| Cyprus has been having an eventful year so | | | | Cyprus still has plenty of highly affordable |
| far, with New Year's Day bringing the | | | | property. The Daily Telegraph said as much |
| adoption of the euro as its official | | | | this week when it pointed out that a |
| currency, the election of a new president, | | | | two-bedroom apartment in Paphos with access |
| Dimitris Christofias and with him the | | | | to a swimming poll and views of the deep blue |
| tantalising prospect of better relations with | | | | sea could still be bought for only |
| northern Cyprus, perhaps even leading to a | | | | £136,000. Such an investment in a tourist |
| permanent solution to the division of the | | | | area could have buy-to-let potential, not |
| island into Greek and Turkish segments that | | | | least if the current advertising campaign |
| has remained intractably in place since 1974. | | | | fronted by Cypriot tennis star Marcos |
| | | | Baghdatis is successful. UK viewers may have |
| Since Mr Christofias was elected the talk has | | | | seen some of the adverts on television |
| been about possible reunification and this | | | | already. |
| week even more so with the opening of a | | | | |
| previously sealed border crossing in Nicosia. | | | | Buy-to-let for UK tourists may be a major |
| In the property sector there has, meanwhile, | | | | area of growth for investors in the market, |
| been talk about the possibilities the north | | | | as in many respects the country is perfectly |
| may offer. | | | | suited for Britons. As the Galway advertiser |
| | | | has pointed out in an article on investment |
| However, the south is where it is at in the | | | | in property there, the road signs are mostly |
| here and now and those crossing the border | | | | in English and the language is widely spoken. |
| into the south may be doing exactly what | | | | While the historical and colonial links with |
| investors should. | | | | Britain may be of less interest to Irish |
| | | | visitors, the paper points out that it is a |
| This is certainly what the facts suggest, | | | | country popular with tourism from the Emerald |
| Forbes has stated. In an article on Europe's | | | | Isle partly for these linguistic reasons. |
| best and worst property markets, based on | | | | |
| data from the Royal Institution of Chartered | | | | The paper adds that the centre of the tourist |
| Surveyors, it noted that Cyprus property saw | | | | industry is indeed around Paphos (something |
| the second highest rate of Cyprus property | | | | which may make that £136,000 apartment yet |
| price inflation last year behind Poland. | | | | more enticing), while offering a variety of |
| Unlike its east European counterpart, | | | | attractions ranging from sun and sand to the |
| however, the Mediterranean island has | | | | winter skiing opportunities afforded by Mount |
| subsequently gained the advantage of being | | | | Troodos in the winter. |
| part of the single European currency, which | | | | |
| may inspire greater confidence among | | | | So while the political observers of Cyprus |
| investors than the zloty. | | | | take an interest in the north, there is every |
| | | | reason, it seems, for property investors to |
| Despite the rate of house price inflation | | | | concentrate on Paphos and the rest of the |
| rising from 7.6 per cent to 15 per cent, | | | | south. |