Press Release Summary = Interest in southern Cyprus is mounting among investors looking to take advantage of the potential gains offered by up-and-coming property hotspots around the globe. And while traditional favourites such as France and Spain continue to be popular among British investors, it seems another destination is successfully competing for attention.
Press Release Body = Interest in southern Cyprus is mounting among investors looking to take advantage of the potential gains offered by up-and-coming property hotspots around the globe. And while traditional favourites such as France and Spain continue to be popular among British investors, it seems another destination is successfully competing for attention.
Southern Cyprus, home to popular holiday destinations Paphos and Larnarca, is coming to the fore as more and more Britons choose to buy property there either with retirement, a vacation or pure investment in mind.
The sunny climate and the fact that English is widely spoken is particularly appealing to those who want to combine a taste of the exotic with home comforts.
Indeed, Paul Tomlin, the sales director of property firm Buy Abroad, commented that southern Turkey offers property investors a great mix of appealing factors. He said investors are drawn to a \"combination of everything\".
He said: \"It has good climate, everybody feels comfy there because everyone speaks English, and they drive on the same side [of the road] as they do in the UK.\" These are particularly important for people planning to relocate to the country or spend extended periods of time on the Mediterranean island.
But what about investors? Southern Cyprus has an ideal environment for dealing with the administrative issues concerning buying a property, according to Mr Tomlin. He said with the country\'s legislation for buying land, the majority of contracts are in English so those investing are at ease with the legal system governing the transaction.
Interest in the country\'s property market is expected to be fuelled by June\'s EU announcement that Cyprus will adopt the single European currency at the start of 2008. From January 1st next year, Cyprus and Malta will join the eurozone, with currency specialist HiFX predicting a boom in inward investment as a result.
The firm said Britons are attracted to the strong economy and local culture offered by the country, while many have a \"soft spot\" for the sunny island. HiFX marketing director Mark Bodega said \"a number of reasons\" are expected to boost the local property market.
\"British purchasers like the legal system in Cyprus as it is easy to understand - being based on the English one,\" he said, adding that government policy also has an appealing environmentalist slant. \"Properties cannot exceed a certain height, density is monitored and green areas are planted within developments,\" he commented.
Information website All Cyprus Properties also suggests that Britons feel right at home on the former British colony. In addition, it states that property prices in the country have shown healthy growth over the last few years and that while it concedes \"past performance is no guide to future prices\", it suggests that \"now is the perfect time to buy\".
2022
