Cyprus favoured by first-time buyers

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".
 

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