Cyprus heralded as emerging overseas investment location

Friday, 23 May 2008 10:00 AM

Cultural ties between Britain and Cyprus make the island a potentially attractive place to make an overseas property purchase, according to BuyAssociation.

Until 1960 the Mediterranean island was a British Crown Dependency, but following independence the nation has maintained a strong cultural link with Britain.

"The legal system in southern Cyprus is based on English law, people drive on the left and pretty much everybody speaks English," said Paul Collins, property editor for BuyAssociation.

"These are things that a lot of people look for because particularly if they're retiring, they don't want to be somewhere that's completely different."

This British influence is matched to an historic Greek identity, a mix which draws upward of 1.6 million British tourists to the island each year, according to the Cypriot Tourist Office.

Cyprus also has a picturesque charm which draws investors.

"In terms of the actual place itself, no one would deny there are some places in northern Cyprus that are just absolutely gorgeous," continued Mr Collins.

"Old little fishing villages like Kyrenia are just fantastic. These places are gorgeous and that's why people want to buy property there, that's what makes it hard because people are attracted but have to be very careful."

There is also renewed hope a compromise may be reached with Turkish-controlled northern Cyprus, which was invaded and occupied by Turkish troops in 1974.

"We're a lot closer to a settlement between northern and southern Cyprus now than we have been for a long time, because the government in the southern half of the island recently changed," said Mr Collins.

"It is now a communist government, but democrats are elected and they're much more progressive in terms of holding talks with the north and waiting for some kind of resolution, so there will be much more of a chance for a resolution in the future."

Chris O'Toole

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