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Exciting times in Cyprus

18th April 2008 | back to article listings BACK    print this article PRINT

These are heady days in Cyprus. With the euro now its official currency, tying it in with most of the major economies in the continent (Britain being the obvious exception), the economy is in a new phase. A new presidency has begun too, with the tantalising possibility that a solution to the island's division between its Greek and Turkish speaking parts, in place since 1974, will be resolved.

Interesting as these may be, the issue which will concern property investors is the continued potential of the market while so many others are struggling. The Independent noted this recently, describing the island as "bucking the trend" for prices with growth of 20 per cent last year, as well as recommending that investors look to places off the beaten track.

Doing just that meant avoiding the "party capital" of Ayia Napa near Pahos, since, the paper suggested, there were plenty of bargains, as well as a bit of scenery and serenity, in more out-of-the-way localities.

Bargain-seekers would find good deals in areas such as the Pera Orinis district on the edge of Nicosia, where Litsa Chrysostomou of local property specialist firm BuySell Cyprus told the paper: "Prices of older homes vary widely from £55,000 to over £270,000, depending on the size and condition of the property."

Clearly such prices are highly attractive and not just for Britons. Homemove.co.uk reported that Russian investors have been moving in as well, excited not just by the acknowledgement by the Royal Institution of Chartered Surveyors that the country was a rare beacon of success, but also the expectation that this will continue.

Within Cyprus, the government is said to be working hard to ensure the situation stays favourable and does not fall victim of the credit crunch. The Cypriot Financial Mirror has reported that the central bank is seriously considering repeating the measure of last July in which it advanced extra credit to the construction sector to head off any slowdown. What worked then, it hopes, will work now.

Every property market depends on particular factors and influences. In the case of Cyprus, buy-to-let has a lot to do with the tourist trade, which Cyprus is currently seeking to expand (witness the adverts currently on British television), Property Showrooms reports. So for those looking to invest in property, perhaps the most important issue of all is that this particular sector of the Cypriot economy continues to grow. While credit crunches come and go, however, the island still has plenty of sun, sea and culture, the latter perhaps being just the thing for investors avoiding Ayia Napa to discover.

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