CYPRUS – INVESTORS

The small beautiful country in the eastern Mediterranean is growing as a boom area for investment in the overseas buy-to-let market, offering the benefits of EU membership, warm weather, sunshine and beaches, high inland mountains offering winter skiing and an immensely rich heritage influenced by various civilizations over thousands of years, so its important for property investors in Cyprus to look to the north of the island rather than the south which was advised by the Investors Provident. Further these developments have brought certain problems as the market in the south of the country has become saturated as director Hetal Shah Director of Investors Provident have described. He also says that properties in locations like Paphos were around 25 – 30,000$ two years back was now 50 – 55,000$. In Cyprus the analogy is partial, as the country is at peace, with the two sides divided by a UN-patrolled buffer zone. News Max reported in March that a part of the dividing wall in Nicosia had been torn down without any retribution and access between the two parts is far easier to accomplish. Above all, the self-declared Republic of Northern Cyprus is unrecognized by any government except that of Turkey. However, the de facto two-state situation is real enough. Attempts to formally reunify the country as it joined the EU in 2004 ended in failure. This was due to the north south and east west division in Germany. According to Shah this a profitable for the investors. The north in comparison is better as it offers cheaper prospects and an escape from the tourist interest with a fully-furnished one-bedroom apartment available at around £35,000. There is a lot of unspoiled property in the south which has been commercialized by the tourists. Being administratively outside the EU there is a risk factor but it clearly has an attraction to a niche market, namely the over-50s, keen to escape the young 18s to 30s holiday crowd and the main source of growth for the nascent northern tourist industry. Seeing the expert have advised that across this division there is a possibility of another Cypriot where opportunities will grow for investors in the nest three to five years.

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