Cyprus is a place in the sun and a lot more besides
FOR Britons, Cyprus has turned into something of an upmarket Marbella, without the crowds. With unrealised investment potential and a load more untarnished space in which to enjoy golf, watersports, beautiful landscape and good weather for most of the year, it’s no wonder savvy investors are looking to the island to buy property. What with good infrastructure and three major airports – Larnaca, Limassol and Paphos in the south and Ecran in Turkish-governed north – it’s a convenient place to buy as well.
Lucy Russell, managing director of Quintessentially Estates, says southern Cyprus has become a hotspot for people after contemporary, sleek luxury – Quintessentially recently sold an uber-modern villa near Polemi, which Russell describes as a “very contemporary bachelor party pad”, for €11m. It sounds like a lot, but try the Greek islands for comparison – a plot of land without a house just went for €10m on Mykonos.
“Northern Cyprus is more for straight investment than south; you can get a very nice property for €500,000, though buyers know it’s not as glam as the south,” says Russell. Developers have caught onto the potential of golf and a number of new courses are planned.
“Cyprus used to be for people who wanted the expat lifestyle, and would look to spend €200,000-€300,000 on apartments. But now, good hotels, golf and other entertainment has brought a more upmarket clientele.
“For all that, Cyprus is not St Tropez, and it’s very much a British market at the moment. There’s a way to go before it realises its value, so now’s a good time to buy.”
THREE BED VILLA, PAPHOS, PRICE ON APPLICATION
Ultra contemporary, with a private pool and terrace. Close to golf, spa and the beach. Unique Living, tel: 020 8416 0230, www.uniqueliving.com
VILLA ARTEMIS, PAPHOS, €2,499,500
Four bedroom, 2,700 sq m mansion on this stylish 600 acre resort. Aphrodite Hills, tel: 020 7398 3300, www.aphroditehills.com
CAP ST GEORGE, WESTERN CYPRUS, €3-€9.5M
Sleek seafront villa club on the west coast. Next to Akamas Peninsula national park. Savills Int, tel: 020 7016 3740, www.savills.co.uk/abroad