Real Estate & Travel News in Cyprus from Propertyshowrooms.com

Property in Cyprus 'a dream for many Brits'

Fri, 27 Aug 2010 00:00:00 GMT

The promise of year round sun and a culture of respecting older members of society mean that property in Cyprus is a dream for many people, it has been claimed.

According to a recent article in the Daily Telegraph, despite the effects of the global economic downturn and the issues regarding title deeds in the country, Cyprus remains a firm favourite for property investors.

The newspaper recommended that people search real estate in Larnaca, a coastal region which is popular with tourists, and also praised Paphos, which is the location of a number of luxury villas, and the harbour town of Kyrenia.

This week, budget airline Ryanair stated that it has not ruled out launching flights to Cyprus from the UK, which would be good news for anyone with property in the nation.

According to Travel Mole, the operator is keen to launch flights from Stansted, however, reports in the trade press have suggested that tour operators had persuaded the Cypriot authorities not to offer the airline discounted airport fees.

Northern Cyprus travel ban challenged

Thu, 21 May 2009 00:00:00 GMT

Direct air access from the UK to northern Cyprus could be resumed if a court challenge to the current ban on such travel is upheld.

The ban, which has lasted since Turkey's invasion of the island in 1974, is being challenged by Cyprus Turkish Airlines, which flies 100,000 Britons to the unofficial republic each year but cannot do so directly from Britain.

Lifting the prohibition would have "huge, symbolic importance" for the country, the high court in London was told.

Such a move could also encourage those looking to invest in property in the north at a time when talks are ongoing about possible Cypriot reunification.

Those who do invest in northern Cyprus must ensure they carry out very thorough legal checks due to the pitfalls that buying in the region pose, chief executive of the Association of International Property Professionals Paul Owen recently warned.

He was speaking after a UK couple bought land that a court later ruled should be handed over to a Greek Cypriot who was forced to leave the plot in the 1974 invasion.

Cyprus tourism to enjoy low-cost flights price war

Thu, 1 Jan 2009 00:00:00 GMT

Tourism in Cyprus is likely to be boosted after the national carrier, Cyprus Airways, declared a price war on rival easyJet, after the latter announced plans to fly to Larnaca...

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.

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.

Cyprus 'to see further economic growth'

Thu, 10 Jul 2008 00:00:00 GMT

Cyprus has been tipped to experience further economic growth this year, according to a media outlet.

The Financial Mirror reports that the Economic Intelligence Unit (EIU) is expecting its gross domestic product (GDP) to go up by 3.7 per cent.

However, it believes external financial issues such as the credit crunch, the weak British economy and the strong euro could slow down growth in 2009.

Indeed, the EIU has predicted that next year, the Mediterranean island's GDP will go up by 3.1 per cent.

However, Cyprus's tourism industry has been given a boost from the launch of a new service by British Airways.

The UK-based carrier has just started operating a direct service between London's Gatwick Airport and Paphos.

This should help encourage more holidaymakers and second home buyers to visit the country.

According to official government figures, the holiday industry generated £1.4 billion for the Cypriot economy in 2007.

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.

Britons dominate Cyprus tourism

Mon, 21 Apr 2008 00:00:00 GMT

Official figures have revealed that Cyprus was a highly popular destination for British holidaymakers last month.

According to data published by the Financial Mirror, more than 108,000 people visited the Mediterranean island in March.

Statistics showed that more than half of these people hailed from the UK.

Furthermore, the overall number of British visitors was 8.9 per cent higher than at the same point in 2007.

This comes despite the recent fall in the value of the pound against the euro, which was adopted by Cyprus at the beginning of the year.

However, the fact that Easter was unusually early this year was cited as one of the main reasons for the increase in visitor numbers.

This comes after the Independent stated that Cyprus has not been negatively affected by the current financial crisis across the world.

According to the newspaper, house price inflation is outpacing many other European countries, as values went up by 20 per cent last year.

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.

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.

Cyprus 'will be on the global tourism map'

Thu, 7 Feb 2008 00:00:00 GMT

Owners of rental property in Cyprus will be likely to welcome the government's latest comments on boosting the tourist sector.

Cypriot president Tassos Papadopoulos said he wanted to increase efforts to promote the country as a holiday destination abroad, the Financial Mirror reports.

This, he stated, would help put Cyprus on the international tourism map and attract more foreign leisure travellers.

If this occurs, the island's appeal as an investment spot is likely to be significantly enhanced, as this would raise the likelihood of collecting strong rental returns.

Furthermore, high demand for property in Cyprus will be likely to lead to an increase in property values across the country.

This comes after the Telegraph predicted that the recent change from pounds to euros would also boost Cyprus's appeal to foreign property buyers, due to factors such as favourable interest rates and rising house prices.

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 pounds 'can still be used'

Thu, 10 Jan 2008 00:00:00 GMT

Leftover Cypriot pounds will not be completely unusable following the island's entry into the Euro, an expert has advised.

Richard Green, travel specialist at the Sunday Times, stated that both currencies would be in parallel circulation in Cyprus until the end of January.

He also said that people with unused notes and coins would be able to exchange them for euros at any of the island's banks for the next six months.

The Central Bank of Cyprus will exclusively deal with the old currency after this point, he added.

This means that people, including those buying investment properties, who are visiting the Mediterranean island during the next six months have not left it too late to convert their money.

Mr Green commented: "Scouring your sock draws for any leftover Cypriot notes or coins won’t be in vein, as it will still be easy to exchange the old currency for the euro for a little while yet."

Speaking after the currency changeover on New Year's Day, European commission president Jose Manuel Barroso said the island had taken a "momentous step" and taken its place at the "very heart" of the EU.

New UK-Cyprus flights to be launched

Mon, 7 Jan 2008 00:00:00 GMT

Leisure travellers in the UK will soon be able to benefit from extra services to Cyprus.

Monarch Airlines will operate extra aircraft on its existing route between Luton and Larnaca later this year, while also adding a new service to the region from Gatwick.

Larnaca will also be opened up to consumers in the north-west of England, as an additional route to the area will be launched from Manchester.

According to managing director Liz Savage, the move to extend into the Cypriot market has come about in response to its popularity among British travellers.

She commented: "There has been huge demand from passengers for additional scheduled services to Cyprus and the launch of flights from Manchester and Gatwick are in response to this."

Meanwhile, British Airways has announced that is also planning to launch extra flights to the Mediterranean island.

The carrier will start operating a daily service to Paphos from Gatwick Airport at the beginning of July, further boosting Cyprus' tourist market and property investment prospects.

More foreign visitors head for Cyprus

Mon, 17 Dec 2007 00:00:00 GMT

Holidaymakers from across Europe are continuing to take their holidays in Cyprus, official figures have revealed.

Data cited by the Financial Mirror showed that the country had attracted people of various nationalities during the last year.

Britons were found to make up the largest proportion of foreign visitors, although a large number of Germans was also recorded.

The figures also showed that Cyprus was an appealing holiday destination to people from countries such as Russia and Greece.

In addition, the overall number of foreign arrivals for the year to date was placed at 2.34 million - 0.5 per cent higher than during the first 11 months of 2006.

The release of the data comes as Cyprus prepares to strengthen its international ties by changing its currency.

New Year's Day will see the island join the euro, a move that comes almost four years after it entered the European Union.

Cyprus' climate 'good for visitors'

Mon, 19 Nov 2007 00:00:00 GMT

Cyprus' good weather allows visitors to enjoy a wide range of activities, according to experts.

TravelConnect stated that the hot and sunny conditions on the Mediterranean island were "perfect" for pursuits such as hiking, sunbathing and watersports.

In addition, the country was also praised for offering a wide variety of historical attractions, such as ruins dating back to ancient Greece and the Roman Empire.

The website said that since the country offered all these activities to visitors, it was "easy to see" why tourist numbers had increased in the last year.

Travel Connect cited official data showing that in September 2007, the number of foreign arrivals was 6.4 per cent higher than 12 months earlier.

Cyprus' growing tourist trade will be good new for owners of rental accommodation on the island, as well as prospective investors in its property market.

Earlier this month, Gulf Weekly stated that the country's appeal as a holiday destination was one of the main factors behind its popularity with overseas property buyers.

More passengers 'passing through Cyprus airports'

Wed, 7 Nov 2007 00:00:00 GMT

The growing popularity of Cyprus as a holiday destination has been highlighted with the release of new figures.

Statistics from Hermes Airports showed that last month, the number of people passing through the portal at Larnaca rose to 565,000 passengers.

The figures, which were published in the Financial Mirror, also indicated that about 210,000 people used the facilities at Paphos International Airport during October.

This is an increase of 5.25 per cent and 0.54 per cent respectively on the same period of 2006.

Jenni Fernando, Hermes Airports' marketing manager, commented: "October was another good month for passenger traffic at both airports as we approach the end of the summer season."

Overseas property investors in Cyprus are likely to find the statistics positive reading, as growing interest in the destination could have a knock-on effect on the tourist trade and housing market.

The island is set to strengthen international ties in the new year when it becomes a member of the single European currency.

Cypriot authorities aim to boost winter tourism

Wed, 31 Oct 2007 00:00:00 GMT

Overseas property investors in Cyprus may benefit from a surge in winter tourism, according to one official.

Panos Englezos, chairman of the Cyprus Tourism Organisation (CTO), stated that there was a perception among some that the island was only a summer holiday destination.

However, he said the CTO was actively working to remedy this situation and market Cyprus as an attractive place to visit at any time of the year.

Greater visitor numbers out of season would have a number of positive consequences, such as added revenue for the tourist sector and greater returns for owners of rental properties.

Speaking to the Cyprus Mail, Mr Engelzos said: "It’s an investment in the future."

He added that this year's tourist numbers were already higher than those in 2006, with the majority of visitors coming from European countries such as France and the UK.

Earlier this week, the Telegraph reported that more than one million British tourists are choosing to take their holidays in Cyprus each year.

Cyprus 'attracting 1m Britons each year'

Tue, 30 Oct 2007 00:00:00 GMT

More than one million UK tourists are choosing to take their holidays in Cyprus each year, according to a newspaper report.

The Telegraph stated that factors such as its good climate and its similarities to home were proving to be highly attractive to consumers from Britain.

Numerous commonalities between Cyprus and the UK were identified, such as the requirement for people to drive on the left and road signs being written in English.

The Mediterranean island was also said to be a highly popular market among overseas property investors.

This could be due to various factors, such as high visitor numbers resulting in a greater need for rental accommodation, as well as some people opting to buy a holiday home for their own personal use.

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

Investors 'can still get bargains in Cyprus'

Fri, 28 Sep 2007 00:00:00 GMT

Increasing numbers of investors are seeking to cash-in on cheap property in Cyprus, it is claimed.

Rising prices on the market are attracting many holiday home buyers to both newly discovered bargains in the north of the island, although good deals can still be obtained in the south, Cyprus property expert Kevin Moore has said.

However investors are advised to be cautious, noting that a lack of infrastructure exists in some parts of the north, in addition to territorial disputes with some Turkish Cypriots.

Mr Moore has recently claimed that beach properties on the island are cheaper than many parts of Europe and up to 40 per cent lower in cost than comparable inner-city apartments in the UK.

An increasing level of property development in the country means that new areas of opportunity are available to investors with smaller villages along the coast offering prices up to 50 per cent cheaper than those seen in the island's main holiday resorts, Mr Moore added.

According to the Financial Mirror, income from Cyprus' travel sector has increased by 3.2 per cent between June 2006-07.

Cyprus 'generating higher tourist revenue'

Fri, 21 Sep 2007 00:00:00 GMT

The tourist industry in Cyprus has generated an increased amount of revenue this year, local media have said.

According to the Financial Mirror, income from the travel sector rose by 3.2 per cent throughout the 12 months to June 2007.

The news provider also stated that there had been an increased number of tourists flocking to the island during August.

Figures showed that last month's number of tourists was 8.1 per cent higher than in the corresponding period of 2006.

The Financial Mirror said this was largely due to many holidaymakers choosing to visit Cyprus at the last minute, although it said this conclusion was drawn from "anecdotal" evidence.

However, this does concur with recent comments from Humberside Airport Travel, a UK-based travel agency.

The organisation said that as a result of the torrential rain experienced in Britain during the summer, many people booked last-minute holidays to destinations such as Cyprus.

Charter carriers 'offer cheap flights for overseas investors'

Tue, 18 Sep 2007 00:00:00 GMT

People planning on flying to Cyprus at the last minute have been advised to save money with charter carriers.

Richard Green, travel expert at the Sunday Times, said that if people booked shortly before the day they wanted to fly, these were more likely to offer cheap flights.

By contrast, he stated that scheduled carriers tended to charge more expensive fees if passengers booked close to their planned departure date.

Writing in the newspaper, Mr Green commented: "Having your own property out there does mean that you aren't tied to specific dates, so it is definitely worth looking at last minute charter deals if money is a factor."

He added that people could fly to Cyprus all year round, although he said that the number of flights tended to be lower at winter.

Earlier this week, Jet2.com announced that a twice-weekly service would travel between Leeds Bradford International Airport and Paphos, which it said should boost tourism in Cyprus.

Cheap flights to Cyprus 'could tempt investors'

Mon, 17 Sep 2007 00:00:00 GMT

The overseas property market in Cyprus could become more popular among investors due to new cheap flights to the region.

Jet2.com has announced that a twice-weekly service will travel between Leeds Bradford International Airport and Paphos, which it said should boost tourism in Cyprus.

By making the island more accessible to people in Yorkshire and surrounding counties, it is also likely to become more appealing to overseas investors as a result.

Ed Anderson, managing director of Leeds Bradford International Airport, described the development as "stunning news" for the region.

He commented: "It represents the largest number of new routes ever added to the airport's portfolio in a single announcement."

Mr Anderson added that the move would give both business and leisure travellers a "superb choice" of destinations from their local airport.

This comes after Obelisk International suggested that overseas property buyers look at budget airline routes to identify potentially good investments.

Cyprus a "booming" opportunity for investors

Mon, 14 May 2007 00:00:00 GMT

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.

Cyprus - A Property Rental Hot Spot in 2007

Wed, 17 Jan 2007 00:00:00 GMT

According to latest statistics from a leading holiday owner specialist company, an astonishing 6.3% annual return on rental investments has been achieved in Cyprus, with property attracting rentals for an average 18 weeks per year. This financial return makes Cyprus a leading rental investment hotspot for 2007.

The British are among the favourite overseas investors in Cyprus, due in part to the fact that they feel comfortable investing in a country where English is so widely spoken, removing barriers and rendering simple the legal aspects of property purchase on the island. This, coupled with the 340 days a year of sun, beautiful golden beaches and a low cost of living, makes Cyprus a rental investment property dream where tourists continue to arrive in their droves, many returning year after year.

Its much anticipated membership to the Euro in 2008 gives Cyprus extra appeal to overseas property investors, while an expected fall in interest rates will provide a safe investment climate and create further competition with traditional pension funds.

Cyprus property prices have risen by some 30-40% in the last 3 years, making Cyprus a wise investment, particularly in view of the amount of ongoing tourist development in the area, which includes golf clubs, marinas and commercial centres - all features of the luxury and cosmopolitan facilities to be found in Cyprus to satisfy today’s tourist demands.

Ayia Napa Goes Upmarket

Mon, 4 Dec 2006 00:00:00 GMT

Traditionally the main attraction in Ayia Napa has been a busy, young nightclubbing scene, low cost accommodation and budget package holidays. However, the Cypriot authorities are now making moves to make the resort of Ayia Napa appeal to a higher spending, more discerning family-based market with three new golf courses and two marinas in the planning stages. Once completed, Ayia Napa is set to attract many more families, older tourists and permanent home seekers. Stuart Law, Managing Director of Assetz property investment specialists, says, “As higher quality holiday companies move into Ayia Napa and world class golf courses and marinas open for business, the potential rental income for investors is significantly improved. They will also benefit from house price growth”. Indeed property prices are already rising as this new growth area is being identified. Over the last 12 months, average prices in Ayia Napa and the surrounding area have risen by 20%, which is 5% higher than on the rest of the island.