Why Cyprus is attracting Britons in increasing numbers

British investors who are looking for property overseas could possibly be interested in looking at Cypriot acquisitions. The island is becoming increasingly popular with Britons – both as a holiday resort, second home or for a buy-to-let investment opportunity. British people reportedly make up the largest expatriate community on the island.

So what is it Cyrpus that is so attractive to them? First, there are the familiarities. Despite being located in the Mediterranean, Cypriot life bears some similarities to life in the UK. The legal system, for instance, is largely based on the English model and there is a similar method of land registry and conveyance in operation.

Cypriot people drive on the left hand side of the road the same as British drivers do and most speak a good standard of English. The banking system is also based on English methods and the currency is the (Cypriot) pound. In fact, aside from the good weather and cheap cost of living, the British traveller could almost be forgiven for thinking they were in a home away from home.

Cyprus recently joined the European Union (in 2004). It is forecast to adopt the Euro as it’s currency in 2008, which will help open the country up further to European holidaymakers. This in turn could serve the interests of any investor who holds rental property on the island. Foreign investors are currently allowed to own only one property in Cyprus, but in 2009 this restriction will be waived of which unlimited property purchases can be made.

According to Jet-to-Let, a property investment magazine, there is even more good news for buy-to-let investors in the shape of flight ticket statistics. These apparently show that most visitors to the island are purchasing flights only, rather than a hotel resort packages, meaning they are more likely to rent a property during their stay.

Two airports in Cyprus are undergoing expansion and renovation. Paphos airport is having a new passenger terminal added, which is due to be completed some time next year and will allow it to handle around 2.7 million passengers per year. Larnaca airport is also due to undergo a refurbishment and also serves an area popular with tourists.

All in all then, when it comes to Cyprus it seems there is a sunny outlook for tourism and plenty for the potential investor to think about!

Posted on: Cyprus

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Why Cyprus is attracting Britons in increasing numbers

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