Property investors looking to invest in Cyprus property are heading inland, it would appear.
While the traditional appeal of the country focuses on the azure Mediterranean waters, beaches and sunshine, the country has been busy trying to sell its other attractions to visitors, with tourism chiefs arranging a series of events to showcase the history, culture, food and drink, hospitality and other aspects of the island that have been neglected.
With a rich history influenced by a multitude of cultures, numerous archeological as well as cultural legacies, plus snow-capped mountains offering skiing, many will conclude that there is indeed a wealth of attractions the tourists have missed by staying in the main resorts.
Considering how the movement of tourists has significance for buy-to-let investors, this may be just as well, for right now, those looking for property on the island are increasingly looking farther afield for bargains – and finding them.
As an example, property writer Kevin Moore told Ready2Invest this week that Cyprus properties in small villages on the coast can be bought for 50 per cent less than in the traditional tourist honeypots.
He said: “We aren’t talking about tens of miles here, because there are still lots of unspoilt villages dotted along the coast within a short car journey of the larger towns.”
This in turn means that such properties will have similar access to important aspects of tourist infrastructure, such as airports.
More good news for investors is that there are plenty of organisations looking to provide help and advice for investors.
These include the Cyprus Property Action Group, which is an organisation set up with the aims of not just advising on the property market and providing news about it, but also suggesting ways to enhance it further, using a regular column in the Cypriot Financial Mirror to provide this service, it announced through the paper today.
With such action taking place on the ground, the possibility exists that those looking around for the next bargain will have a steady stream of information available to help in the hunt.
On January 1st 2008, Cyprus will adopt the Euro as its currency. But investors need not wait that long, according to Simon Tweddle, chief analyst at property experts Property Secrets. He stated that: “Membership of the EU is a huge advantage but membership of the Euro, to be honest, is not a big deal.”
Mr Tweddle’s comments were directed at eastern European property markets, but Cyprus is comparable to them in the sense that it is also a recent addition to the EU (it joined in 2004) while not yet having the Euro. Thus investors may be best off not waiting until January 1st before looking for that Cypriot bargain.