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Cyprus offering new charms

29th October 2007 | back to article listings BACK    print this article PRINT

There is an old French saying that "the more things change, the more they stay the same". This might be applied to many things, but the Cypriot property market is not one of them. It is an island where there is constant and change in equal measure.

What undoubtedly stays the same is the timeless appeal: sunshine, beaches, azure sea, historic links with Britain (plus right-hand drive) and a cultural richness that encompasses a large number of civilisations stretching back into antiquity. With mountains offering skiing, plus its own cuisine and wines, there is a vast array of potential attractions.

While all this remains a constant of the island, a number of things do not. For one thing, Cyprus has drawn itself, despite the ongoing issues over the partition of the island, into the European mainstream, first as a European Union member in 2004 and from next year as a member of the Eurozone.

With this has come more change. The economy has been growing well, with fibre2fashion.com reporting today on the latest positive move, an increase in the turnover of retail trade on the island. Growth in gross domestic product and lower unemployment have also been recorded.

Of course, the growth of the property market itself is a factor in the boost to the Cypriot economy, but what is also notable is that the nature of that investment is changing.

Far from being another seaside playground for those whose entire holiday will be spent on or very close to the beach, Cyprus is gearing up for a move upmarket, the Times reported last week. It noted that new developments included several golf courses, a new marina, better roads and airports.

The paper also notes that the island as a whole has a reasonable level of annual price appreciation, between seven and nine per cent, but is booming in areas such as Paphos, which is enjoying 40 per cent growth.

Some have incorrectly suggested the island, which has 340 days of sunshine a year, is largely closed in the winter. Not at all, insisted Travel Writer Richard Green, who stated in the Sunday Times that the island was anything but inaccessible in the colder months, although booking charter flights was cheaper, estateangels.co.uk reports.

Better airline accessibility, growing infrastructure and a broadening of the target market for ex-pats and buy-to-let renters thus go hand-in-hand with economic growth and the approach of the Euro. All of which shows that change is happening fast, yet in this sense perhaps the old adage is right. The more things in Cyprus change, the more one aspect, the wisdom of investing in the country, stays the same.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/3834.html. Alternatively, please see our full press release archive.

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