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Cyprus' resilient Mediterranean property market

12th November 2008 Print
Cyprus' property market is another to go on the list of credit crunch survivors. According to Jonathan Salsbury, since last Autumn Cyprus' property market has gradually become less dependent on British buyers. A transformation that is now almost complete, as Eastern European buyers including Russians now sit beside Cypriot second home buyers as the predominant force fuelling the booming Cypriot property market. British and Western buyers now account for a far smaller proportion of the market.

According to the Royal Institution of Chartered Surveyors, the Cypriot economy has coped well with the global slowdown, and is well placed to benefit from the recent European Central Bank rate cut. The International Monetary Fund also has high hopes for Cyprus, predicting that the island will enjoy growth of 3.4 per cent this year and 2.9 per cent next year.

Les Calvert, director of up and coming overseas property portal Property Abroad picked out Paphos as a particularly strong area of Cyprus, he said:

"Our Paphos properties are particularly popular with holiday home buyers and investors at the moment, and are likely to become even more popular once the new terminal opens at Paphos airport November 17. Paphos' beaches are one of its greatest strengths, lapped by not so much a sea as a loch surrounded not too distantly by land on all sides, which also gives the Paphos coast a particularly mild and warm climate almost all year round."

Property Abroad currently has some excellent properties in Paphos. Buyers on a limited budget will be blown-away by the fully furnished studio apartment in Paphos, being sold for just £38,000. The apartment is in a brand new building, with a communal pool, covered parking, and located not far from the coast in Peyia, Paphos.

For those with a slightly bigger budget, Property Abroad's star Cyprus property could be a winner. The off-plan Zephyros Village 1 development, offers 2 and 3 bedroom maisonettes and apartments, priced from £92,000, in a secure and peaceful village style resort development. Located in the traditional Cypriot village of Mandria not far from Paphos and its international airport, the development features: a large communal swimming pool, children's paddling pool, private parking, and is near an 18-hole professional golf-course.

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