Property investors are now looking beyond the usual hotspots in Europe and are turning to Cyprus, an expert has said.According to Les Calvert, director of Property Abroad, investment in Cyprus is booming partly because expatriates are coming to the country rather than Spain.
He added that Cyprus attracts many buyers as it enjoys constant sunshine, offers a similar expatriate community to that of Spain and is increasingly accessible through budget airlines."People are looking further afield now but with the same sort of ex-pat community that Spain used to offer," he remarked."And Cyprus is the sunshine isle: 360 days of sunshine a year.
So for the last 12 to 18 months, we've had a surge on Cyprus, with all kinds of different properties." He also pointed out that property prices are "really moving forward" at the moment and the expected VAT change on land sales next year is likely to continue pushing up housing demand.
John Reilly, managing director of Buy Abroad, recently said that on the east side of the island in particular, the introduction of budget airliners has resulted in large capital growth rental returns.
For more news on Cyprus Property please visit
http://www.cyprus-online.com/buy-sell/cyprus-news.html
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