| Buying property for investment purposes has always | | | | The writer of this article is not suggesting for one |
| made perfect sense and Cyprus property is no | | | | moment that foreigners should be excluded from |
| exception. Property buying habits have evolved over | | | | buying property in Cyprus because they do in fact |
| the last decade and buyers are ever more willing to | | | | continue to feed the countries economy. Cyprus is |
| invest in overseas developments especially those | | | | still a top holiday destination especially for the British |
| situated on or close to holiday resorts. With the | | | | and Germans who flock back there year on year. It |
| economies of most Western European countries | | | | is many of these former tourist that have purchased |
| continuing to grow, more and more of these Euro | | | | property in Cyprus and this trend looks set to |
| citizens are looking to buy holiday homes in the sun. | | | | continue for quite some time. It is an inescapable fact |
| Countries such as Cyprus have seen some major | | | | that the shape of the tourist industry in Cyprus has |
| benefits from this glut of disposable income that | | | | and continues to undergo a major shift in emphasis. |
| buyers are raising by remortgaging their prime | | | | There is a definite switch from hotel and apartment |
| residences at home. Many foreign buyers are even | | | | based holidays to private rentals of villas or luxury |
| taking advantage of the Cyprus banks willingness to | | | | apartments which in turn is having other "knock on" |
| loan against Cyprus property purchases by none | | | | effects. |
| residents wishing to buy holiday homes on the Island. | | | | With the huge growth of the internet holiday market |
| There can be no doubt that the colossal amount of | | | | more people are "building" their own holiday |
| development going on in Cyprus is changing the face | | | | packages, booking flights and accommodation |
| of the countries economy and lifestyle at a rapid | | | | through separate sources rather than taking a |
| pace. Many former land owner farmers have become | | | | traditional package tour. Many Cyprus property |
| millionaires off the back of the Cyprus property | | | | owners have tapped into the lucritive holiday rental |
| development boom. The weather beaten pick up | | | | market for themselves through letting agents. Cutting |
| trucks are fast being replaced with the likes of | | | | out the traditional forms of accommodation packages |
| Mercedes Benz and BMW whilst the once tranquil | | | | and the tour operators at the same time. Bad news |
| fishing harbors are steadily filling up with luxury power | | | | for the hotel and apartment complex owners and |
| boats. Luxury villas are springing up all over the Island | | | | many of them are finding themselves left high and |
| too as the Cyprus property boom continues to pour | | | | dry with dwindling bookings year on year. Some of |
| new money into the country. Such measures as the | | | | the more astute hotel and apartment owners have |
| introduction of VAT on the property sale prices and | | | | bucked the trend using the "if you can't beat them |
| the escalating price of the land itself has done very | | | | join them" philosophy turning the situation to great |
| little to abate this building frenzy. | | | | financial advantage. |
| Whilst average wages in Cyprus remain considerably | | | | Many empty Cyprus apartment complexes are being |
| lower than those in places like the U.K. and Germany | | | | refurbished into luxury units and sold on to eager |
| property prices continue to rise unabated. It really | | | | holiday home purchasers. These "like new" |
| doesn't take rocket science to work out who the | | | | apartments offer buyers the best of everything |
| losers in this building bonanza are going to be. The | | | | including a central reception area, pool complexes and |
| gap between the wealthy and the not so wealthy in | | | | resort locations to name just a few. They are a real |
| Cyprus has suddenly expanded to previously | | | | win win situation for everyone involved including the |
| unimagined dimensions. The next generation of | | | | former owners and those looking to buy on a limited |
| Cypriots will soon be lucky if they are able to afford | | | | budget. They are also perfect for holiday lets |
| a house or an apartment in their own country. Whilst | | | | because everything a couple or family needs for a |
| this situation is of little or no interest to the now | | | | great Cyprus holiday is all there in one place. If you |
| wealthy developers and former land owners it is | | | | are thinking about purchasing a holiday home in the |
| pertinent to many young Cypriots looking for their | | | | sun for yourself or as an investment these |
| first home. Getting onto the property ladder in | | | | refurbished luxury apartments could be the perfect |
| Cyprus was never easy for them but soon it could | | | | Cyprus property. |
| be almost impossible. | | | | |