Cyprus property market benefitting from huge discounts

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.