Cyprus heading more upmarket
Cyprus is set to become more and more popular with foreign property investors, an industry expert has said.
Overseas property development firm, Pafalia, has recommended that Cyprus is likely to become considerably more popular with investors, a development which should push up house prices in many areas.
Simon Cozzolino, a property consultant with property development firm Pafalia, said that house prices have risen by 470 per cent in just over a decade. The Cypriot property market is undergoing a change. The market is shifting its focus to more exclusive developments rather than single apartments.
He further added that high-end villas are now priced around £312,000 from last year £150,000 for homes. He explained that as the budget has increased, value of properties purchased are greater which means even fewer properties are sold, they will be of greater value. Property experts consider the Cypriot market adjustments to take into account changes in price, taste and the Spanish experience of saturation of properties is a good trend.
ShelterOffshore.com has recommended Cyprus as it offers a number of financial attractions to older expatriates from the UK. The relatively low cost of living and favourable tax regime are flagged up as its main benefits.
Popularity: 27% [?]
