Overseas investors make the most of Cyprus property
Cyprus is one of the hottest locations currently available for the overseas property investors. Principal International says that with the lack of land being available to develop in Northern Cyprus and strict property planning laws enforced by the government to protect against overdevelopment has resulted in inadequate supply of new builds.
Simon Ryeland, Director of Principal International has said that this is the best time to invest in Cyprus as the property market in Cyprus has gone from strength to strength over the last few years and prices are still affordable. The booming tourism industry increases the demand for rental property resulting in inflation of potential returns and profits will soar. Cyprus has become a popular destination for tourists as it has year round sunshine and those looking to move to a place in the sun.
Cyprus is easily accessible from the UK and Europe. The recent news of more budget airline routes from May 2008 between Leeds and Paphos is expected to further enhance the numbers of tourists visiting the country and will definitely generate more interest from keen property investors. EU passport holders are free to cross the green line between the North and the South without any hassles. So property owners in the North can make use of airports in the South of the country as well.
The accession to the Euro in 2008 is already has a positive knock on effect in the Cyprus economy. Average growth is 10% per annum between 2003 and 2007 and rental yields are showing an amazing 10%, which is comparatively a much better figure than its European counterparts.
Principal International say that the current Cyprus economy is a good news to property investors seeking a stable tourist market on which to base a property investment with high rental potential and good capital returns.
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