Property investors in Cyprus should buy in built-up areas to 'keep risks low'

Investors that are interested in Cyprus have been advised to look for property in areas that have already been developed.

According to property developers, Pafalia, choosing an area that has already been built on will help to "keep the risk low" and should take advantage of Cypriot lawyers to minimise their costs.

Simon Cozzolino, property consultant at Pafalia, said: "Use a Cyprus lawyer because it will halve your costs."

He continued: "Don't buy in the middle of nowhere; buy in an already developed area to keep the risk low."

The Cyprus Land Registry has reported a 17 per cent fall in the value of property in the first quarter of 2008 so there are bargains to be had.

There is also less competition for properties as the total number of houses sold has reduced from 5,202 to 4,143.

Cyprus is still a very popular destination for tourists and those that have chosen to live there full time.

A report by the Cyprus Tourist Organisation reported that around 1.5 million British tourists visit Cyprus every year and around 65,000 Britons live there.

Overseas Property News posted on 26/06/2008 17:21:23