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Finding bargains in Cyprus

8th April 2009 | back to article listings BACK    print this article PRINT

For those keen to buy property in Cyprus, many of the reasons to do so remain, irrespective of economic considerations. The sunny climate, the lifestyle, the Anglophile culture and familiar laws, the sea, the food and even the winter skiing are reasons that will attract many to the Mediterranean island.

At the same time, investors will consider other issues, even if they will be spending some of their time using their property on the island for personal enjoyment. Two key issues are the potential for values to rise in the long term and the possibility of picking up bargains.

For those investing with the long term in mind, both may matter, although the first of the two is the most important. Making acquisitions that can offer reliable tourist rent is one positive factor, buying real estate that will appreciate in value is a second.

These elements were noted in the release of news that Best of Cyprus Properties has created an English language website. The site stated that: "Cyprus is a beautiful island in the Mediterranean sea full of ancient art and museums, breathtaking beaches, mountain trails, skiing and nightlife. The island attracts over 2.4 million tourists a year. Cyprus was admitted into the European Union in 2004 and the International Monetary Fund reports that its GDP (gross domestic product) is above the average of its European Union allies. With a highly developed infrastructure, Cyprus is the perfect investment for your next property or vacation home."

So the message is clear: the island offers tourist attractions aplenty, but also the economic, infrastructural and political basis for long-term success.

The portal went on to advise that buyers should do their customary homework before making purchases, which is of course common advice for those buying everywhere. But for many that study will focus not just on legal technicalities or inspecting a building to ensure it matches the brochure. There may also be a lot of hunting around for a good price.

A number of these have emerged, according to a recent report in the Cyprus Mail. This noted the discounting being undertaken by real estate firm BuySell, which had seen 217 properties having their prices slashed. The company itself said that ten of these were available for 50 per cent below market value, another 45 for 40 per cent less and the rest for a 30 per cent discount.

Of course, what contributes to a bargain may depend not just on current price but on future potential. For example, a home in a tourist area that can be rented out to holidaymakers may represent greater value even if the initial price is higher than a comparable property in the wrong location that can be had for less. All of which may go to show that when it comes to homework on Cyprus, a range of considerations may be taken into account.

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