Cyprus attracts foreign buyers

Thursday July 17th , 2008

Overseas property buyers are continuing to purchase homes in Cyprus, according to industry analysts.

Jet-to-Let magazine stated that investors in the UK are apparently shrugging off concerns relating to the credit crunch.

The publication said this is evident as markets such as Cyprus are still attracting lots of attention from British buyers.

Dominic Farrell, editor of Jet-to-Let magazine, commented: "If you provide the right product and the right finance package in a country not overly exposed to the credit crunch, then investors continue to buy."

He added that Cyprus provides a "solid" and low-risk investment opportunity to foreign property buyers.

Mr Farrell said this could be attractive as the UK property market is currently in a state of decline, while Britain is also dealing with rising inflation.

According to a recent study by Jet-to-Let magazine, nearly 40 per cent of would-be British buyers plan to invest on the Mediterranean island in the next year.