August 31, 2007
New flights to bring Cyprus property bonus
Following Monarch’s move into Cyprus this week, the first major low-fare airline to introduce flights between the island and the UK, Cypriot property prices look set to become even stronger.
The Cypriot property market grew rapidly in 2006 with house prices rising at 20% per annum and rental returns showing a level of 8% to 12% on the current price of property.
Dani Maxton, managing director of Morpheus Investments, which specialises in developing property in Cyprus for UK investors says, “The introduction of low fare flights is great news for current Cypriot property owners and investors alike. With improved flights from the UK, Cyprus looks set to become an even more popular tourist destination in 2007 and will open up the island to more prospective second-home buyers.Cyprus is clearly reaping the rewards of a strong and stable economy. It is set to prosper further when it begins to use the euro in two years time.”
”The adoption of the euro is the final fence in becoming part of a united Europe,” Maxton continues. “Cyprus is now stronger than ever and with the proposed adoption date of January 1st 2009. This can only bode well for the Cypriot property market as more and more investors look to purchase property in this tried and tested island in the Eastern Mediterranean.”
Investors can expect to pay around £65,000 for a one-bedroom apartment in Cyprus, £75,000 for a two bedroom apartment and up to £240,000 for a luxury villa.
Morpheus is currently marketing new two- and three-bedroom villas in Tersefanou, southern Cyprus, and fifteen minutes from Larnaca Airport and with mountain views. The villas include a private pool and will be located adjacent to Cyprus’ forthcoming PGA approved golf course and close to a host of local amenities including shops and banks. Two-bedroom semi-detached villas start from CYP£139,000 (£166,800) and three- bedroom detached villas from CYP£200,000 (£240,000)
Posted on: Cyprus
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