Foreign investors 'considering coastal villages in Cyprus'
Many investors in the Cypriot property market are choosing to look away from established holiday resorts, it has been claimed.
Property writer Kevin Moore said that some buyers were starting to look away from the highly developed tourist spots and consider purchasing in nearby villages.
He said that this offered several benefits to foreign investors, such as cheaper property prices and easy access to the main resorts.
Mr Moore commented: "We aren't talking about tens of miles here, because there are still lots of unspoilt villages dotted along the coast within a short car journey of the larger towns."
He said that these villages offered properties that could be up to 50% less expensive than similar buildings in the tourist areas.
Moreover, he stated that since development across Cyprus was continuing apace, the value of properties in these settlements could go up "considerably" in the next few years, creating the potential for buyers to get strong returns on their investment.
Earlier this month, Cypriot newspaper the Financial Mirror reported that during the year to June 2007, income from the tourist sector on the island went up by 3.2%.
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