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Cyprus stays top

18th February 2009 | back to article listings BACK    print this article PRINT

When it comes to investing in property overseas, buyers look for many different attributes. Some may be keen just to buy where they might rent out to others for buy-to-let purposes, without themselves feeling compelled to spend much time in that location. Others might look to spend their own holidays in their property while letting it out at other times.

For some of those buying in various places with lots of sunshine, golf may be a particular attraction, both for investors keen to tap into this part of the tourist sector and those who enjoy playing themselves, but in the case of Cyprus the issue of water supply had been raised as a potential stumbling block to further development, until the recent vote by the government to allow 14 new courses to be built. As government spokesman Stefanos Stefanou commented: "It was taken for the purpose of strengthening the tourism product in Cyprus and boosting economic activity." The courses will have to provide their own desalinated water, he noted.

While these plans have attracted much media attention of late, it would be an exaggeration to suggest that Cyprus is about to shoot to the top of the leader board among some overseas property investors because of these developments. The reason for this is simple - it is already there.

The readership of investor magazine Jet-to-Let revealed this in the annual survey of buyer intentions for 2009, which found that the island remains the single most popular place to invest, just as it was last year, with France still in second place and the US up to third, a position previously occupied by Spain.

Such a survey rep may say much about the ensuring strength - or otherwise - of countries as overseas markets. Only the top two and 7th-placed Italy retained their positions. The US may have gained ground because of the large supply of foreclosed bargains. Spain's slide to sixth place perhaps reflects its problems, although it could be argued that its continued presence in the top ten reveals its continued appeal.

So Cyprus, golf courses or not, is already a top performer. While whacking a white ball around a large open space may appeal, so too will sunshine, beaches, nightlife, history and culture, food and even the chance to go skiing on the island's high mountains. For all the recent talk of 14 new golf courses, it may be suggested there are already many more than 14 reasons to visit - and invest on - this popular Mediterranean island.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4642.html. Alternatively, please see our full press release archive.

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