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.
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.
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.