cyprus resilient mediterranean property market
News Posted On: 17/04/2009
Cyprus' property market is another to go on the list of credit crunch survivors. According to Jonathan Salsbury, since last Autumn the Cyprus property market has gradually become less dependent on British buyers. A transformation that is now almost complete, as Eastern European buyers including Russians now sit beside Cypriot second home buyers as the predominant force fuelling the booming Cypriot property market. British and Western buyers now account for a far smaller proportion of the market.
According to the Royal Institution of Chartered Surveyors, the Cypriot economy has coped well with the global slowdown, and is well placed to benefit from the recent European Central Bank rate cut. The International Monetary Fund also has high hopes for Cyprus, predicting that the island will enjoy growth of 3.4 per cent this year and 2.9 per cent next year.
Les Calvert, director of up and coming overseas property portal Property Abroad picked out Paphos as a particularly strong area of Cyprus, he said:
"Our Paphos properties are particularly popular with holiday home buyers and investors at the moment, and are likely to become even more popular once the new terminal opens at Paphos airport November 17. Paphos' beaches are one of its greatest strengths, lapped by not so much a sea as a loch surrounded not too distantly by land on all sides, which also gives the Paphos coast a particularly mild and warm climate almost all year round."
Property Abroad currently has some excellent properties in Paphos . Buyers on a limited budget will be blown-away by the fully furnished studio apartment in Paphos , being sold for just £38,000. The apartment is in a brand new building, with a communal pool, covered parking, and located not far from the coast in Peyia, Paphos.
For those with a slightly bigger budget, Property Abroad's star Cyprus property could be a winner. The off-plan Zephyros Village 1 development , offers 2 and 3 bedroom maisonettes and apartments, priced from £92,000, in a secure and peaceful village style resort development. Located in the traditional Cypriot village of Mandria not far from Paphos and its international airport, the development features: a large communal swimming pool, children's paddling pool, private parking, and is near an 18-hole professional golf-course.
Find out more about Cyprus property
Back to news articles for this country
Related Articles in Cyprus
Govt To Act on Cyprus Property Deeds thereby Boosting Market
19/06/2009
There have been rumours recently that the new measures to help people get their title deeds would no.....
Cyprus Property Regaining its Popularity with Overseas Buyers
13/06/2009
Cyprus property has grown in popularity again between April and May according to the data collected .....
Cyprus Economy to Avoid Recession Property Market to Pick Up
02/06/2009
The International Monetary Fund is forecasting that economic growth will continue in Cyprus this yea.....
Cyprus Property Down but not Out
14/05/2009
Cyprus property is more popular this year than it was this time last year, overseas property portal .....
Cyprus 6th most popular for visitors
11/05/2009
Cyprus property was 6th most popular with visitors to the Property Abroad portal in April the compan.....