Investors flock to ‘record breaking’ cyprus

Residential property prices in Cyprus broke another record in November as prices rose by 21% year on year, according to the BuySell Home Price Index. This is the highest year-on-year increase recorded by the index, which began in 2004...

The BuySell Home Price Index rose for an eleventh consecutive month to 141.69, recording a significant monthly increase of 2.5%, compared with a month-on-month increase of 3.7% in October. In the year to date, prices were up by 21.5%, compared with a more modest increase of 5.9% in 2006. The increase brought the Average Home Price in Cyprus to CYP 110,390 (EUR 188,613).

Upsurge in British interest

John Reilly, managing director of Buy Abroad, pointed to a "real upsurge" in British investment interest in the island.” People looking to buy inland can pick up some definite cheaper properties, and obviously the possibility of VAT Change on the land sales next year should help to push up the housing demand," he told Worldofproperty.co.uk.

Dani Maxton, managing director at Morpheus Investments, agreed. "Cyprus is now stronger than ever and more and more investors are looking to purchase property in this tried and tested island in the Eastern Mediterranean."

Property law specialist George Coucounis shared this view. He told the Cyprus Mail newspaper: "Prices and demand will continue to rise for some time, with more and more foreigners buying property on the island. In addition, land is limited, which fuels price rises."