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More considering Cyprus as investment destination

Cyprus is back on the radar of those planning to buy overseas property according to the most recent Top of the Props chart and a survey of visitors to A Place in the Sun Live exhibition at Birmingham’s NEC.

AFTER years of languishing in the doldrums, the popularity of Cyprus as a potential investment destination for Brits planning to buy overseas property appears to be improving.

The October issue of the Top of the Props chart published by the overseas property portal themovechannel.com puts Cyprus at number 6 in terms of the number of enquiries made during the month.

The most popular investment destination was the USA, followed by Spain, Portugal and France. (These four countries accounted for 60 per cent of enquiries during the month).

Italy sneaked into fifth place and was followed by Cyprus and Turkey in sixth and seventh places respectively.

Rounding off the top ten was Brazil in eighth place, Bulgaria in ninth with the United Arab Emirates taking the final place in the line-up.

Rank
Country
Share
Change
1USA20.91Up 1
2Spain19.9Down 1
3Portugal10.02Non-mover
4France9.17Non-mover
5Italy3.01Up 1
6Cyprus2.93Up 2
7Turkey2.9Non-mover
8Brazil2.51Down 3
9Bulgaria1.61Non-mover
10UAE1.38Up 5

Meanwhile, based on research conducted with visitors to A Place in the Sun Live at Birmingham’s NEC last month, put Cyprus at number 7 in the top ten most popular destinations for British investors planning to buy overseas property in 2013.

Rank
Country
1Spain
2France
3USA/Florida
4Portugal
5Turkey
6Italy
7Cyprus
8Greece
9Caribbean
10Malta

Why is Cyprus’ popularity improving?

In 2011, the Cyprus government introduced legislation designed to improve safeguards provided to those buying property.

These changes, together with the strengthening of Sterling against the Euro, price cuts and the reduction of taxes associated with buying property may help to account for Cyprus’ increasing popularity amongst overseas investors.

Readers' comments

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  • petrocelli says:

    More lambs to the slaughter! Who are these idiots who see Cyprus a a place to invest! I thought the whole idea behind an ‘investment’ was that it increased in value over time. Buying a property in Cyprus is tantamount to flushing your money down the toilet!

  • Pissed off Pete says:

    Invest in Cyprus, they must be MAD, they don’t know what I know!.

  • Gary says:

    Cyprus property is not an investment!, an investment is something that you can sell later for more than you bought it for in the first place.

    Yes it’s a nice place to live and if that is what you are looking for then go ahead.

    The property market still has plenty to fall, at least by half and then maybe you should look to make an “investment”, so buy if you can find an absolute bargain but just remember you will need to sell as an absolute bargain or you will be stuck with it.

  • steve says:

    Cyprus have done next to nothing in sorting out the property market and twisted banks, lawyers and developers. Ask the tens of thousands who were promised title deeds within 18 months, that was over 3 years ago. This has been extensively publicised in papers and on TV and not one lawyer, developer or banker has been sentenced.

    Even after the intervention of Troika nothing has been sorted. Instead of new investors giving their money to Cyprus put it in a fund to fight the crooks. Either way you will end up with nothing. Just to sum up:

    BUY AT YOUR OWN RISK

  • Adrian says:

    Contrary to what people think I like Cyprus, it is the corrupt developers, and the greedy lawyers and banks that have totally destroyed the world perception of Cyprus as a good place to live and invest.

    Add a totally inept government who screw VAT out of charity shops who are doing the work that the government should but do not chase up blatant income tax evasion.

    So investors beware just because it is all carefully signed and sealed doesn’t mean its OK.

  • Robert Briggs says:

    I assume that these people are aware of the Title Deeds situation and that you do not consider any property without full & genuine Title Deeds.

  • Alexey Golovanov says:

    If the Top of the Props are spiritually connected to the defunct Top of the Pops, I am almost ready to accept the statement – those blokes, you know, they were high as kites, and I used to know them pretty well.

    But seriously, I agree that Cyprus is a very attractive destination for Britons – provided that the Euro shall go down, and the overblown property prices too.

  • Martyn's says:

    Yes, we must be approaching that time when Cyprus bombed out prices start to appeal, but still plenty of competition tho from Spain Portugal etc. But rental values, holiday and normal, are now generally extremely low and there are still far too many poor quality ‘already built’ and ‘developer, lawyer, banker’ tainted Titles to scare off the ‘well informed’ and ‘Cyprus aware’ Investors. Should Cyprus end up outside the Euro and devalue by 20-25%, which many say is realistic, Cyprus propositions will of course become yet more attractive.

    Demand in zones between Limassol and Larnaca providing a range of accommodations linked to the oil storage and refining, electricity generation and, eventually gas processing, mainly around Mari, Zygi and surrounding villages is likely to further stimulate certain key parts of the property markets over the next 3-5 years.

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