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British Sportsmen Heading up the Property Scene in Cyprus



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span                            ambiguity about certain land      
class="cap">John        ownership since many Greek        
Virgo, the 1970s snooker        Cypriots were evacuated during    
player and TV presenter will be       the invasion. However the problem 
opening an auction in the north       seems to be sorting and the       
Cyprian town of Famagusta run by      property market in the north has  
Harrison property auctioneers.        recently been booming. Many of    
Due to their choice of guest it       the investor’s doubts seemed to   
seems that the organizers believe     have been quelled with            
that the Famagusta market will be     developments springing up,        
pulling in a significant amount       alongside plans for new shopping  
of Britons who are looking to get     centers, marinas, golf courses    
in on the swiftly growing             etc. ‘Homes Overseas’ reported    
property market.                      earlier this month that Famagusta 
Famagusta actually lies just          could become a property hotspot   
above the divide – created in         should current reunification      
1974 - between the Greek-speaking     talks succeed.

                
south and the Turkish north. The      

This positive view of the      
Turkish possession of the             north’s prospects is generally    
northern part of the island is        help by most people with an       
shunned by the EU however, peace      understanding of the Cyprus       
talks are set for the 3rd of          market. Ben Kent of Merseyside    
September and reunification           estate agency Venmore, has said   
between the two areas is on the       that he feels particularly        
horizon, thus adding to the           excited about the north’s         
already growing economy, tourist      prospects, and that Famagusta has 
seen and property market.

         become important since the        

There has previously been          European Union has got major      
confusion about investments in        reconstruction plans on the       
the north as there was some           cards.

                        



He stated: “The EU wants the       Liverpool FC player Ian Rush who  
rebuilt city to be a real model       recently headed the Mystic Sands  
for the future, and that could        Resort & Spa in Kapparis with the 
present some real opportunities       Cypriot firm Karma Developers.    
for investors.”

                   Swansea footballer Kristian       

Dominic Farrell - the author       O’Leary has also recently bought  
of the Jet-to-let Bible - is          a new home near Ayia Napa.        
developing a resort containing 70     “Cyprus offers the best           
apartments in the south. He has       opportunities for buyers looking  
seem the great ascent in property     for an alternative to the Spanish 
value and is aware that many of       Costa’s, where in some cases      
his customers are investors           prices have dropped dramatically. 
rather than seekers of holiday        The island is changing its image, 
homes.

                            and its main airport, Larnaca is  

However back to Famagusta; the     being extended, so rental yields  
area, which netted 95% of             should be excellent.” The land    
Cyprus’s tourism before the 1974      values in the Famagusta region,   
Turkish invasion, should see          as with much of the northern      
immediate price rises of 10% upon     island, are significantly cheaper 
reunification, says property          than on the rest of the southern  
investment firm International         part of the island, but they are  
Property Group (IPG).

             set to rise swiftly, making now   

“The area will certainly see       prime investment                  
excellent capital appreciation if     time. 

 
it (the reunification) comes          About the                      
off,” said IPG director Gerraint      Author
Thomas.

                           id="authorbio"                    

The region’s forecast profits      class="membersnoticewhite">Hannah 
are already attracting sports         Walker is a writer for investors such as former              href="http://www.whiterocksbafra. 



com/"brtarget="_blank">www.whiter     >
                      
ocksbafra.com




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    British Sportsmen Heading up the Property Scene in Cyprus