Cyprus in top bracket for British overseas property investors

September 12th, 2011 | Posted in British, Latest news

Cyprus is the ninth most popular destination for British overseas property investors, according to a survey published recently by themovechannel.com.

TheMoveChannel.com is the important independent website for international property in over 100 countries with more than 400,000 listings around the world. Spain was the most popular investment destination for British overseas property investors. France is in second place and the USA bagged number three spot. These were followed by Portugal and Italy, in fourth and fifth places respectively.

‘A Place in the sun’ has reported that the number of foreign buyers active in the Cypriot housing market last year increased compared to 2009. Altogether, 2,030 homes were bought by foreign buyers during 2010, up 15 per cent compared to the previous year. However, the volume of properties in Cyprus sold to overseas buyers at the height of the market in 2007 was 11,281.

Nicosia has seen the greatest improvement in property sales with a 46 per cent increase which was followed by Famagusta, where sales increased 16.5 per cent, Paphos, up 16.3 per cent and Limassol with 12 per cent.

Maria McLaren, spokesperson for the Pafilia Property Commented: “Cyprus attracts everybody from the holiday home crowd to the retirees because it has the infrastructure.”

She added that it is geared up for anybody who wants to go to Cyprus and live there very happily. The developers have dropped their property prices by between ten and 20 per cent on the island due to oversupply.