First time buyers look to Cyprus

22-Jul-2005

First time buyers looking to get on the property ladder by buying to let elsewhere might do well to head to Cyprus, it has been claimed.

Click here to find out how to get onto the property ladder by buying to let somewhere else

New research carried out by European property investment firm Property Secrets suggests that south-east Cyprus is one of the best places for people looking to get onto the first rung of the property ladder.

According to the company's analysis of the risk against the potential rewards of buying a property somewhere in Europe, Cyprus offers the best returns on any investment than other top "fly to let" properties, such as the Costa del Sol in Spain and the Bulgarian coast.

"It offers investors high potential reward for comparatively low risk - something which neither of the other two favourite destinations offer," explains Neil Lewis, chief executive of Property Secrets.

Bulgaria is no longer considered as a major money-making venture for aspiring homeowners, as recent increases in tourism have seen jumps in the hotel package tourism sector, meaning that the buy to let market in Bulgaria is less likely to see sharp increases in the coming years.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley

Therefore, aspiring first time buyers in the UK who are considering using a property in a foreign country as an alternative way of getting onto the property ladder, are being urged to look into the possibility of buying to let in Cyprus, where price growth is expected to remain strong.

Click here to ask about the legal costs of house-buying or to ask a legal question specific to your own situation

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