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A sunny future for Cypriot property

3rd May 2005 | back to article listings BACK    print this article PRINT

UK buyers looking for a bargain abroad might be advised to look marginally further afield than France or Spain, as are typically popular, and consider investing in Cyprus, an increasingly popular destination for property investors.

The main draws of Cyprus for a holiday home or second home are obvious, namely good weather, close proximity to the UK, good air travel links to mainland Europe and relatively cheap properties. As a result of these factors Cyprus has risen significantly in popularity in recent years. House prices have trebled since 2000 and rose by 18 per cent last year alone, strong indication of rising demand, particular for buy-to-let ventures.

Perhaps most importantly, prices in Cyprus remain notably lower than in France and Spain, offering buyers more for their money. Commenting on the appeal of Cyprus to UK investors Managing Director of Assetz International, Stuart Law, states: "Prices are still considerably lower than in France or Spain - a three-bedroom detached villa with a private pool would currently set you back around £250,000 in a quality location, which would probably only stretch to a large two-bedroom apartment in the South of France." Growth in prices is set to continue in light of continued demand for properties from across Europe, outstripping the available supply of properties. From 2007 onwards prices are expected to rise even further after Cyprus joins the euro, with average values expected to increase by as much as 50 per cent.

For the most risk-free investment opportunities buyers would be advised to focus on Southern Cyprus, following reports of Greek Cypriots returning to land they lost in the north after Cyprus' accession to the European Union last year.

"Since restrictions on movement and trade in the north were lifted when Cyprus joined the EU last year, many Greek Cypriots have returned to land they lost and are claiming restitution or negotiation with one particular high-profile court case in the papers just last week," explains Mr Law. "For this reason I would not advocate buying in the North until these issues have been resolved."

Paphos has been highlighted as a particularly attractive property hotspot, with other up and coming areas including the slightly cheaper Polis and Larnaca. However, keen investors are warned to take necessary precautions before signing up for a piece of the Mediterranean island, namely the 'sixty day rule' for registering land purchases.

"It is essential for the buyer's lawyer to register the purchase within sixty days in order to preserve the purchaser's legal rights over the land on which the building will sit," states Mr Law. "If this is not done, the land remains the property of the developer until after the development is completed or beyond."

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