The Cypriot property market is recovering from the downturn, which saw big drops in prices in many areas, especially those favoured by overseas buyers. Prices in coastal cities like Limassol and Pahpos, which attract large numbers of holiday makers as well as property buyers, fell steeply. Some properties halved in value. Areas in which most buyers are Cypriots saw much lower falls. However, foreign buyers are now being attracted back to Cyrpus, and prices are rising again. Now could be a good time to buy in Cyprus. Returns on holiday rentals on the island are not high– due to an oversupply of property – but if you want to own your own slice of Mediterranean sun, Cyprus could be a great choice.
Cyprus has long been a popular choice for those who want to make a new life abroad. As a former British colony, there has long had a strong contingent of British people in Cyprus. In recent years, they have been joined by others, giving many areas a lively international feel. The island has plenty of history, with plenty of historic sites to visit. It has a great climate, with 333 days of sunshine each year. And it has some beautiful natural landscapes to enjoy – from long white sand beaches to rocky mountains.
Where to Buy?
Cyprus has some large and busy holiday resorts, and many overseas buyers head straight for them when looking to buy. Ayia Napa is the party centre, and a favourite with British holidaymakers. If you want to combine nightlife with culture and a genuinely Cypriot feel, then Limassol is a good choice. Coral Bay is ideal for those who like beaches and luxury. There are plenty of smaller resorts too, with great beaches all around the island. Or head inland and look for property in one of the gorgeous whitewashed villages in the hills. When you’ve found your dream Cypriot home, remember the practicalities. Make sure you get reliable surveys done before you commit to buying. Overseas contents insurance is a must, too.