We Know Property

OPP magazine reported the successful trend of the Cyprus Property Market. Investment, increased construction and rising tourism all add up to a market predicted to weather current economic conditions.

Established, comfortable and confident; Cyprus has a property sector that’s long been standing on its own two feet. However, like all markets in the current economic environment, the country needs to up its game and remain competitive. On this front, the Cypriot government seems a few steps ahead.  Cyprus’s strength as a holiday home and retirement destination is driving the market, with rising tourism numbers – particularly from Scandinavia – this is set to continue. Figures from Cyprus tourism organisation show that tourism numbers in the first half of 2008 were 2.7% year-on-year – promising for those selling holiday-homes. British visitors still make up a hefty proportion in the tourism market. In September 2008, 178,664 (56% of the total) visitors came from the UK, according to the Republic of Cyprus Statistical Service.

Aside from tourism, people looking to relocate and retirees continue to help fuel the property market. Information from Nationwide Website of Cyprus suggests that the number of expatriates moving to Cyprus for business or retirement purposes account for 9.4% of the population.

To maintain this success the government has implemented a long term strategy for 2010, by the Cypriot Tourism Organisation, to upgrade the industry and secure the sustainable development of tourism. The strategy is said to include upgrade of airports and general infrastructure. This will increase visitor numbers to 3.5 million by 2010 and generate revenues of £1.8 bn. 

This presents a number of opportunities for agents.

OPP noted the following key selling points for buyers in Cyprus:

-          Local mortgages

-          Flexible payment schedules

-          Strong track record of returns on capital investment

-          English widely spoken and the second language to Greeks

-          International schools

-          Over 300 days of sunshine per year

-          Quality medical facilities and European trained doctors

-          Excellent road and motorway system across the island

-          Sensible value for money selling prices per square metre

-          Stable government

-          Consistent utility supplies

-          Low private and corporate tax, 5% on pensions

-          No inheritance tax

-          Good Capital Gains allowances

-          Low crime rate

-          Two renovated and updated international airports