Time to let the sails out
At Escape to the Sun, we’ve been recommending to our clients that are thinking of buying property in Cyprus to do this sooner rather than later. With the momentum that is building in the market, postponing any purchase for just a few months can be a costly decision.
Although we are still early in the year, it doesn’t seem a day goes by where property developers and sellers are revising their prices upwards and reducing availability downwards.
The property hotspot in recent years has been Limassol, a town that has been totally re-energised since the launch of its marina in 2014. Demand has steadily grown and property purchases in the Limassol area now account for some 40% of the total property sales across the island.
The perennial favourite for expats purchasing property remains Paphos. With its first-class infrastructure, amenities, friendly local and expat communities along with an enviable quality of life, it is easy to see the appeal. Noto to be outdone, construction is underway at the new Paphos marina which will be located between Kissonerga and Coral Bay.
For those looking for a more speculative opportunity, we at Escape to the Sun feel that Famagusta has the most potential. Property prices offer better value than the more established tourist hotspots of Paphos and Limassol, but those prices are catching up fast.
There is an even-more impressive degree of inward investment in this south-east corner of Cyprus. Construction is well underway at the €250m luxury marina at Ayia Thekla, just a few kilometres to the west of Ayia Napa. The marina with a capacity to hold 600 yachts is due to become operational from the summer of 2019.
In addition to the Ayia Napa marina, a second marina in the region will be built at Paralimni. At a cost of €110 million, the project includes residential and commercial buildings and a hotel. When fully operational in mid-2021, the marina is expected to have the capacity for 300 vessels.
There have also been long-terms plans for a championship golf course in the Cape Greco area. The plans have been on ice for nearly a decade but given the strong economy and the healthy momentum in the property market, these plans have now been taken out of refrigeration.
The Cyprus property market is now well and truly out of the doldrums and the sails are being let out as the market gathers speed. The ship may well have sailed, but it’s not too late to get on board.Back to news