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Budget airlines boost Cyprus revenues

28th June 2007 | back to article listings BACK    print this article PRINT

Cyprus is one of the favourite holiday destinations for British people of all ages and backgrounds.

Its location in the heart of the Mediterranean makes it an almost guaranteed sun spot and the island offers a unique mix of heritage, nightlife and lazy sunbathing, so there is something for all the family and to suit every pocket.

The fact that Cyprus enjoys such popularity with holidaymakers has not gone unnoticed by investors. Property buyers are flooding the island with money, according to recent reports.

Simon Tweddle, spokesman for Property Secrets, an independent property market analyst, said: "I think there's quite a lot of interest in Cyprus … quite a few UK property companies are starting to get a bigger interest in Cyprus."

He added: "They're marketing Cyprus as an investment destination. I think that alone will have an effect on prices". This could spell good news for investors looking to make a purchase on the island as they may be able to acquire a property at a better price than they could have done previously.

Cypriot property prices have shown an upward trend over the past year ahead of a land tax that is due to be increased in a few months. Coupled with a lack of supply of housing stock, prices had been increasing "quite a lot - probably 20 to 25 per cent".

If the increased amount of investment heading towards the island serves to lower prices, that will spell good news for British investors, who may also to benefit from the strength of sterling at present.

Mr Tweddle advised people thinking of buying a Cypriot property to make a move as soon as possible as "there's quite a shortage of supply, because it's a small island… there's not that much land anyway in Cyprus".

Budget airlines have also proved to be good news for the investor with a Cypriot presence in their portfolio.

Panos Englezos, chairman of the Cyprus Tourism Organisation (CTO), acknowledged this with the recent announcement that he will seek to increase the number of budget carriers that have routes to the island.

Tourism is a significant contributor to the Cypriot economy, bringing in more than £1.3 billion a year, accounting for around 15 per cent of the island's GDP. Mr Englezos said new budget airline routes have already resulted in a "significant increase of arrivals from Greece, Russia and Scandanavia".

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/3588.html. Alternatively, please see our full press release archive.

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