2008 News Archive - Holidays - Brits falling in love with Cyprus

19 12 2006

Property owners in Cyprus have reported that demand for their villas is skyrocketing, as Brits continue to fall for Cyprus' charms.

Research from Holiday-Rentals has found that property owners can rent out their holiday homes for an average of 18 weeks per year, as Brits make the most of the glorious sunshine that Cyprus enjoys throughout the summer.

The new report also reflects that demand is set to soar higher when Cyprus adopts the Euro in 2008, which will force interest rates to fall into line with the eurozone.

Ross McGowan, the company's sales director, said: "The number of properties in Cyprus listed has increased by over 40 per cent since 2005 and by nearly 240 per cent when compared to 2004."

As Brits continue to flock to Cyprus to enjoy its outstanding beaches, breathtaking scenery and imposing Troodos Mountains, investors are reportedly bringing in 6.3 per cent return-on-investment, which is based on an average house price of £134,000 and average rental income of £470 per week.

"With over 340 days of sunshine per year, it's a year-round destination and English is widely spoken on the island. There is lots of development going on, including new golf courses and marinas, which will further improve facilities on the island in the coming years," the report concludes.