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