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Cyprus to pull them in?

2nd May 2008 | back to article listings BACK    print this article PRINT

Cyprus has been one of the apparent success stories in overseas property investment terms in recent years, with rising prices, the economic kudos of first joining the European Union and then adopting the euro as its national currency, followed by the tantalising possibilities for the future that reunification with the Turkish north could bring.

In the midst of it all, the appeal of Cyprus has not been too hard to talk up, given its position in the Mediterranean with plenty of sun, sea and sand, yet with a rich cultural and archaeological history created by the presence of so many civilisations.

Yet surprising as it may seem to some, the tourist industry on the island has taken a dip in recent years, not something which buy-to-let investors owning property in tourist areas may want to hear. But, the Cypriot Financial Mirror reports, the Cyprus Hoteliers' Association and the Cyprus Tourism Organisation both expect the trend to improve, quoting research from the former organisation's trade magazine and expressing the view that the credit crunch will not deter tourists from Britain and the US.

Of course, the question some will ask is that of how good the Cyprus tourist industry actually is. There is currently a major advertising drive underway involving tennis star Marcos Baghdatis and UK viewers may have seen the adverts on TV, but the presence of quality facilities matters for those tourists who want a little more than just a few natural attractions and the near-guarantee of hot weather.

For that reason it may be reassuring to hear that the Colombia Beach Resort in Pissouri Bay has been nominated for two World Travel awards, Easier reports. The presence of five star hotels in such locations may be a clear implication that the Cypriots are not pitching themselves low.

More importantly, the presence of high-quality property for investors to buy is also present. The Daily Telegraph reports that the sort of property that is available for overseas buyers includes examples such as the newly-built Vikla village above Paphos for as little as €260,000 (£203,000), with this particular instance involving a buy now-pay later deal.

How the Cypriot tourist market performs this year is, of course, something that remains to be seen, although many European visitors will enjoy not having to change currency before flying in. But further growth in the industry - whether stimulated by advertising or changes in taste that see visitors try the country as an alternative to other Mediterranean destinations - could see the property market boosted yet further.

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