News: Tourism boost for Cyprus investors

Wed, 21 Nov 07

Latest figures for Cyprus show increase in number of tourists, which bodes well for property investors...

On the basis of results from the Passengers Survey, arrivals of tourists reached 315,437 in Sept 2007 compared to 296,532 in Sept 2006 - an increase of 6.4%. The Statistical Service of the Republic of Cyprus also report January to September 2007 arrivals of tourists was 1.972.493 compared to 1.951.173 in the corresponding period of 2006.

“Increased numbers of tourists is excellent news for home owners and those considering purchasing”, says Serge Cowan, MD at Unique Living, London based experts in the sale of property in Cyprus. “The island is well placed in the Eastern part of the Mediterranean making it perfect for world travellers to own a property.

Apart from English there are buyers from other countries including Sweden, Germany and in particular Russia, where there is a considerable amount of “new” money”.

Massive increase in revenue

Tourism brings money to the island and revenue reached £179.1mn in August 2007 compared to £155.0mn in the corresponding month of the previous year, an increase of 15.5%.

Added Serge, “This increased interest in the island is good for those investing for rental return and/or capital growth.

The Southern part of Cyprus has much to offer buyers and with its excellent weather record, low crime rate, good infrastructure and of course enticing tax breaks, there is much to be said about owning a property in Cyprus”.

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