British Buyers Yearn To Buy in Cyprus
The recent survey by property investment magazine, Jet-to-Let has revealed that investor interest is continuing to drift away from the UK buy-to-let market and towards foreign investment opportunities. Cyprus retained the top spot, which is unchanged from 2007, with France and Spain property ranked second and third. Nearly 50 per cent of investors said they have planned to invest in foreign properties in the next 2 years, with 35.8 per cent eager to invest within next year.
Dominic Farrell, editor of Jet-to-Let magazine has said that not to be surprised of Cyprus bagging the top honors in the survey because the adoption of the Euro, tax-efficient environment and the possibility of restrictions surrounding property ownership being lifted in the near future makes Cyprus very attractive for investors and homebuyers alike.
Global Property Guide has stated that the island boasts some of the cheapest properties in Europe. Moreover the Land Registry system for properties that is similar to the UK system also makes it easier for UK investors. Derek Watkins of cyprus4investors has said that ‘Englishness’ of Cyprus makes it very popular with Brit buyers and it was recommended as a good buy-to-let destination.
Buy-to-let investors in Cyprus are continuing to see demand from incoming leisure travelers. Brits are said to account for almost half of the foreign arrivals in Cyprus during last 3 months. This is welcomed by Investors in Cyprus property market, as it indicates the growing demand for holiday accommodation. Besides, this could potentially lead to the increase of house prices in the most popular locations.
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