The popular holiday island of Cyprus has been attracting overseas property investors in large numbers for the past few years thanks to its perfect Mediterranean climate and diverse culture. Cyprus has acted as stepping stone between east and west for centuries, which has helped create a unique mixture of European culture and Middle Eastern mystique.
Nicosia, the capital city, remains the last divided city in the world, and Cyprus itself is split into two parts: the southern two thirds are Greek Cypriot, while the northern third is classed as the Turkish Republic of Northern Cyprus. Separated by the ‘Green Line’, the two sides coexist peacefully side by side, although it has traditionally been southern Cyprus which has attracted tourists and foreign investment.
The weather and scenery are the island’s main draws, offering year round sunshine and warmth and more stunning beaches than you can shake a stick at. With golf, historical sites and skiing available, Cyprus is much more than your average package holiday destination.
Capital City: Nicosia
Area: 9,250 sq km (3,355 sq km is in North Cyprus)
Time Zone: GMT +2
Country dialing code: +357
Currency: Cypriot Pound – CYP
Cyprus guarantees uninterrupted sunshine from June through to September, where blue skies are endless and temperatures regularly top 40ºc. Rainfall is scant during these months, which can sometimes lead to drought, although it can rain quite heavily in winter. Temperatures rarely drop below 10ºc, even in the coldest months.
With enough attractions to appeal to young and old, Cyprus has emerged as one of the leading European property hotspots over the past few years. With a noticeable British influence on the island (the currency is the Cypriot Pound and cars drive on the left), it has become a particular favourite among UK investors. The property buying process follows the UK system, and there are no restrictions on Brits buying property there.
The city of Larnaca is a popular choice for investors, thanks to its airport and excellent road links to the rest of the island. Property prices there are among the highest in Cyprus, yet a typical three bedroom house with private pool will cost in the region of CY£140,000, which is cheaper than what you would expect to pay in the UK. Beachfront apartments around Larnaca can sell for as litle as CY£78,000 for a new build property.
The Paphos region on the west of the island has been playing catch up for the past few years, but it is now firmly established as Cyprus’ most popular tourist resort, boasting a fine array of modern facilities and attractions. Hence, some of the most luxurious properties available on the island can be found there, with luxury private villas retailing from as little as CY£270,000 for a five bedroom detached home.
Elsewhere, Nicosia offers a good selection of city centre living, boasting good transport links and a large rental market, buoyed by the local population. The Troodos Mountains region has some of the most spectacular scenery on the island and is home to the ski resort of Mount Olympus and spectacular trails of unspoilt wilderness. Properties there are exclusive and exquisite, particularly in the pine-clad village of Platres, where traditional three bedroom villas cost approximately CY£190,000.
Larnaca and Paphos airports are serviced by most UK airports with direct four hour flights. Most holiday companies fly there, as do British Airways and Air Cyprus.