Cyprus News

2007’s Property Hotspots

18 DECEMBER 2006. SOURCE: FC Exchange.co.uk
FC Exchange predicts that in 2007, one of the best countries to invest in will be Cyprus,

"The property market throughout Cyprus is one of the fastest growing in the European Union and prices in some areas are increasing by an annual average of 20%. It is an attractive country for foreign residents permanently residing there, because you only pay a 5% flat rate of income tax and property prices are still lower than in many other European countries, particularly in the north. Cyprus has a low cost of living, which often makes for an improved quality of life as well as a lot more sun than England. There is a comparatively low crime rate in Cyprus and friendly locals add to its desirability as a destination."

Luton to Larnaca route launched by Monarch

15 DECEMBER 2006. SOURCE: MONARCH

Monarch is to launch flights from London to Cyprus next year as the airline expands its network to the Eastern Mediterranean.

The four times a week service from London Luton to Larnaca begins on March 26, with fares starting from £69.99 one-way including taxes.

Tim Jeans, managing director of Monarch's scheduled services, said: "We are delighted to be the first low fares airline to launch scheduled services to the Eastern Mediterranean, a market that has historically been dominated by the flag carriers and charter services.

"Cyprus Airways and British Airways have operated a high fares cartel to Cyprus for decades which we'll break with our widely available, flexible low fares.

“Our new service will be warmly welcomed not just by the growing holiday and overseas property markets in Cyprus, but the 150,000 strong Greek-Cypriot community in London, who've been deprived of choice and low fares until now.”

Flights to Larnaca will operate on Monday, Tuesday (starts July 10), Wednesday and Saturday and tickets can be booked through the Monarch website from Wednesday, December 20.

Golf and the beauty of Aphrodite at Aphrodite Hills Resort in Cyprus

7 SEPTEMBER 2006. SOURCE: Golf Publisher Syndications

In Greek mythology, Aphrodite was the god of love and well known for her immense beauty. When mortal, she emerged from the foaming Mediterranean Sea and was revered by all. Overlooking the very same spot, one can understand why The Aphrodite Hills Resort area of Cyprus has retained her name.

Constructed near Paphos, is this luxurious and casually elegant, fully integrated community of residence, golf and leisure activities.

Golf was almost certainly not part of Ancient Greece, but it's here. An 18-hole championship course has been created by architect Cabell B. Robinson. Taking five years to complete, it claims to be one of the best the Mediterranean can offer.

"I first visited the site nearly 20 years ago and was impressed with the inherent potential of this land," Robinson said. "I have kept the fairways spaciously wide between the trees, the greens on the large size, and both men and women have two sets of tees to choose from to match your capabilities. Challenge it from the very tips, however, and in a bit of a breeze, and that can be a whole different story."

The course plays either side of a central ravine with holes winding their way around and through. It can become quite challenging at times but at around $50 (U.S.) for a round including a cart, playing often will not develop a nervous slice.

The longtime efforts resulted in Aphrodite Hills being awarded the INVgolf award for "Best New Integrated Leisure Resort in Europe 2003."

In total, the resort cost more than $300 million to build including the five-star deluxe InterContinental Hotel, which has a total of 290 rooms and suites plus a presidential suite with private pool.

Overlooking Aphrodite's Rock, the hotel caters to both golfers and guests wishing to simply unwind. A full range of facilities will please the lovers of luxury, mythology and tradition.

The resort can also cater for corporate events and functions with top quality conference facilities.

"The resort serves as a prime example of how Cyprus can upgrade its tourism product, offer high-quality hospitality services to foreign and Cypriot citizens and make a positive contribution to the Cypriot economy," Conference Director Peter B. Heilmann said.

Set in the middle of this unique development is the traditional Cyprian Village Square, reflecting the typical unhurried atmosphere of Cypress and built from locally quarried stone.

Including many restaurants, shops and bars the Village Square is the first choice as a meeting point for residents or guests. Amenities including a bank, pharmacy, mini-market, flower shop, travel agency, electronics shop, gallery shop, optician and luxury fashion and jewelry boutiques are also available.

With local laws allowing foreign ownership of property, purchasing a property is made very easy. Available are a range of pre-designed and custom villas, which start at around $520,000, and apartments starting at $450,000.

Every home at Aphrodite Hills is designed, fitted and finished to high-quality standards. Designed to be contemporary in their comfort and facilities but reflect a true Mediterranean heritage with pastel-painted walls in typical local style.

Quality of construction is proven with several awards including the "Homes Overseas Silver Award for Best Golf Development."

Whether you are planning a golfing vacation and are looking for somewhere different or you have made the decision to purchase a golfing home, you won't be able to find fault with quality of inclusions and luxury here at Aphrodite Hills Resort.

euro switch

It is hoped that when Cyprus switches to the euro in 2008 and subsequently has to decrease interest rates, borrowing will be easier, which will in turn strengthen the property market.

Cyprus eu & the property market

Property prices in Cyprus continue to rise as the country profits from joining the EU and prepares for entry into the euro-zone.

The Cypriot property market has continued to grow at a rapid rate in 2006 with house prices rising at 20 per cent per annum, and rental returns showing a level of eight to 12 per cent on the current price of property.

The republic is clearly reaping the rewards of a strong and stable economy, and is set to prosper further when it begins to use the euro in two years time. Peter Christofi, overseas marketing manager for Antonis Loizou and Associates, told newskys.co.uk that things can only improve for Cyprus as switches to the new currency. He said: "Adoption of the euro is the final fence in becoming part of a united Europe. Cyprus is now stronger than ever and with the proposed adoption date of January 1st 2008. This can only bode well for the property market as more and more investors look to purchase property in this tried and tested island in the Eastern Mediterranean."

Indeed Cyprus has long since been a popular holiday destination for British tourists, possibly because settling in is not as much of a culture shock as on other Mediterranean islands. English is widely spoken on the former British colony and for the budding property investor, the land registry system is not dissimilar to that of home. Cypriots even drive on the left side of the road. When homely comforts such as these are set in the context of over 300 days of sunshine a year and 648 km of coastline, it is easy to see why Brits have flocked to the island for both business and pleasure.

Investors can expect to pay around £150,000 for a three bedroom detached house, and one bedroom apartments are available for under £50,000, even by the beach. Dinos Sotiriou told the Cyprus Mail that prices are beginning to stabilise after three to four years of growth at ten to 15 per cent a year. "Cyprus is only a small country and everybody here wants to invest in their properties. Prices on the island are lower than in many other European countries, while the quality of homes is very high," he said.

An increasing number of investors are snapping up bargains in the northern third of the island which has been controlled by Turkish Cypriots since 1974. Since EU law only applies to the Greek side of the island, this move is considered a risk but the rewards are plentiful. While country remains divided, the UN is scaling down its presence on the border between the two sides and hopes for a diplomatic resolution to the conflict hinge on Turkey's proposed accession to the EU.