Peyia is a small coastal town next to Coral Bay and a short drive or a bus ride to Paphos, the ancient capital of Cyprus with its historic ruins including the “Tomb of the Kings”. There are many shops, restaurants and bars that cater for both locals and the many holiday makers.

Islandproperty promoters have come up with this novel idea. There are 18 supreme, fully equipped and furnished luxury apartments situated in small purpose built private complexes deliberately built for those who want those quick “Get away to the sun” breaks. Each apartment has a double bedroom, a sitting room, a kitchen and a shower room and they will also have a small private garden or a balcony. Each complex also has off road private parking and a shared and fully serviced private pool.

Buyers those who are interested all have to do is to buy a ticket for €20 and submit your answer to the Where did the golf ball land? Question. There are 18 draws for 18 apartments and once 8000 tickets have been sold, that Draw is closed and the next one will be open. The answer in each draw will be different. The competition adjudicators are KPMG accountants and the question and answers for all 18 draws have already been lodged in sealed envelopes. KPMG accountants and Vlamis Law Office of Cyprus will account for all monies received.

The Cyprus Government seems determined to introduce measures of saving space in paphos as the town grows. Savvas Vergas, mayor of the Paphos has been meeting with architects to discuss about the proposals for high-rise buildings. One local councilor said that high-rise buildings would help to reduce parking problems in the town that are growing year by year.

Assetz has stated that the most popular destination for tourists and homebuyers is Paphos, which offers stunning sea views, a good infrastructure and a year-round tourist industry. In addition, the publication stated that property values tended to start at about £80,000 for an apartment and £500,000 for a villa with a sea view.

Earlier, the Cyprus Government was looking into ways of encouraging better land use in urban areas last year.

Government offered incentives to land owners to increase building ratios, thereby allowing more housing to be built on the same area of land.

Recently, The Mirror stated that the area is a favourite spot with overseas property buyers from the UK in particular.

The Global Property Guide assessment of apartment prices in just about 50 cities in Europe, and revealed that Limassol’s average apartment rent per square meter is just 2,167 when compared to an average rent per square meter is 24,9000 in Monaco this is incredibly cheaper.

Still, the study found that rental yields in Limassol are comparatively profitable to those in Monaco with 4.38 per cent in Limassol surpassing the 2.43 per cent in Monaco.

Residential house prices in Cyprus picked up the pace during 2007 according to the results from the Buy Sell Home Price Index, rising by 19.2% for the whole year compared with 6.6% in 2006 and main reason referred to for the acceleration in house prices this year has been the anticipation of VAT on residential land.