Split over Cyprus

There is mixed opinion over whether Cyprus is still a good place to buy for property investments. Some critics believe that the sudden surge of coastal developments that have appeared over the past few years has diluted the market and supply now outstrips demand; however some believe that business is still booming and there is still a buoyant foreign investment market.

Much of the property development focus has been on coastal properties as this is the current hot spot on Cyprus. This has left the inland property prices trailing and some great bargains can be picked up. The little development inland also means that prices are still doing well and demand and supply are in a good balance, unlike some coastal areas.

The possibility of a change on the VAT associated with property combined with low-cost airline Monarch planning to fly to Cyprus next year, means that the property market in Cyprus will probably continue to do well into next year and possible beyond. Cyprus is also considering adopting the Euro as their national currency which will further encourage foreign investment in the country.

It seems if you pick wisely, there are still good returns to be made on property in Cyprus. A typical villa on the coast is currently around the $250,000 – $500,00 mark; A one-bed apartment starts from around $120,000.

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