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 AuthorThomas.

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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.

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ocksbafra.com

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