International appeal draws tourists and second home buyers alike to Cyprus
- Tourist arrivals up 8.5% in July (Cystat)
- Property sales up 22% in July (Dept of Land and Surveys)
- Two bedroom house with pool in Paphos just €110k (Ideal Homes International)
The Cyprus tourism sector is booming, with statistical service Cystat reporting an 8.5% increase in arrivals in July, when compared with a year earlier. Flush with the strength of sterling, British visitors were up 22.5%, but arrivals from Greece and Israel also played an important role.
According to the Cystat figures, arrivals from Greece in July were up by a staggering 55.8% year on year. Israeli visitor numbers also shot up, increasing by 65.0% between July 2014 and July 2015. The figures take the total number of tourists to visit Cyprus so far this year to 1,450,427.
In tandem with the rising visitor numbers, local estate agent Ideal Homes International has received a record-breaking number of enquiries so far this year, with sales to UK buyers increasing noticeably.
“Cyprus is attracting keen interest from property buyers right now, as well as from tourists,” comments Ideal Homes International’s Founding Director Chris White. “UK buyers are particularly excited about what they can get for their money, given the strength of the pound so far this year.
“Cyprus’ historical relationship with the UK means that there are many aspects of life there that UK buyers feel comfortable with – everything from similar legal systems to driving on the left. Contracts are written in English and everyone speaks English too, which creates a sense of familiarity for UK buyers.”
As well as its beautiful scenery and glorious sunshine, Cyprus has just been ranked as the world’s 5th safest country by ValuePenguin, after an extensive data-crunching exercise. For countries with populations of fewer than five million, Cyprus took the number one safest country spot.
Cyprus has always been a firm favourite for the British buying overseas with Paphos, on the island’s west coast, proving particularly popular. Now, the exchange rate has meant that buyers are increasingly keen to snap up holiday home bargains, according to the Ideal Homes International team.
“The strength of sterling against the euro this year has definitely furthered British interest in second home ownership in Cyprus,” observes Chris White. “It has also encouraged many buyers to look seriously at Cyprus as somewhere to live fulltime.”
Retirees are encouraged by Cyprus’ many tax incentives and in particular by the fact that private pensions are taxed at just 5%. This can mean serious savings for many families, who can make their money go further as a result of a new life in the Cypriot sunshine. The tax environment is also beneficial to those looking to open a business in Cyprus.
According to official figures from the Department of Lands and Surveys, the number of property sales in Cyprus rose by 22% in July when compared with a year earlier. In Paphos, the number of sales was 30% higher than in July 2014, demonstrating the area’s increasing popularity.
It’s not surprising when you consider what is on offer. €110,000 is sufficient to purchase a semi-detached, modern, two bedroom house with shared pool in Paphos, just seven minutes’ walk from the sea. €179,000 will stretch to a three bedroom penthouse apartment with L-shaped balcony, large shared pool and sea and mountain views.
Those considering taking advantage of the lowest prices in a decade are invited to attend the Overseas Property Show, which will be touring the UK over the coming months. Tickets are free and experts from Ideal Homes International will be on hand to offer advice and guidance at every event.
For further details call Ideal Homes International on 01543 325316 or 07527 301861, or visit www.idealhomesinternational.co.uk