Famagusta set to become prime property hotspo
Former Cypriot tourist centre Famagusta will become popular among overseas property investors if reunification talks are successful.
Famagusta has traditionally been one of the more popular cities for foreign investors and had 95% of Cyprus’s tourism before the 1974 Turkish invasion. Property investment firm International Property Group (IPG) has stated that the region would see immediate price rises of 10% upon reunification. IPG director Gerraint Thomas has commented that if the talks between Greek and Turkish Cypriot leaders are successful, the area will see excellent capital appreciation.
Recently some economist newspapers reported that more than any other city in Cyprus, property prices in Famagusta have increased substantially. The market does not succumb to political pressures and there are still high demands for resale and off-plan property. Property Experts expect prices to continue to increase as it is considered as stable and mature property market.
Foreign investors looking for a holiday homes to retire are recommended buying in Famagusta to take advantage of the low prices. The price in Famagusta is cheap compared with the southern part of the island and pricier areas of the Mediterranean such as Spain and Portugal.
This news comes after a recent study by Jet-to-Let magazine has revealed that nearly 40 per cent of prospective British buyers plan to invest on the Mediterranean island in the next year.
Popularity: 37% [?]
