New areas for development in Cyprus
There is a growing trend amongst Developers in Cyprus to look for new areas away from the traditional holiday hotspots, it has been stated.
The latest trend among developers of apartments and resorts is to move away from the traditional centres such as Paphos and Limassol and the most notable fact about such out-of-town properties is that they are much cheaper to buy than in the cities, the difference being as much as 40 to 50 per cent, but with the possibility that prices will catch up in time and may make for outstanding assets in the future for the investors who buy early.
Meanwhile, Monarch Airlines has increased its summer flights to Cyprus. The budget carrier revealed that it is adding two flights per week to Larnaca from Birmingham, adding to the 19 already flying from Gatwick, Luton and Manchester. Liz Savage, Managing director noted that there had been “huge demand” for the service from the midlands, he commented: “we have received with over 10,000 advanced bookings already taken and the first flight almost fully booked.”
This clearly indicates that low-cost travel to Cyprus remains strong and people still clearly looking to travel despite the recession but perhaps seeking to watch their budgets more closely. So for those investing in rental property, there are opportunities in many places in Cyprus, often ones that investors would not have previously thought of but perhaps also in places they may have considered in the past only to be deterred by the price tags and see if they really can pick up bargains now.
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