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New low cost airline for Cyprus

12th January 2007 | back to article listings BACK    print this article PRINT

A low fares airline has announced that it is to provide a new service between London and Cyprus to match the growing demand for flights to the eastern Mediterranean.

Investors looking to plough their cash into the Cypriot property market can currently expect their assets to rise in value by a healthy 6.3 per cent annually, according to the latest BuySellCyprus house price index, but with the prospect of increased tourist numbers, large rental yields could help to supplement this income.

The flights between London Luton and Cyprus will be operated by the award-winning airline Monarch as it pursues its commercial interest in linking the UK with the east of the Mediterranean and are available from March 26th to catch the first wave of the summer tourist season.

Commenting on the introduction of the new flights, managing director of Monarch's scheduled services, Tim Jeans said: "We are delighted to be the first low fares airline to launch scheduled services to the Eastern Mediterranean, a market that has historically been dominated by the flag carriers and charter services."

Mr Jeans added that the low fares would be "warmly welcomed" by the "growing holiday and overseas property markets in Cyprus".

This comes as additional good news for those wishing to find a place in the sun in the Mediterranean to the prediction by Assetz that capital growth in the republic will reach ten per cent in 2007, a sum which is expected to be markedly higher than house price inflation in the UK.

Research has continually shown that Brits persist in choosing their favoured holiday destinations to invest in property and Cyprus is no exception.

France and Spain have long since been the locations of choice for the British traveller but over the last 15 years, not only Cyprus, but Greece and its surrounding islands has become the staple of any British holiday abroad.

However, despite the high levels of tourism, overseas property investment has not grown in Greece to the same degree as Spain or France. This is partly because the country does not have the same strong legal and financial infrastructures as Cyprus but also because of the UK strong colonial ties with the island.

The land registry system is remarkably similar to our own and English is widely spoken on the island, making everyday life much easier for the Brit living overseas. Thus Cyprus, offering similar beaches and culture as its European neighbour, has emerged the victor in the property competition between the two countries.

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