Cyprus Property

Cyprus is becoming an ever popular property investment destination, although it is not often considered as a buy to let property opportunity. With a population of just over a three quarters of a million, it enjoys a prosperous stable economy (c. 4% p.a. growth, well above the EU average). It ranks favourably among the high income countries of the world, while the cost of living compares advantageously with that of the UK and other European countries.

Cyprus joined the EU on 1st May 2004 and adopted the euro as its national currency on 1st January 2008. This will make the economy even more stable and transparent and bodes well for the Cypriot property market, as more investors look to purchase property there. Cyprus property prices have been experiencing capital growth of c.15-20%* but closer to 8% growth for 2007**, although its prices are still lower than a lot of other similar European countries such as Mallorca or Spain. (Average price per square metre in Spain is €5,160 vs €2,167 in Cyprus)**

Its City centres such as Limassol, have a thriving and growing local economy, where a world class Marina is currently being built. Larnaca Airport is undergoing a major expansion to take account of a significant growth in traffic in recent years. In 2006, it was handling 2.5 million passengers a year, doubling by 2007. The new terminal will be able to serve 9 million passengers a year, representing passenger growth of 3.5% to 4% a year.*** These city centres offer decent buy to let property opportunities.

It is a country that not only offers something for holiday home investors, but also buy to let property investors, so sun and city investors. Its snowbirding reputation (a place for people to visit when winter sets in elsewhere) means holiday properties can be let up to 7 months a year. English is widely spoken, there is a well-developed infrastructure and its legal system is based on English Common Law.

With strict planning laws and limited land supply, there is a finite timeframe for new builds and demand will outstrip supply. This, coupled with an ageing European population always seeking great locations to retire, mean there will also be a strong secondary market, providing appropriate exit strategies for investors.

Cyprus Investment Property

For a quick overview of Cyprus’ country profile and macro-economic indicators, click on Cyprus on the left-hand menu, then snapshot profile or go to STEP country profile to give you more in-depth information of the Social, Technological, Economic and Political profile for the country.

To give you more background as to why you might consider investing in Cyprus, go to the Why Invest section, or maybe look at the individual towns and cities profiled in each country's Towns section.

Cyprus Holiday Home

To see what property is available in Cyprus, go to the left hand menu and click on Properties, or simply click here on Cyprus Property or to do a Cyprus property search click on Properties and then Property search on the left hand menu, or click on this Property search link. If you cannot find what you like, please contact us on 01932 849536, as we often have more properties than are shown on the website.

Source: * RICS-European Housing Review '07, BuyAssociation, ** Globalpropertyguide.com, ***www.airporttechnology.com
Map image courtesy of Lonely Planet