Southern Cyprus 'at saturation point' for investors

05-Apr-2007

In news which may be of interest to first time home buyers looking to invest abroad, southern Cyprus is becoming less attractive to foreign property investors, an expert has claimed.

According to Hetal Shah from Investors Provident, as a result of an increase in the number of developments over the last two years, prices have risen considerably, to the point where the market is now "saturated", which could interest first time home buyers looking to buy in an economical foreign location.

Areas such as Limassol, Larnaca and Pathos have been identified as currently the most expensive; a studio apartment in Pathos now costs between £50,000 and £55,000.

"The southern market has kind of got [to] saturation point," said Mr Shah.

"There's a lot of development [in] the most popular areas," he added.

Indeed, according to Mr Shah, northern Cyprus is now a more attractive proposition as there has been little damage from tourism and property development.

To find out more about buying a property abroad to get onto the property ladder click here.

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