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Why
Cyprus
in the
top 5
Increased
interest
in
Cypriot
property
listed
on
TheMoveChannel.com
has
pushed
the
holiday
hotspot
up 3
places
to break
into the
Top of
the
Props
Top 5!
Here we
investigate
just why
there is
so much
interest
in
Cypriot
property
at
present...
With its
unique
blend of
climate,
culture
and
clubbing,
Cyprus
is one
of the
most
popular
tourist
destinations
in the
Mediterranean.
From the
stillness
of Ruins
of
Salamis
to the
commotion
of the
Ayia
Napa
night
clubs,
the
Mediterranean’s
3rd
largest
island
throngs
with
visitors
every
year,
drawn to
its many
varied
attractions.
With
Euro
membership
just
around
the
corner
and
property
prices
rising
month-on-month
this
year,
foreign
interest
in
Cypriot
property
is
showing
no signs
of
cooling,
as
reflected
in the
movements
in this
month’s
Top of
the
Props
chart.
An
increase
in the
number
of
enquiries
about
Cypriot
properties
listed
on
TheMoveChannel.com
over the
last
month
has
given
Cyprus a
leg up 3
places
to break
into the
exclusive
Top the
Props
Top 5.
The Top
of the
Props
chart
reflects
the
share of
overall
monthly
enquiries
to
TheMoveChannel.com
each
country
receives.
Airline
investment
to bump
up
tourist
numbers
With its
wealth
of
heritage
sites,
perfect
climate,
blue
flag
beaches
and
buzzing
nightlife,
Cyprus
attracts
over 2.4
m
tourists
annually.
This
crucial
industry
brings
in more
than
£1.3
billion
a year,
contributing
around
15% of
the
island’s
GDP.
The
issue of
air
travel
is
critical
for
further
tourist
development
in
Cyprus.
Panos
Englezos,
Chairman
of the
Cyprus
Tourism
Organisation
(CTO),
recently
stated
that new
budget
airline
routes
have
resulted
in a
“significant
increase
of
arrivals
from
Greece,
Russia
and
Scandinavia.”
Mr
Englezos
has
affirmed
his
commitment
to
increasing
the
number
of
budget
carriers
operating
routes
to the
island.
In June,
Cypriot
President
Tassos
Papadopoulos
promised
to back
the
further
expansion
of the
country’s
tourism
industry.
Speaking
at the
opening
ceremony
of the
Hoteliers’
Pancyprian
General
Assembly
in
Nicosia,
he said,
“The
government,
evaluating
correctly
the
decisive
significance
of
tourism
to the
economic
development
of the
island
and the
people’s
welfare,
maintains
in its
priority,
interests
and
aims,
the
continued
upgrading
of this
key
sector.”
The
upgrading
of
Larnaca
and
Paphos
airports
is due
to be
completed
by the
end of
2009.
Euro
announcement
sparks
investor
interest
With
English
widely
spoken,
a legal
system
based on
English
law, a
stable
economy
and low
mortgage
rates,
Cyprus
is a
popular
place
for
Britons
to own
homes
abroad.
According
to the
Cypriot
Land
Registry,
12,000
of us
have
already
made the
move and
now own
homes on
island.
George
Lacey of
Lacey &
Co.
commented:
"As
prices
have
risen in
Spain
and
other
Mediterranean
areas,
Cyprus
has
become
increasingly
popular, especially
with
British
buyers.
Prices
in
Cyprus
are
still
very
reasonable
in
comparison
to Spain
and
Portugal,
with
countryside
restoration
properties
available
from
around
£50.000.
If you
throw in
the
ideal
climate,
the fact
that
English
is
widely
spoken
and the
country's
excellent
health
care
system,
Cyprus
is an
ideal
place
for
Brits to
buy
abroad."
Cyprus
is in
the
middle
of a
housing
boom at
present.
According
to
Financial
Mirror
calculations,
the
BuySell
Home
Price
Index
has
risen on
average
by 9.3%
year-on-year
so far
this
year,
compared
with
5.9% for
the
whole of
2006,
suggesting
Cypriot
house
price
growth
is
actually
accelerating.
Factors
cited to
explain
this
trend
include
July’s
EU
announcement
that
Cyprus
will
adopt
the Euro
in
January
2008, a
decrease
in local
interest
rates, a
lack of
Cypriot
housing
supply
and a
rush by
investors
to beat
the
imposition
of 15%
VAT on
land
purchases
from 1
January
2008.
Mark
Bodega,
Marketing
Director
at
currency
specialist
HiFX,
commented:
“Since
it was
announced
that
Cyprus
would
adopt
the Euro
in
January
08,
we’ve
seen
interest
in
Cyprus
almost
double.
Our
figures
show,
that
whilst
the
numbers
of Brits
buying
holiday
homes in
Cyprus
has
remained
relatively
static,
this
increase
is
largely
due to
an
increase
in
investors.
It seems
that
whilst
the
Cypriot
Pound
has
effectively
been
fixed
against
the Euro
for the
past two
years or
more,
this
recent
announcement
confirms
the
island’s
economic
maturity
and the
promise
of a
share in
the
spoils
of the
recently
improved
EU-wide
growth
story.”
However,
Simon
Tweddle
of
PropertySecrets.net
urged
caution,
saying
“I think
over the
next
year or
two we
will see
prices
continue
to rise
at
around
20% per
annum,
though
investors
must be
careful
that
they
only buy
into
quality
developments
and
avoid
areas
that are
in
danger
of
becoming
oversold,
to
protect
their
rental
and
resale
strategy.
Overall
the long
term
prospects
for
property
prices
are
healthy
in
Cyprus
and the
country
makes an
excellent
location
for
second
home
buyers.”
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