Coral Bay, Paphos Photo: Su-May
Optimism surrounding the Cypriot property market has prompted one estate agency to open a new office on the island.
The Mediterranean country has struggled in recent years, thanks to economic problems and issues surrounding title deeds and outdated valuations. Its sunny visitor appeal remains in tact, though: tourist arrivals have risen 25.7 per cent in the 12 months to March 2015, according to the Republic of Cyprus Statistical Service. Tourism income also shot up to €65 million for the month, from €56.5 million for the same month a year earlier.
Optimism among tourists is spreading to the property industry too: the Ideal Homes International network has launched a new office to bring a range of luxury Cypriot homes to UK buyers.
It is led by local property expert Maria McLaren, who has more than a decade’s experience of selling property in southern Cyprus and knows the island inside out.
“It is extremely exciting to be able to welcome Maria and her team into the Ideal Homes group,” comments Ideal Homes International’s founding director, Chris White.
“Through this new venture we plan to open up the Cypriot property market to UK buyers who have yet to discover the wonders of Cyprus, both as a second home destination and as an option for permanent residence.”
Permanent residence in Cyprus is certainly a sought after status. Indeed, an audit services report for 2013, recently announced by Interior Minister Socrates Hasikos, revealed a €2 billion boost to the economy, thanks to property sales and investments made through the Cypriot ‘citizenship by investment’ programme.
The programme has resulted in high end villas being snapped up by overseas buyers.
The announcement arrived as figures from the Land Registry show that the number of properties sold during April 2015 increased 23 per cent year-on-year. Sales rose in all districts, with the exception of Famagusta. Domestic sales jumped 24 per cent, led by Paphos, while overseas sales reversed a 60 per cent decline in March with an 18 per cent climb.