Cyprus rentals will 'rise and rise'

Rental investors in Cyprus have seen huge demand for their properties over the last year...

Official figures cited by the Financial Mirror showed that the number of visitors to the Mediterranean island went up by 0.6 per cent in 2007 to 2.4 million. This means that rental accommodation will have been in higher demand than during the previous year, a development that could be potentially lucrative for property owners.

Many investors will have been able to benefit from not only higher occupancy rates but also larger rental yields. The positive growth in the tourism industry was reflected in the overall revenues it generated, which went up by 5.9 per cent to £1.4 billion.

This could serve to encourage more investors to consider buying a property in Cyprus, as it shows that while property owners are benefiting directly, so is the island as a whole.

Earlier this month, UK-based newspaper the Times revealed that house prices on the Mediterranean island were rapidly catching up with those in countries such as Spain and France.