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Paphos takes off

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

When it comes to surviving the credit crunch, many markets have essentially done no such thing, in the sense that their property markets have seen a marked decline and are likely to endure more dark days in the coming months before things start to pick up again.

Cyprus has been hailed as an exception to this rule, although some concern has been expressed following recent statistics showing that its tourist numbers are down - itself a likely consequence of the credit crunch, not least for some hard-up Britons, of whom there are five per cent fewer this year according to official figures.

Given the obvious link between tourism and holiday buy-to-let property, this may seem like bad news for Cyprus. But a wider assessment of the situation may indicate that there are plenty of good reasons to keep on investing, with - as ever - the longer term in mind.

One may be that certain areas, thanks to enhanced tourism facilities, transport infrastructure or other advantages, could successfully secure a larger slice of a smaller cake. The other is that those places that are better equipped could be the best not only in times of lower visitor numbers, but have the ability to successfully accommodate, serve and transport larger numbers when the economies of Europe pick up and people with more money in their pocket start spending it on Cypriot holidays again.

Such a situation may have arisen in Pahos, which this week opened its new airport terminal. Starting on Monday, the new facility welcomed a Finnair flight as its first arrival, followed by 13 others. Another 14 flights flew out.

Commenting on the first day of operations, spokesman for operator Hermes Adam Aspris told the Cypriot Daily Mail: "We are very pleased about the first day of operation and all the procedures ran smoothly. There were no major problems and the passengers seemed pleased with the level and quality of service they received." Ironically, the outbound flight was to Heathrow, where Terminal Five did not have such a smooth start.

The new terminal can handle over two million new passengers a year, which means that for Paphos the facility is there to enable long-term tourist growth, whatever the short-term situation.

Some, such as overseas property firm Property-Abroad, insist that Paphos is still doing well even now, surviving the crunch comfortably. Director Les Calvert said of the firm's properties in the area: "Our Paphos properties are particularly popular with holiday home buyers and investors at the moment and are likely to become even more popular once the new terminal opens at Paphos airport [on] November 17."

If Paphos is strong now, it should be stronger thanks to the new terminal, offering the sort of long-term infrastructure advantage that investors may be attracted by.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4492.html. Alternatively, please see our full press release archive.

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