Overseas property investors have relatively easy access to Cyprus with the growth of cheap air travel and a growing number of airlines are offering services to the island from different airports.
According to official figures, the number of people passing through international airports in Cyprus has increased this year. The passenger numbers in 2007 increased 4 per cent more than the figure recorded in 2006. This is set to increase this year and the final number for 2008 will be a record amount. These indicate the growing popularity of Cyprus as a tourist destination, a trend which could enhance its standing among overseas property investors as well.
Statistics showed that passenger traffic at Larnaca rose by 5.27 per cent in 2007, while a 0.54 per cent increase was recorded at Paphos. Recently Times has reported that Cyprus government is aiming to attract affluent property purchasers by investing in infrastructure improvements, new transport links and leisure facilities. Up gradation work in carried on Larnaca and Paphos airports totaling 650 million euros (about £443 million). Hermes Airports chief executive, Bob Manning, told Cyprus’ Financial Mirror that the aim is to make Larnaca into a world-class airport.
Mr Manning told that the Phase 1 of Larnaca’s new three-level 98,000 sq m passenger terminal will have a 7.5 million passenger’s capacity a year.
Phase 2 plans to increase to 9 million and the runway from 2,700 m to 3,500 m by 2013.
Paphos airport upgradation will be completed by the end of 2008 and Larnaca by the end of 2009.
This increased accessibility should considerably lift the investment potential of the island, as demand for property is likely to grow. The Times has reported that Property prices have been rising steadily.