Property Investment News From Buy Into Cyprus

Cyprus property booms in credit crunch
Tue 28th Oct 08 - 10:32

PLUNGING share prices and dwindling pension pots are sending demand for overseas investments in ‘safe’ countries such as Cyprus soaring, say experts.

Overseas property developers in countries unaffected by the credit crunch are still building and selling to Brits desperate to find a decent return on their investment.

The FTSE has fallen 40% this year but positive returns on properties bought at the start of the year in countries like Cyprus are approaching 20% says Morpheus Investments, the Cheshire-based company, which sells new build property on exclusive developments in Cyprus.

Dani Maxton, managing director of Buy Into Cyprus, says the island is booming and clients are pouring cash into property:

“Cyprus is a safe bet for investors because of the returns looking set to continue as people pull money out of their pension contributions and transfer their UK property assets into European countries less affected by the credit crunch.

“Other markets, like Spain and France have crashed but unspoilt, underdeveloped havens like Cyprus are still secure and will still produce good returns. It makes no sense to continue pouring money into falling UK stocks, shares and bricks and mortar when countries like Cyprus look like solid investments.”

There are currently 2.3 million Britons who own property abroad, according to Cater Allen private bank. Of these properties, up to 500,000 are seen purely as an investment.

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