Cyprus brings a new breed of investors

15 August 2007

Chairman of the Cultural and Special Interest Tourism Association, George Michaelides is reported as saying that Cyprus is more than just a sand, sea and sex destination. This, says Principal International raises speculation that the islands tourist authority is seeking to encourage a new type of visitor and with it comes a new breed of investor.

With the 28 million euro investment Cyprus has just received to promote its Rural Tourism Initiative, this will undoubtably enable development away from the typical costal resorts which attract the millions of visitors every year, and focus further inland on new development opportunities which will be closer to areas of natural beauty and historic monuments.

Simon Ryeland, Director of Prinicpal International, one of the UK’s leading overseas property investment companies, says that Cyprus has long been a popular holiday destination for many Europeans, making it a preferred market for buy to let. Its beaches feature amongst the cleanest in Europe making beach front property ideal for tourists and families with a variety of options to suit all tastes.

Property prices continued to rise for the 5th consecutive month in May 2007 and reports say that a 20% property value appreciation is expected throughout 2007. Principal International say that interest in Cyprus remains high.

The adoption of the Euro in January 2008 for Cyprus will bring further good news for investors looking to cash in on a rising market. It will mean security against rapid interest rate increases and protection against economic turbulence. Cyprus’s property market has enjoyed consistent growth and more is expected with the adoption of the Euro, now is a good time to invest.