Real Estate & Rental & Lettings News in Cyprus from Propertyshowrooms.com

New development to boost Cypriot tourism market

Thu, 26 May 2011 00:00:00 GMT

Demand for buy-to-let property in Cyprus could be set to rise following news that Lanaca is preparing to embark on a multi-million pound development.

Some 15 projects are planned to take place over the coming five years, including a new marina, improved transport links, amphitheatre and 18-hole golf course.

Located on the southern coast of Cyprus, Larnaca is the third largest city and home to the island's biggest airport with direct flights to the UK.

Indeed, the latest figures show that the tourism market in the country has been relatively unaffected by economic troubles. In April, there was a 43 per cent increase in arrivals compared to the previous year.

Alexander Tomlinson, director of Cyprus property experts, Gem Invest, said: "Undeniably Cyprus has been affected by the global economic downturn.

"However, things are turning around with increasing tourism sparking the property market back into life, especially in an around the popular town of Larnaca."

Cyprus to benefit from new luxury development

Tue, 27 Apr 2010 00:00:00 GMT

The Cypriot property market has received a much-needed boost after news emerged that a Middle Eastern organisation is going to start work on a multi-million-dollar luxury development.

It has been revealed that Qatar and Cyprus will begin construction on a USD150 million hotel, office and residential complex in the country's capital city, Nicosia, by the end of this year.

Real estate and property consultant Antonis Loizou told the Cyprus Mail that the development will bring with it a number of benefits for the country.

"The first and main one is that it is an expression of confidence to the Cypriot economy, which is good," Mr Loizou told the news provider.

"At this point interest from Arabic countries to buy properties in Cyprus is very limited. This will open doors in oil-rich countries."

New figures from the Cypriot Department of Lands and Surveys showed that property sales in the country were up 37 per cent year-on-year during March.

However, the statistics also demonstrate the hesitation in foreign buyers to invest, with many still staying away from the island.

Confidence returns in European markets

Thu, 15 Apr 2010 00:00:00 GMT

Returning interest in overseas property investment is fuelling recovery in a number of European destinations, it has been reported.

Overseas Property Professional (OPP) has claimed that many markets which were negatively affected by the global financial crisis are recording a revival as confidence begins to return.

Among the destinations to see a spike in investor activity is the hard-hit country of Cyprus which, last year, experienced a large fall-out after it entered recession.

However, OPP reports that property portal Rightmove has seen increasing buyer interest over the last month.

The coastal destination of Paphos was the best performing area, posting a 12 per cent growth in interest in March when compared to February's figures.

Foreign exchange broker Moneycorp revealed to the website that the rise could be due to a favourable exchange rate between GBP and the euro.

"Compared to February's low of just under EUR 1.10, properties within the Eurozone would have appeared a more attractive prospect for euro buyers in March, which could account for the rise in enquiries that Rightmove Overseas has seen," the company's head of private clients David Kerns said.

Paphos enjoys a Mediterranean climate with minimum rain occurring during the summer and a yearly average temperature of around 19 degrees.

Opportunities in the market lead to growth in Cypriot property sales

Thu, 11 Mar 2010 00:00:00 GMT

After a turbulent few months for the Cypriot housing market, news that property sales are beginning to pick up is likely to be welcomed by investors.

The latest statistics, compiled by the island's Lands and Surveys Department, demonstrate an increase in volumes of around 30 per cent in February compared with the same month last year.

Solomon Kourouklides, president of the Cyprus Real Estate Agents' Association, explained that the growth was probably a result of more opportunities opening up for buyers in the marketplace.

Many new purchasers are buying up property from individuals who are struggling with loan payments.

Meanwhile, Mr Kourouklides made his predictions for the coming year: "If the economic parameters remain the same, we believe that the market will remain at the save level as in 2009."

This is the second month in a row that property sales posted an increase, as in January the Land and Surveys Department reported that there had been a 24 per cent increase in house sales compared with the same period in 2009.

New property index set to make the Cyrus property market "more transparent"

Fri, 12 Feb 2010 00:00:00 GMT

The Cypriot property market is set become "more transparent" as the Royal Institute of Chartered Surveyors (RICS) launch the first internationally recognised price index for the region.

Although the first index makes for fairly bleak reading it represents a positive step for the industry and gives investors the opportunity to track property and rental prices within the country.

It is set to be published on a quarterly basis and will contain information relating to residential properties, offices, high street retail and warehouses.

Meanwhile, the first report says that Cyprus is currently feeling the pressure of the global economic crisis, with the economy reacting to a slowdown in activity and a decrease in income from taxation.

The Cyprus Department of Lands and Surveys reported a rise in sales of 24 per cent last month, with many investors taking advantage of the cheap properties available.

Popular areas included the country's capital city Nicosia, port city Limassol and coastal city Paphos.

Premium properties in western Cyprus could be popular

Fri, 5 Feb 2010 00:00:00 GMT

The Akamas Peninsula in western Cyprus is set to become a favourite among property investors, it has been claimed.

According to a report in British newspaper the Daily Telegraph, new transport links combined with the area's natural beauty are attracting developers building beachfront homes.

A new road which will connect the peninsula to Paphos and its international airport - to be completed around 2011 - could lure potential tourists and investors.

Furthermore, the author of the article highlights the attention Akamas was attracting from "boutique developers", who are looking to rival luxurious homes found in southern France or on the Balearic coastlines.

Andreas Andreou from Cybarco explained that individuals could find something previously unavailable in the country.

"There hasn't been much choice for buyers looking for well-designed premium properties before in Cyprus," he told the paper.

Meanwhile, the Cypriot government has given permission for 14 new golf courses to be built on the island, something which is likely to tempt both tourists and investors.

Cyprus property market benefitting from huge discounts

Wed, 3 Feb 2010 00:00:00 GMT

The property market in Cyprus may be picking up again, according to one property agent.

Overseas Property Professional (OPP) has reported that Purple International saw a sharp rise in sales in the second half of last year in response to huge discounts designed to tempt buyers back to the market.

Some investors were able to pick up property with discounts of as much as 30 per cent.

OPP also drew attention to a shift in the type of purchasers who climbed onto the property ladder, as retired individuals and people relocating to warmer climates increasingly replaced the typical investor.

"The first half of 2009 was dire but the second half was brilliant," Angelos Koutsoudes, managing director and partner at Purple International, told OPP.

"Because of the volume we sell and … connections with developers, we are able to negotiate big discounts."

The Cyprian government has given permission for 14 new golf courses to be built on the island, something which is likely to tempt both tourists and investors.

Cyprus tipped as hot investor destination

Thu, 3 Dec 2009 00:00:00 GMT

Cyprus is offering some historic opportunities for investors, it has been claimed.

In his regular blog for property firm Assetz, chief executive Stuart Law said that after months of being "in denial", developers are offering discounts of up to 40 per cent.

He predicted that the Assetz clearance unit will be particularly busy in the coming months as discounted properties are snapped up and stock is cleared at many newly-built developments.

Mr Law stated that the country offers comparatively little risk of civil conflict, dubious banks or economic problems, making it a safer bet than elsewhere, remarking: "At these prices we are looking at deals that have not been seen for around ten years."

Such news may interest investors keen to buy while prices are low and the island is in recession, in preparation for better times in the future.

In October, a Daily Mail feature on Cyprus noted that bargains have been emerging, with one example being a two-bedroom apartment in Paphos with a sea view, which was available for GBP81,000.

Cyprus tipped as bargain destination

Fri, 23 Oct 2009 00:00:00 GMT

Cyprus is a place where many buyers could find a bargain after recent property price falls of up to 40 per cent, it has been claimed.

A Daily Mail feature on the island noted that the sort of residences that can now be acquired include a two-bedroom apartment in Paphos with a sea view for £81,000.

Commenting on the way recent drops in value have cancelled out the rises of recent years, editor of Cyprus Property Magazine Nigel Howarth said prices are now back at 2004 levels.

Those keen to invest in property at a bargain cost may find now is the ideal time to do so.

Cypriot property could be in for a much-needed boost shortly with the arrival of new extensions to Larnaca airport, it has been suggested.

Head of services of civil aviation at Larnaka International Androulla Christodoulou CNA News Agency that the economy and tourism will be boosted by the opening of the facilities next month, the Famagusta Gazette reported last week.

Cyprus 'to grow again next year'

Tue, 15 Sep 2009 00:00:00 GMT

Cyprus will see its economy grow again next year, it has been claimed, something that could interest those seeking property on the island.

Finance minister Charilaos Stavrakis told reporters that over the course of 2009 the country will see an economic contraction of 0.5 per cent, but stated that gross domestic product will rise by the same amount in 2010, AFP reports.

The minister said the country had seen its economy shrink due to the effects of the global downturn, noting that this has included a fall in residential property investment from overseas.

Such figures could include many Britons affected by the economic crisis, which may mean that those who invest now could benefit from rising values as both countries see their economies grow in the near future.

Cyprus was confirmed as entering recession by European Union statistics agency Eurostat, whose second quarter figures revealed a 0.6 per cent contraction, following a 0.5 per cent shrinkage in the first three months of the year.

Cyprus is "an ideal property location"

Mon, 31 Aug 2009 00:00:00 GMT

Cyprus has been touted as the perfect place to buy property and the northern part of the island might be a savvy choice for property investors, it has been suggested.

Potential political changes in the region mean that buyers may be encouraged into the housing market, according to Investment International.

Traditionally the south has been more popular with tourists and so property prices have also been higher in this region, the news source remarked, but with reunification talks between the two parts gathering speed, now might be the time to invest.

It stated: "Investors have seen impressive price rises of around 25 per cent over the past two years, boosted by those reacting to the increase in tourism."

However, these prices are still 50 per cent lower than areas in the south, the publication added, making it a tempting choice for overseas buyers.

The Financial Mirror recently reported that interior minister Neoclis Sylikiotis defended the country's property market as safe and with a positive growth rate.

New Cyprus development announced

Mon, 1 Jun 2009 00:00:00 GMT

Those keen on buying a Cyprus property may be interested by a new development in the country.

Developer A E & ML has unveiled it is creating ten new homes between Cape Greco and Paralimni in the area of Fig Tree bay, with prices at EUR350,000 (GBP305,000) for three-bedroom homes with pools located near to the beach, the London Daily News reports.

"We are trying to offer homes to families from the UK and elsewhere that are ready to move into, all fully equipped, with swimming pools, parking, easy access to the beach," said a spokesperson for the company.

He added that these were suited ideally for those who wish to relocate to the country in order to enjoy year-round sunshine.

Such properties may be of interest to Britons who are keen to invest in Cyprus.

Although the Cypriot property market has seen less sales recently due to the effects of the world economic downturn, the basis outlook for the nation's economy is much better than most other European countries, Cypriot finance minister Charilaos Stavrakis said this month.

He cited factors such as falling inflation, continued economic growth and relatively low unemployment.

Cyprus 'has good reason for optimism'

Wed, 20 May 2009 00:00:00 GMT

The Cypriot finance minister Charilaos Stavrakis has said there is good reason to be upbeat about the nation's economy.

Mr Stavrakis has been in London meeting with investors in a bid to tempt them to invest on the Mediterranean island.

His case is based on a number of positive factors, such as low public debt, falling inflation, one of the smallest proportions of the working population out of work in Europe and the only national economy in the European Union currently enjoying growth.

In addition to this, Mr Stavrakis noted, the banking system does not need support from the government, unlike other European countries.

Such factors may prompt some to opt for Cyprus as a property buying destination .

Buyers in Cyprus must be careful when making purchases in the north of the country, chief executive of the Association of International Property Professionals Paul Owen said last month.

Homework, research and legal advice are vital everywhere, even though the north of Cyprus is an "extreme" case, he warned.

A recent court ruling stripped a British couple of land they had bought in Northern Cyprus, declaring it belonged to a Greek Cypriot forced to flee south in the 1974 war.

Cyprus development 'moving into new areas'

Thu, 2 Apr 2009 00:00:00 GMT

Developers in Cyprus are increasingly concentrating on new areas away from the traditional holiday hotspots, it has been stated.

Bigger developers are moving out of places like Paphos, Protaras and Limassol into other districts and other facilities are also appearing in these new locations, Hotel Seoul Korea reports.

The portal said that the prices of apartments in these outlying areas can be 40-50 per cent cheaper than those in established resorts.

Such developments may interest those keen on investing in new hotspots that might emerge on the island.

More cheap airline flights to Cyprus were available from last week, following an announcement by low-cost carrier Monarch Airlines, something that could boost

buy-to-let property investment

.

The company revealed that it is adding two flights a week to Larnaca from Birmingham to its existing 19 from Gatwick, Luton and Manchester airports.

Managing director Liz Savage commented that last year saw 175,000 people fly from the UK to Cyprus with the airline.

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.

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 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 set to grow

Tue, 25 Mar 2008 00:00:00 GMT

Owners of rental accommodation in Cyprus could be set to see greater demand in the next 12 months.

The Cyprus Tourism Organisation is stepping up efforts to market the Mediterranean island overseas with a new advertising campaign.

Cypriot tennis star Marcos Baghdatis will front the marketing drive, which will encompass various media including television, newspapers and billboards.

The campaign will focus on promoting the island's main attractions, such as its beaches and good weather, to consumers in places such as the UK.

Britons accounted for more than a million of the tourists travelling to Cyprus last year, making it a potentially lucrative market for tourism officials to exploit.

The campaign could also prove to be beneficial for owners of rental property in Cyprus, as increased demand for temporary lodgings would put them in line to collect higher returns.

This comes after the Financial Mirror quoted Cypriot president Tassos Papadopoulos as saying that he wants to increase efforts to promote the country as a holiday destination abroad.

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.

Rental investors 'could do well in Cyprus'

Mon, 1 Oct 2007 00:00:00 GMT

Overseas property investors have been urged to consider the potential for earning strong rental income in Cyprus.

Property writer Mark Dale said the Mediterranean island was an ideal location for investors in rental accommodation, as there was continuous demand from tenants.

This was largely attributed to the island's climate, as it offered about 340 days of sunshine and warm temperatures.

Cyprus was said to be highly popular among tourists for 12 months of the year, rather than just for the peak holiday periods.

Mr Dale commented: "An all-year-round rental season is a huge bonus, especially with more and more holidaymakers looking for winter sun."

He added that the region was also a good investment as it was well-serviced by budget airlines, meaning that it was accessible, affordable and highly popular.

Last month, Obelisk International suggested that people plan their investments strategically as new airline routes offered by cheap carriers often indicated the next investment hotspots.

Property investment at record high in 2006

Mon, 25 Jun 2007 00:00:00 GMT

A new report has revealed that global property investments were valued at a collective $600 billion (£300 billion) last year.

The Money Into Property publication from property adviser DTZ showed that buyers can expect to plough even more money into property this year, with the company finding that investors are currently looking to invest an estimated $2.4 trillion in property around the world.

It also found that more buyers are investing in properties outside of their home country, with cross-border purchases accounting for about 40 per cent of all transactions.

"Whilst investment conditions will become more challenging around Europe, investment opportunities will require detailed knowledge of the different prospects affecting local markets," commented Joe Valente, head of research for DTZ.

Earlier this year, the company released a report suggesting that a third of UK commercial property purchases in 2006 were made by foreign investors.

Cyprus apartments 'among the cheapest in Europe'

Fri, 8 Jun 2007 00:00:00 GMT

Apartments in Cyprus are among the cheapest in Europe, it has been reported, with investors likely to be attracted to the region as a result.

The Global Property Guide examined apartment prices in almost 50 cities across Europe, and found that Limassol's average apartment rent came in at just €2,167 per square metre.

Such prices were in comparison to an average rent per square metre of €24,9000 in Monaco.

However, rental yields in Limassol compare favourably to those in Monaco, the study revealed, with 4.38 per cent in the Cypriot capital outperforming the 2.43 per cent found in Monaco.

Residential property prices rose by 9.1 per cent year on year in May according to the BuySell Home Price Index, it was revealed earlier this week. Monthly increases stood at 1.8 per cent – the fifth consecutive month in which a rise in prices has been recorded.

The index has risen by an average of 9.3 per cent year on year in 2007, compared to 5.9 per cent in 2006, the Financial Mirror has advised.

"Huge potential" in Southern Cyprus

Tue, 22 May 2007 00:00:00 GMT

The smart money is on Southern Cyprus as investors realise the island's "huge potential", a property specialist has asserted.

According to online agency UPAworld.com, the south of the country is currently enjoying a property boom due to its "favourable" investment opportunities.

"It is no surprise that the intelligent money is flooding into Larnaca [a city on the south-east coast] and the surrounding area as investors realise the huge potential of the island," the firm stated.

UPAworld.com believes that restrictions on overdevelopment, investor-friendly taxation policies and Cyprus' imminent accession to the EU are the main reason why foreign parties are increasingly interested in the country.

Furthermore, high loan-to-value mortgages up to 90 per cent "make this location one of the most desirable for foreign investment this year".

In related news, John Reilly, managing director of Buy Abroad believes that strong capital growth has helped fuel British investment interest in Cyprus.

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

Investor interest in Cyprus 'set to grow'

Fri, 9 Mar 2007 00:00:00 GMT

Cyprus' transparent and regulated property legislation makes the EU state a good place for investors to purchase a property, a news website has said.

With capital value growth expected to soar this year, Cyprus is now an attractive prospect for serious buyers and holidaymakers, according to 7days.

And because is Cyprus hoping to adopt the euro at the start of next year, a rush of investors is expected, especially if interest rates and borrowing costs are low.

"Purchasing in Cyprus is simple, secure and puts you on the European property ladder," the website stated.

"Cyprus is a full member of the European Union (EU) and with that comes peace of mind from long-standing property legislation."

The region of Larnaca, in particular, is likely to attract investors because of its relatively low prices, as well as the creation of an international airport and a new marina for cruise liners.

Cyprus entered the EU in 2004 but historic tensions between Turkish Cypriot and Greek Cypriot communities have still not been resolved.

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.