Articles
The Many Positive Factors of Cyprus
As published by Cyprus Venture
Date: 2008
Cyprus undoubtedly has a very strong property market; with the UK, most of Europe and even the US reeling under a major crash crunch, the strong growth recorded by the country is even more surprising.
The Cyprus Mail recently noted that according to the Royal Institution of Chartered Surveyors, the island nation is one of just three stable markets in Europe in the current year. While some overseas investors have sold their properties due to issues back home, Cyprus has several advantages that work in its favour to attract international investors.
Varnavas Pashoulis, President of the Cyprus Association of Valuers and Property Consultants noted, 'Cyprus has its advantages that we are a small country and the demand can easily catch up, we are not like Spain where there is a need for a saturation period in the market for example.'
'Unlike elsewhere, developers here do not start to build unless they sign a contract in most cases. What happened in the UK was that many houses were being built while demand was still high and remain unsellable as the demand dropped. We do have things going for us,' he added.
The strong tourism industry of the country is another major factor boosting its property market. Cyprus is currently one of the most popular tourism destinations across the world. 'Cyprus is getting more and more popular as it is undergoing increasing development for tourism and special interest tourism, with 52 blue flag beaches and high quality activities like golfing, diving, nature trails, cycling and more,' Marios Christodoulou, a spokesperson for tourist authority Love Cyprus said.