Overseas property investors cash in on Cyprus

3 October 2007

With the substantial growth in the countries economy, Cyprus is proving to be a number one choice for overseas property investors. Principal International, one of the UK’s leading overseas property investment companies says that with the shortage of land being available to develop in Northern Cyprus and the strict planning laws relating to height and density, the amount of new build or off plan property is becoming more and more scarce.

Simon Ryeland, Director of Principal International quotes “now is a good time to buy in Cyprus, prices are still affordable and getting into the market early will reap rewards in 3-5 years time. The tourist market in Cyprus is very strong and has been growing rapidly for the last 6 years. With this brings increased rental opportunities, making the property investors market a hugely profitable one”.

With the recent announcement of additional budget airline routes opening up between Leeds Bradford International airport and Paphos, this is expected to further boost the numbers of tourists visiting every year. The new routes are expected to start from May 2008 and will undoubtedly generate more interest from keen property investors if the rumours of successful investments being linked to budget airline routes are to be believed.

With its accession to the Euro in 2008, the economy in Cyprus is already showing a positive effect in the North of the country. Growth here has averaged 10% per annum between 2003 and 2007 and rental yields are showing a staggering 8-10%, a much healthier figure than some of its European counterparts.

Principal International say that interest in buying property in Cyprus is as popular as ever and with prices still below some of the popular emerging European destinations, investors believe there are many opportunities to explore.