Cyprus: the rising star of the east

Brits who are now looking forward to retiring abroad are no longer favouring western Europe as before. Those who want to expand more their horizons and move further in the East are settling in Cyprus. This is according to a leading property expert.

Majority of retired Brits usually head to the traditionally strong ex-pat communities of Southern France or in the east and south coasts of Spain, which have been favourite tourist destinations for UK holidaymakers for decades.

However, although properties in these regions are usually still cheaper than the average price of a UK home, these are both mature markets and do not represent the dramatic capital gains that were seen back in the 1990s and early 2000s.

Since then, private investors have been looking to the east in the last five years to get out the best returns on their investment. However, retirees usually go for the complete package because it is more important.

Older investors are conservative and stick to the more established markets. It is not because of the less financial risk but also due to the higher quality of medical services it offers.

“So far, Western Europe is by far the most popular with retirees. It is because infrastructure and medical services are very reliable,” according to Pierre Williams, head of communications at the Inside Track Group.

This corresponds with a recent research revealed by International Living Magazine’s Annual Quality of Life Index. It concluded that France offers the best quality of life outside any country in the world.

France emerged at the top of the survey because it was judged to possess affordable housing, quality health care, accessible cultural amenities, and its high environmental standards, which outweighed the high taxes and high costs of living.

However, Williams believes that the hegemony of western Europe will not continue forever. He said, “[France’s dominance] is likely to shift as improvements in these [health care, cultural amenities, etc.] spread through eastern Europe.” He added, “As far as eastern Europe is concerned, Cyprus is the number one spot for Brit retirees.”

Retirees head to Cyprus especially because of its colonial links with the UK. This means that English is widely spoken on the island and the land registry laws are broadly similar to the UK’s.

Since the EU expanded in 2004 to incorporate Cyprus, the Czech Republic, Hungary, Poland, and Estonia among five others, and Bulgaria and Romania’s accession on January 1 this year, economic growth in Europe has been strong.

As these countries develop their social, legal, and physical infrastructures, these are more likely to become important figures on the foreign property map.

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Cyprus: the rising star of the east

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