Travelsupermarket.com has stated that property investors generally find it much comfortable to research in the web. The online portal added that property buyers can easily look at the whole market online in order to find the best deal. Hunting for property online has increased last year by 26% and over 10.2 million people used the web to search for property overseas. Cyprus is listed in the top ten popular property destinations with more than 21% searches. This suggests that Cyprus is enjoying a property boom as investors look for alternative ways to find holiday homes, rental properties and investment opportunities.

The Sunday Mail described Cyprus as a hotspot for overseas investors, including holiday home buyers who want a residence for personal use. The Global Property Guide flagged Cyprus as a good location for those who wish to invest in a foreign property, with a recent report showing that prices have risen steadily during the last 12 months. The country is one among the 13 countries to have seen the cost of property increase over the last year, showing a rise of 13.26 per cent.

Figures from the Homes Overseas magazine show that in the last year alone, property values have increased by nearly 20 per cent.

Cyprus has become one of the most popular holiday destinations bringing in over £1.7 billion in revenue every year to the country. Financial Mirror cited government’s official data that more than 307,000 foreign leisure travelers visited the Mediterranean island during June 2008 which is 8.8 per cent higher than the amount recorded same time last year.

Marios Christodoulou, spokesperson of Lovecyprus has stated that Cyprus is getting more and more popular as it is undergoing increasing development for special interest tourism. The initiatives by the government of Cyprus has modernized and broadened its appeal to encompass various demographics. Government has invested in infrastructure up gradation, new transport links and leisure facilities, along with the construction of two new international airports.

Commenting on the development, Akis Kelepeshis, president of the Association of Cyprus Travel Agents has said that a lot of time and money are invested and Cyprus is beginning to see increasing tourist numbers. Cyprus’ popularity as a holiday destination is directly boosting its property market. The findings indicate the growing demand for holiday accommodation and this could potentially lead to house prices going up in the most popular locations.

Cypriot property market has attracted international interest due to its robust economy. Much of this new impetus seems to be focused on Larnaca, where the Cypriot government is aiming to attract affluent golf lovers by creating new golf developments, resorts, new five star hotels, retail outlets and a new super marina suitable for luxury yachts. The government has planned a new airport in the region which makes it more easily accessible for foreign investors and potentially boosts its tourist trade.

Larnaca is an ideal destination for golf fans as it had a good climate and already established golf developments. Plans are proposed to encourage golfers to visit the region which could make it compete with more established golfing destinations such as Portugal. The marina is redeveloped to make it a major cruise hub for the eastern Mediterranean. Zenon Consortium, which owns the Costa and Louis cruise lines, has been awarded a grant of almost £800 million from the Government to carry out the project.

Kathrin Pfeiler, Lufthansa’s general manager for Cyprus, told Financial Mirror that the new flights to the island from Lufthansa German Airlines which offer passage between Munich and Larnaca is a boost to the accessibility of Cyprus from mainland Europe. Meanwhile, Monarch also announced that it will increase the frequency of flights to Larnaca from Luton Airport to 14 services per week.

This follows a report by MRI Construction which found that one in six potential investors from the UK favored the Mediterranean island.

According to OK! Magazine, Celebrities Peter Andre and Katie Price have just purchased recently bought an off-plan property near Larnaca. The magazine added that the Mediterranean island has also proved to be popular with many other famous faces, including Boyzone singer Stephen Gately and actress Kim Cattrall. According to Times, Joe calzaghe, the boxer has bought property in Cyprus recently. The island has also received the royal seal of approval, as Prince Harry has also taken breaks there in the past.

Cyprus is an attractive option for foreign tourists because it has adapted to consumer needs and offers an excellent climate, making it an ideal place to hold barbecues and play golf, walking, rambling or relaxing on its blue flag beaches. Expats in Cyprus are able to take part in far more outdoor activities than they could in the UK, reports Homes Worldwide. The tempting attributes of Cyprus are sustainable which includes good food, culture, history and architecture, which suggests that Cyprus will remain a popular location in the long-term. This diverse range of attractions in Cyprus is helping to attract many foreign expatriates.

ShelterOffshore.com has recently remarked that the sun-kissed Mediterranean paradise is a ‘tax haven for retirees’ as it also offers number of financial attractions to older expatriates.

Finance Minister Charilaos Stavrak Speaking to Reuters said that its economy will grow by about four per cent this year and a slight drop during the second quarter of 2008 was a seasonal oddness, partly because the tourism season had not got underway. He added that the tourism sector peaks in July and August, which means the slight fall earlier in the year should be reversed.

According to Forbes which cited the official government figures, the country’s gross domestic product in 2007 was 4.4 per cent up on the previous year. This has prompted officials in Cyprus to forecast a similar rate of economic growth during 2008. The Economic Intelligence Unit (EIU) has predicted that the island’s gross domestic product (GDP) should go up by 3.7 per cent this year.

Lucas Papademos, vice president of the European Central Bank has praised Cyprus economy and said that it has developed into a highly stable country and added that the island had set an example for other countries that wanted to pursue similar economic reforms.

The holiday industry generates more than a tenth of the island’s gross domestic product. Cyprus popularity as a holiday destination is directly helping to boost its housing market. Property values in the Mediterranean island increased by more than three per cent during the first quarter of the year. This means that it could be an ideal market for people who wish to invest in a foreign property.

Road-shows are being organized throughout GCC to attract wealthy nationals from the region, in investing their money in the property sector of the island nation.

For instance, Leptos Estates, a real estate firm, organized a road-show last week at the Sheraton Doha. The Leptos Marketing Manager for Middle East, was reportedly quoted as saying that with the cost of purchase and sale, being low currently, the company is targeting the North European market for residential and holiday homes, and majority are even considering moving to Cyprus permanently.

Brown revealed that there has been a pressure to market properties to Gulf investors. Although there are considerable investment options and significant homes, most GCC nationals prefer to pay for housing inside the GCC.

With a balmy climate, Cyprus has been a favorite for European investors. The British have made a significant presence in Cyprus already, with many purchasing holiday homes, used as both a getaway and investment.

However, now people are moving back to the UK, and hence, the next target market is GCC residents and people from places such as Sweden. The French prefer to spend their money in France, while GCC nationals and residents can now buy homes in Cyprus, as people here are seeking to recharge their batteries. There are good three bedroom villas with a starting price of 300,000 Euros, Brown said.

The real estate market is facing stiff competition. Lebanon too, has become a popular investment destination for Arab nationals, with factors such as language and comfort, influencing their decision to invest.

The pleasures of winter sports under the beautiful blue Mediterranean sky are an additional element to a wide variety of tourist attractions of Cyprus. Recently the Famagusta Gazette reported today that 15 centimeters of snow fell in Troodos hill resort, while up on Mount Olympus 30 centimeters were recorded. Mount Olympus is only 3km from the Troodos hill resort and about an hours drive from the seaside towns of Limassol and Paphos.

The Cyprus Ski Club in Troodos possesses four ski lifts in which two are installed on the north face of Mount Olympus and the other two ski-lifts are installed at “Sun Valley” south of Olympus. Cyprus is one of the few places in the world where on the same morning you can ski on the snow clad sides of Mount Olympus, and swim or sunbathe in the beach on the same day. Overseas property investors will look for the best new opportunities on the Mediterranean island where it has seen a boom in property in the last few years and new possibilities are continuing to arise.

A recent study by Jet-to-Let magazine revealed that nearly 40 per cent of prospective Brits plan to purchase a residence in Cyprus next year.

Larnaca has appealed to everyone and it has places to enjoy a night out and a variety of cultural and historical sites. Discover Larnaca, property portal has stated that the Larnaca is “quiet and picturesque”, while its good weather and scenery is also highlighted as additional benefits for tourists.

Financial mirror has reported that Lufthansa German Airlines will offer passage between Munich and Larnaca from next spring. The carrier will offer the service three times a week. Meanwhile, Monarch has announced that it will also increase the number of flights to Larnaca from Luton Airport to 14 services per week. Flights to Larnaca from both London Gatwick and Manchester have begun to operate this summer. This will boost the accessibility of Cyprus from Europe and potentially enhancing its status as a hotspot for foreign property investors.

The number of people passing through Paphos and Larnaca airports in Cyprus has increased and the two airports has handled more than six million passengers in 2007. This figure has already been beaten this year, the final number for 2008 as a whole is expected to be a record amount.

The hot summers and mild winters has led to it becoming a popular holiday destination for 12 months of the year, which has in turn created opportunities for overseas property buyers. The region’s housing market has seen substantial growth in recent times, with values has risen by about 15 per cent in the last year.

Antonis Michaelides, minister of commerce, industry and tourism, said Cyprus offers several benefits to overseas investors such as being well located and economically prosperous. He pointed out other striking qualities of the country, such as the streamlining of the tax regime and strategies to cut bureaucracy.

John Bevan of Lastminute.com said that Russians are becoming the most prominent force in the European tourist trade as they are not badly affected by the global credit crunch as people in the west of Europe. The affluent Russian property buyers are increasingly choosing to snap up properties in Cyprus because it offers numerous lifestyle attractions, such as good beaches, sunny weather and various leisure facilities, including golf courses.

Property experts believe that Russian investors are not looking for quick to returns and are willing to invest in the long-term. According to a recent research, nearly half of would-be Russian buyers are very keen to invest in Cyprus in the future. This puts it ahead of rival markets including Morocco, Spain and France in terms of its overall popularity among the Russians.

This comes after the news that The Royal Institute of Chartered Surveyors (Rics) stated that interest among second home buyers from abroad particularly from Russian property investors is encouraging growth in the country’s housing market.

According to the Telegraph, Cyprus is mostly good to visit at this time of year because of its Mediterranean climate, temperatures characteristically in the mid-20s. The publication stated that the pleasant temperatures in winter means sightseeing would be more enjoyable than in summer, as the heat is less stifling.

Panos Englezos, The chairman of the Cyprus Tourism Organization (CTO) speaking to the Cyprus Mail has said that he wanted to change the perception of the island as only being a good holiday spot during the summer months. He added that this year’s winter bookings are going well and the CTO is making efforts to increase visitor numbers in winter months by working together with local authorities.

The winter sunshine in Cyprus has also been highlighted by the Times, which recommended Paphos as a good place to visit. Travel writer Richard Green in Sunday times in response to the concerns from a holiday home owner has said that if people did want to fly to Cyprus in winter they should book with charter carriers’ as scheduled flights are more likely to be expensive.

Year-round good weather in Cyprus and Government’s initiatives to boost winter tourism has attracted holidaymakers in recent years, leading to a resultant surge of interest among overseas property investors.