Now is the only time to buy property in Cyprus

Whilst prices in the UK market are falling, equity in some property overseas is increasing, an industry expert has said.

Overseas developer, Pafalia, has advised that now is "the only time to buy" property in Cyprus as sales, particularly in the south of the country, are "still quite buoyant".

Talking about the value of properties in Cyprus, Simon Cozzolino, property consultant at Pafalia, said: "equity is still increasing and we have seen at least 20 per cent growth since the beginning of this year across our portfolio."

Mr Cozzolino said that the company is experiencing a "whole new wave of investment going on". He has advised investors to look at the Pafos and Polis region of the country as they are "very much under built at the minute".

Cyprus is, according to research conducted in January this year by the Homebuyer and Investor Show, the number one retirement destination for UK residents.

The country clocked up a high score for its low income tax rate for retirees. Pensioners pay just five per cent and also take advantage of the lack of inheritance tax and low property prices.

Overseas Property News posted on 17/06/2008 12:39:05