surveyors (Rics) stated that interest among second home buyers from abroad was encouraging growth in the country's housing market.

According to the organisation, much of this interest has come from Russian property investors.

Rics said that consumers in the Eurasian country had not been as badly affected by the global credit crunch as people in the west of Europe.

As a result, they are becoming increasingly commonplace in the overseas property sector.

The organisation commented: "Russian and other purchasers are said to be becoming more prevalent."

Rics added that the level of interest outside the "traditional" sources of demand was acting as a "key driver" of growth in the Cyprus property market.

The Mediterranean island recently became a full member of the single European currency.

Cyprus Tourism Trade Boosts Investment Prospects

Tue, 12 Feb 2008 00:00:00 GMT

Demand for rental property in Cyprus is still high among tourists, recent comments have suggested.

Thomas Cook said the country was still an attractive option for many British holidaymakers, as it is "as popular as ever".

This means that owners of holiday property in Cyprus could be benefiting directly, as they can let out their homes to visitors and collect the proceeds of the rent.

Furthermore, it is likely that strong demand for tourist accommodation in popular areas could push up the prices of such residences.

As a result, the future sale price of the house could be much higher than the amount it was originally purchased for.

Thomas Cook added that the island offers "guaranteed sunshine", therefore allowing investors to earn money from rent all year round.

This could potentially make it a better investment option that markets with a more seasonal tourist trade.

Cyprus recently became a member of the euro - four years after it joined the European Union.

Low Interest Rates Tempt Investors to Cyprus

Thu, 17 Jan 2008 00:00:00 GMT

Interest rate cuts in Cyprus could serve to attract more foreign property buyers to the country, a newspaper has stated.

Cyprus became a member of the single European currency at the beginning of the year, adopting the same rate of interest applied across the eurozone.

This has prompted the Telegraph to speculate that the new rate of four per cent could help enhance the island's appeal as an investment market to foreign buyers.

The newspaper commented: "Property values there look set to start increasing as more buyers take advantage of the new rates."

In addition, it said that during the two weeks since Cyprus joined the euro, the currency had "already" had a positive impact on its economy.

Earlier this week, EU monetary affairs commissioner Joaquin Almunia congratulated the island's population for giving the euro a "warm welcome" since it entered circulation on New Year's Day.

Cyprus 'Has Bargain Properties for Sale'

Wed, 16 Jan 2008 00:00:00 GMT

Cyprus property could be a good option for rental investors hoping to snap up a bargain, according to an expert.

Property author David Peters said the country's popularity as a holiday destination meant there was strong demand for tourist accommodation.

In addition, he stated that property in Cyprus was relatively cheap, which means that investors could get considerable returns on a bargain purchase.

Mr Peters commented: "If you buy a Cyprus villa or villas you'll find the growth of opportunity for renting is booming."

He added that visitors would be able to have a "perfect" holiday experience on the island at a fraction of the price of rival markets.

This, he said, meant that property investors and holidaymakers would be able to get more for their money than they would anywhere else in Europe.

The comments follow a report by PricewaterhouseCoopers outlining Cyprus's potential for economic growth during 2008.

Estimates from the organisation suggest that its economy is likely to expand by 4.1 per cent this year.

Cyprus 'suitable for foreign investors'

Tue, 6 Nov 2007 00:00:00 GMT

Foreign investors could find an ideal marketplace in Cyprus, according to a government official.

Antonis Michaelides, the country's minister of commerce, industry and tourism, said it offered numerous benefits to people from overseas, such as being well located and economically prosperous.

He added that the island had developed into an international business hub between Europe, Africa and Asia, especially since it became a member of the European Union.

Cyprus was said to be doing well in attracting foreign direct investments, with many companies choosing to do business there.

Mr Michaelides went on to highlight other attractive qualities of the country, such as the recent streamlining of the tax regime and efforts to cut bureaucracy.

He commented: "Advantages include a stable socio-economic environment, state-of-the-art infrastructure, a highly qualified labour force and a business environment."

These factors could also be beneficial to investors in Cyprus' property market, as the strength of the economy and access to modern facilities would be important considerations.

The island's appeal as an overseas investment hotspot could also enhance as a result of its forthcoming entry into the single European currency.