An island rich in ancient history and with almost unparalleled beauty, Cyprus has long proven popular with holidaymakers from around the world. Averaging more than 300 days of sunshine each year, and offering a number of superb beaches scattered along its coastline, it is easy to see why so many people have fallen in love with Cyprus.
As with so many strong property investment markets, the benefits of investing in Cyprus are ultimately centred around the growing market for tourism on the island. With estimated increases of around 4-5% per year over the next ten years, this revenue stream seems only set to continue for the foreseeable future.
Whilst Cyprus has been popular with property investors for a number of years, the level of interest in developments on the island have increased in recent times. Attracted by a variety of different factors including favourable tax conditions, high standards of living and a strong tourism industry, property investors are not only looking on Cyprus favourably, they are seeing it as one of Europe’s premier investment opportunities at present.
As well as the obvious attraction of the increasing demand for tourism on the island, there are a number of other factors which have aligned in recent time to present a more favourable investment opportunity. In particular, Cyprus’ accession to full membership of the European Union (and the increased trading opportunities associated with this) has produced a vibrant and thriving economy, which coupled with the high standards of living and favourable tax conditions present a strong fiscal case for investing property in Cyprus.
As well as the monetary reasons for investing, the potential reunification of the island will offer considerable investment opportunities, especially in the Turkish controlled north where property is still considerably cheaper than in the Greek controlled south. Talks are at present on-going regarding potential re-unification, and whilst they are still at an early stage, it has resulted in a keener focus on political events in Cyprus.
Already there are an increasing number of high quality projects being developed throughout the north of the island, and destinations including Catalkoy and Bogaz are already proving popular investment choices. Should re-unification be confirmed, this development process is likely to gather pace considerably, with prices in the north increasing to equal levels currently found throughout the south of the island.
With the increasingly challenging global financial climate causing investors to redefine objectives and returns, Cyprus is becoming an increasingly popular option for investors seeking a long term, more stable property investment. Mark Burns works for Offplanworld.tv, a UK based real estate company who specialise in off-plan investment property throughout the world's emerging markets, and who offer a wide portfolio of off-plan property in Cyprus.
