How can property in Cyprus perform a seemingly impossible magic trick? What can overseas investment do to reverse the fortunes of ailing assets? The answer, is that buying property abroad can act an offset; invest in a cheap market before the rise, and see prices appreciate when the clouds dissipate and world economics once again sees the sun.
Buying property abroad comes to its peak in Cyprus properties. Why? Because prices there have risen by more than 10 times in less than 10 years, making substantial gains for investors; one acre of land in north Cyprus was worth just £6,000 in 2000, but now it can be worth closer to £90,000. Prices are set to continue appreciating, meaning that certainly, property appreciation in overseas investment is a perfect way to offset economic recession or loss of earnings in current domestic investments.
Property in Cyprus, then, marks an interesting overseas investment; potential gains are intriguing indeed, and this has been clearly noted by a number of investors from the UK, Scandinavia and Russia, where shrewd investors have come to the island in droves to secure their equity in overseas investment.
Will that trend continue? It seems safe to say that it can, and will; a minor blip around 2006 led sceptics to argue that the boom in Cyprus properties was at an end, but it continued to rise, and now 2008 is expected to see further prices of close to, and perhaps over, 10%. So overseas investment in property in Cyprus looks safe, and is also likely to grow, both in price and number of investors.
Property in Cyprus marks a peak of the growing trend, and overseas investment there is now rivalling its southern counterpart, which has until now been afforded the greater proportion of the limelight. And property prices in the North are expected to rise to the same prices of the south, but without the rapid construction that has so blighted the Republic of Cyprus in recent years.
Yields are reported to be unprecedented, so that property in Cyprus is the perfect antidote to the perils of the UK recession, and smart investors are investing now; reunification of the island from its partitioned state currently hangs in the balance, and the general opinion is that a destruction of the partition would bring the spark for a substantial rise in property prices in the North.
So to invest now is to create security for finance in the recession, and to invest now is to see the greatest reward; after reunification, prices are still going to be lower than in Britain – but with prices still rising – but they will not be quite what they are currently.
With the current recession, then, overseas investment is a clear way to safeguard your assets, maximise profit, and enjoy the many benefits and perks of the exciting world of overseas investment, in one of the world’s best emerging property markets: the North Cyprus property boom.
For more information on the market for property in Cyprus, look no further than the Whiterocks resort in Bafra.
Martin Gavin is the property market predicting expert at http://www.whiterocksbafra.com, and specialises in overseas investment and property in Cyprus.
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