Investors looking for property overseas may be interested in looking at Cyprus. It is becoming increasingly popular with Britons – both as a holiday resort, second home or for a buy-to-let investment. British reportedly make up the largest expatriate community on the island.
So what is so attractive to them? First, are the familiarities. Despite being located in the Mediterranean, Cypriot life has a lot of similarities to life in the UK. The legal system, for instance, is largely based on the English model and there is a similar method of land registry and conveyance in operation. In Cyprus driving is on the left hand side of the road like in UK and most people speak very good English. The banking system is also based on UK and the currency is the Cypriot pound.
In fact, aside from the good weather and cheap cost of living, the British traveller feels like home.
Speaking of currency, Cyprus is forecast to adopt the Euro as it's currency in 2008, which will help open it up still further to the European holidaymaker. Foreign investors are currently allowed to own only one property in Cyprus, but in 2009 this restriction will be waived and unlimited property purchases can be made.
According to Jet-to-Let, a property investment magazine, there is even more good news for buy-to-let investors in the shape of flight ticket statistics. These apparently show that most visitors to the island are purchasing flights only, rather than a hotel resort packages, meaning they are more likely to rent a property during their stay.
Two airports in Cyprus are undergoing expansion and renovation. Paphos airport is having a new passenger terminal added, which is due to be completed some time next year and will allow it to handle around 2.7 million passengers per year. Larnaca airport is also due to undergo a refurbishment and also serves an area popular with tourists.
All in all then, when it comes to Cyprus it seems there is a sunny outlook for tourism and plenty for the potential investor to think about!
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