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.

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.

Overseas property portal Amberlamb.com’s director Rhiannon Williamson said that reunification could bring excellent investment opportunities in North Cyprus Property market. However she cautioned that there is still a long way to go before the North Cyprus and South divide in Cyprus is completely eliminated.

Property prices in North Cyprus are still much cheaper than in South Cyprus, but it cannot remain so for too long. Overseas investors today are considering North Cyprus Properties for their investment as they foresee potential long term growth.

Rhiannon Williamson suggested Larnaca as one such prospect. Larnaca is a great blend of Greek and Turkish culture and has fabulous beaches, Mediterranean climate, unique historic sights and the genuine hospitality of the people. She further said with the massive development of infrastructure like airport upgrade, new road links, new marina, golf courses, and theme parks, Larnaca enjoys tourism at very high occupancy rates all the year round and good rental return possibilities. These things come together to make property in south Cyprus rather attractive at present.

The unification process may take time and there is lot of things need to be done to raise the standards of infrastructure in the North but investors looking for property purchase for the main objective of achieving a massive potential gain are looking forward to it.

Rics(Royal Institution of Chartered Surveyors) publishes regular market surveys, compiled from data provided by Chartered Surveyors. European Housing Market Review, published this week, finds Cyprus and Iceland at 15 percent each, were the only countries in which house prices outstripped the growth seen in 2006 while Cyprus has year round sunshine but Iceland unfortunately lacks it.