New Marina Prompts Large Gains for Property Owners in Paphos
Many property investors from the UK are missing out on great bargains to be had in the Eastern Mediterranean. The consistent hotspot is Cyprus which has a year round sunny climate, low prices, high standard of living and good sustainable growth in the property market.
The recent ascension to the EU has meant that Cyprus is one of the most viable destinations in Europe and property prices have continued to rise even when other markets are shrinking. In particular the South Western side of Cyprus has seen significant investment such as the new 85 million Euro marina being proposed near Paphos.
This has seen a further strengthening of property prices in the area with some agents reporting a three-fold increase in some properties close to the new development. This area is already very popular with British tourists and ex pats due to the beneficial tax breaks apart, of course, from the laid back pace of life.
James Knight from the European Growth Study Project comments “Cyprus was overlooked for many years by the bulk of the property investment community however steady increases and net gains have continued at a pace where other markets have slowed or gone into recession”.
So it looks like the smart money is still investing in Cyprus Property, even if the growth is not spectacular it is steady and strong – a big bonus in these times.
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