Cyprus sails through credit crunch

Published 22nd Oct 2008

Contrary to the sales downturn being experienced by many overseas countries, Cyprus’ property market has remained buoyant...

The market has been ‘cashing in’ on investors who have been turning away from the less attractive / weak markets and returning to the ‘safer’ and established areas in the Mediterranean…

Whilst UK buyers continue to purchase holiday and retirement homes or simply an ‘escape route’ from the economic and climatic gloom in the UK, investors are looking to off-set stock/share losses with an option of steady growth and tangible assets.

Such is the on-going demand that Cybarco Plc has released the final phase of its award winning Amathusa Coastal Heights development two years ahead of schedule.

Many might question whether developments such as Amathusa can sustain the capital appreciation they have witnessed – 40 per cent over the last five years - or whether the Cypriot market has now peaked.

It is true to say that prices on the Island are much higher than they were 5/10 years ago and as such are now settling to a more sustainable, mature market rate increase of around 10 per cent per year.

With three million Brits expected/ hoping to buy overseas in the next two years (Source: Cater Allen Private Bank, part of Banco Santander), it is a given that demand for property in Cyprus will remain.

Source: ' TMC '

View All Latest News