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"Cyprus is the only Eastern Mediterranean destination that offers a quality of life to which most Britons are accustomed," said Pauline Gallagher of Cyprus-specialist UK-based agents Halcyon Properties, "With its good infrastructure, high-quality hospitals, excellent shopping and where English is widely spoken."
On an island that is now our fifth most popular foreign destination, many ex-pats have been attracted by the 300-odd days of sunshine annually and the island’s low flat tax rate for non-Cypriot residents of just five per cent. The low cost of living is an added bonus that reportedly has encouraged 60,000 Britons to buy a second home in Cyprus, where many have bought on newer developments.
"The majority of property is relatively new with most housing stock being under 20 years old," said Gallagher, "Although the ‘old walled area’ of Nicosia, with its traditional stone houses, is becoming popular with those looking for renovation projects."
In the tourist resort of Paphos, on the island’s west coast, an average two-bedroom apartment costs CY£67,000, a two-bedroom holiday villa CY£130,000, and a three-bedroom house from CY£185,000. In Larnaca, a town becoming increasingly popular with Britons due to keen pricing, a two-bed apartment costs from CY£42,000, and a two-bedroom holiday villa from CY£97,000, an increase on the previous year.
"Prices have gone up rapidly in the last few years with increases of 20 per cent a year not an exaggeration," said Marius Vassiliou, manager of Ectoras Developers, "Some people who bought a few years ago have seen the value of their property double."
Prices look set to continue to rise too, fuelled by the investment opportunities that joining the EU will bring by the opening up of the island’s previously closed ‘buy to let’ market. "The rule of thumb for investors is to buy a two-bedroom property because they let (and sell) the easiest," explained Peter Katsantonis of real estate agents Leptos UK, "If you can afford it, buy a place with its own pool and as near to the sea, town, nightlife and amenities as possible as this will again be attractive to tenants."
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