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From pension to Paphos

14th July 2008 | back to article listings BACK    print this article PRINT

Cyprus has been creating plenty of news in recent days, mainly about the ongoing peace process that may lead to unification talks between the north and south of the divided country. In the midst of that, it may be easy to forget that there is plenty else going on, not least in the property scene.

Thousands of Britons now live in Cyprus and many more holiday there every year, meaning there is plenty of exposure to the housing market for possible UK buyers. But while this may in many cases involve large investors with bulging portfolios of properties in prime tourist letting areas, it seems smaller investors can make a good living out of property on the island as well.

An example of this is Marion Fivey, a 48-year-old nurse from Falkirk in Stirlingshire, who along with partner Colin Cairns decided to invest her pension money in a property on the island after finding she would be getting less for her later years than she hoped.

She explained to the Sunday Mail: "There was a definite shortfall from what I was hoping for and I knew I'd need more money than that to live on.

"My financial advisor said the best move was to invest abroad and showed me a few options."

Despite not visiting the island (nor have they yet), the couple carried out plenty of research before deciding on a £196,000 luxury flat on a new development five minutes away from Paphos airport.

Explaining why she chose the country, she explained: "We wanted it to have maximum rental potential and Cyprus is a great bet for this.

"It's so popular with Brits and other Europeans and the spot where we've bought is also a popular holiday destination for Cypriot people."

The good news for those who are investing in the tourist apartment sector is that the industry is growing, Homesgofast.com reports. There are now 2.4 million visitors a year to the country, a rising number that is justifying the investment the government and tourism sector has put into encouraging more tourists.

Akis Kelepeshis, president of the Association of Cyprus Travel Agents commented: "We have already spent a lot of time and money and we are beginning to see increasing numbers."

The Homesgofast report notes that money is also going into improving infrastructure, with one of the projects being the expansion of the airport at Paphos. So for Ms Fivey, it seems the choice to invest on the island and in the particular location she did may be a particularly good example of how extensive research can pay dividends.

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