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21-August-2008
Award-winning Property Investment Ticks All the Boxes
Overseas property investment specialist, Obelisk, has a passion for excellence and the company’s determination to offer superior standards and high professionalism at all stages of property investment has reaped its rewards.
Interview with James Gonzalez
Property Investment in Cyprus 2008
Cyprus's strategic Mediterranean location on the doorsteps of Europe, Asia, and Africa, naturally attracts a steady stream of tourists. More than thirty-three airlines, including the island's national carrier, Cyprus Airways, and many low cost carriers from the UK and Europe, operate scheduled flights to and from Cyprus. Many low cost carriers currently offer routes from the UK to Cyprus for about £90 one way. This creates a strong demand in both the holiday rentals and second home buyers markets.
According to the Republic of Cyprus Statistical Service, 2.4 million tourists visited the islands in 2006. As a former British colony with strong links to the British military, it is not surprising that over half of tourist arrivals are from the UK; In September 2007, 178,664 or 56% of the total 315,437 visitors were British. Tourist receipts are growing year-on-year, up 2.4% in 2005 and 2.2% in 2006.
According to PricewaterhouseCoopers, Cyprus is an attractive place for investment. The strategic location of the island, its excellent climate, and the well-developed infrastructure are just a few of the advantages that give property investment in Cyprus its edge.
The Greek Cypriot economy is prosperous, greatly benefiting from EU membership, and is on course to adopt the Euro by January 2008, as stated by the Ministry of Finance. The Central Bank of Cyprus states that the island's economy is characterised by robust macroeconomic stability; a view supported by the favourable evaluations and comments of the European Commission, the International Monetary Fund, and other influential international organisations.
"According to PricewaterhouseCoopers, Cyprus is an attractive place for investment."
With entry into the EU, the island's previously closed buy-to-let market has opened, and the Cypriot property market has experienced strong growth, earning a place on Channel 4's list of 'Top 20 places to make money'. The programme claims that prices have rapidly risen over the last few years with increases of up to 20% per year.
Knight Frank is upbeat about prospects for the Cypriot property market and predicts that average property prices on the island will appreciate by 12.5% in 2007. They rank Cyprus as the fifth best potential return in Europe and the best 'established' market with five times the estimated growth of Portugal or Italy.
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