Cyprus increasingly Popular with foreign Buyers
Spain may still be the preferred location for Brits to look for a holiday home, but Cyprus is catching up nicely in the affection of foreign buyers, and not just for holiday properties either. Increasingly, places like Cyprus and Malta are seeing foreign investment and new business arrive at their shores.
Blessed with beautiful Mediterranean beaches, ancient Greek monuments and legends, and a wide range of property styles, Cyprus has a long history with British buyers. A vibrant nightlife, wide range of leisure activities suitable for all ages, and a strong expat community make Cyprus a fabulous place to buy a second home.
The island did not escape unscathed from the world-wide financial crisis of 2008. Between 2010 and 2015, Cyprus saw property prices fall by as much as 50 per cent, according to the Royal Institution of Chartered Surveyors. However, recent demand has seen prices rise again, albeit slowly. It is, therefore, still possible to find a nice resale apartment with two bedrooms and one bathroom for just under £50,000 around Famagusta, and a 3 bedroom villa with swimming pool and sun terrace near Paphos for around £360,000.
Spanning just 240 kilometres in length and a mere 100 kilometres in width, Cyprus is small enough for relocators to settle in quickly, but large enough for holidaymakers to have plenty to explore during repeated visits year after year. From the Troodos Mountains in the heart of the island, to the verdant forests of pine, cypress and oak between those mountains and the shore, there are many wonderful things to discover and be continuously amazed at the natural beauty of the island and the friendliness of its people.
And it’s still an affordable holiday destination in which to buy, a fact German, Swiss and Scandinavian buyers are beginning to appreciate more and more: a typical two bedroom/two bathroom apartment in a desirable area like the village of Germasogeia for example will cost around £131,000, and have its own outdoor terrace and come with stunning sea and mountain views.
Article by Maria Thermann on behalf of Propertyshowrooms.com