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Indian summer 'boosts' Cypriot property

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A prolonged hot summer period in the UK has heated up property sales in Cyprus as Brits returned from their summer holidays only to head back to the Mediterranean island to purchase a holiday home.

By all accounts this summer was a scorcher; the Met Office recalled that the five months from May to September this year were the warmest since records began in 1659 and, according to Morpheus Investments, this has had a knock-on effect on the Cypriot property market.

As reported by easier.com, the Cypriot property investment specialists recorded its highest sales volume last month in over ten years. The firm sold nine out of ten of its villas in Tersefanou and a quarter of its flats in Kiti.

The investment firm puts many of these sales down to the hot weather experienced in the UK. As Brits savoured the sunshine back at home, it appears that they were storing up a love of the beautiful climate more accustomed to the Mediterranean.

Dani Maxton, managing director of Morpheus Investments, told Easier: "We normally receive an influx of enquiries in September when people are returning to work after the holidays and the summer starts to fade."

But she added that the trend this year was exceptional: "The long, hot summer seems to have caused a later than usual bout of post-holiday blues and delayed property sales.

"[Buyers] are opting for foreign properties as an escape route from the typically unpredictable British weather."

Brits have long since held a soft spot for the former outpost of the British Empire, with 300 days sunshine a year, a largely preserved inland environment and properties starting from around CYP 50,000, or £58,000.

A recent study found that the locations that Brits were most likely to invest in property were also the most visited holiday destinations. However, the notable exception was Greece, which does not have a strong holiday home market. This is partly due to the absence of legal and financial infrastructure that UK residents feel comfortable dealing with and partly due to the draw of Cyprus, which offers these facilities in abundance.

Southern Cyprus is a low tax economy, has similar land registry laws to those at home and owing to our colonial heritage, English is widely spoken on the island. Such factors are inducing more Brits to invest in their dream properties, even if the weather is hotting up at home.

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