LATEST NEWS : 2007

Cyprus tops list of property hotspots

As property investors look ahead to the start of a new year and begin to form their investment plans for 2007, Cyprus has been tipped to become one of the world's most attractive property markets.

It was reported last week that the Cypriot economy is in the midst of substantial growth with property investment a key contributory factor in its success. Stuart Law, managing director of Assetz, has corroborated these suggestions by predicting an extremely healthy future for the market based on a number of key economic conditions.

"Southern Cyprus is set to become the overseas investment hotspot of 2006, with deposit levels falling to just 15 per cent in many areas for higher income clients and with Swiss Franc mortgages now available with rates of just 3.25 per cent, making borrowing even more affordable," said Mr Law.

The Passenger Survey recently recorded a 3.9 percent increase in revenue from tourism in Cyprus against the figures from 2004 and Mr Law has suggested this is set to continue in advance of two significant developments planned for the island in the next few years. It is believed that both will significantly improve the prospects of buy-to-let investment on the island.

"The complete redevelopment of Paphos airport, due for completion in 2008, will bring increased levels of tourism to the country and additional investment opportunities, prompting an increase in house prices," he said.

"Entry to the Euro is beckoning in 2007/8 which will pre-empt further price growth. Rental yields remain at a confident eight - nine per cent with a year round rental market in some parts of the island," added Mr Law.

SOURCE: Azzetz Published 20th Dec 2006, (a Tuesday) at 12:00AM