Buying property south in Cyprus
The closely fought election in southern Cyrus has ended President Tassos Papadopoulos five years in power. Communist-rooted Dimitris Christofias won Cyprus’ crucial presidential runoff defeating Ioannis Kasoulides according to final results. The election is considered as a crucial step towards reunification with the break-away Turkish-controlled northern Cyprus after decades of division. Kasoulides pledged to support Christofias in efforts to resolve the island’s three-decade long division.
Overseas property portal Amberlamb.com’s director Rhiannon Williamson said that reunification could bring excellent investment opportunities in North Cyprus Property market. However she cautioned that there is still a long way to go before the North Cyprus and South divide in Cyprus is completely eliminated.
Property prices in North Cyprus are still much cheaper than in South Cyprus, but it cannot remain so for too long. Overseas investors today are considering North Cyprus Properties for their investment as they foresee potential long term growth.
Rhiannon Williamson suggested Larnaca as one such prospect. Larnaca is a great blend of Greek and Turkish culture and has fabulous beaches, Mediterranean climate, unique historic sights and the genuine hospitality of the people. She further said with the massive development of infrastructure like airport upgrade, new road links, new marina, golf courses, and theme parks, Larnaca enjoys tourism at very high occupancy rates all the year round and good rental return possibilities. These things come together to make property in south Cyprus rather attractive at present.
The unification process may take time and there is lot of things need to be done to raise the standards of infrastructure in the North but investors looking for property purchase for the main objective of achieving a massive potential gain are looking forward to it.
Rics(Royal Institution of Chartered Surveyors) publishes regular market surveys, compiled from data provided by Chartered Surveyors. European Housing Market Review, published this week, finds Cyprus and Iceland at 15 percent each, were the only countries in which house prices outstripped the growth seen in 2006 while Cyprus has year round sunshine but Iceland unfortunately lacks it.
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