Investors advised to buy in Cyprus

Tuesday July 1st , 2008

Foreign property buyers have been encouraged to consider entering the rental market in Cyprus.

According to Shelter Offshore, the Mediterranean offers hot and sunny weather for most of the year.

This means it is likely to attract holidaymakers for a longer period of time, which will result in rental accommodation being in continuous demand.

Therefore, buying a property in Cyprus could be far more lucrative than investing in a country with a more seasonal tourist trade.

Shelter Offshore commented: "Many older expats tend to favour the destinations out of season and you do get an extended rental period as a result."

However, prospective buyers were urged to take various issues into account before making a purchase, such as the property's proximity to important amenities.

This, it said, could affect whether people choose to book lodgings in their residence.

According to a 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.