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Sunday, 21 December 2008 00:00 |
With over 300 days of sunshine every year and 50 blue flag beaches, it is easy to see why the island of Cyprus appeals to holidaymakers looking to take a dip or work on their tan. But the popularity of Cyprus is much more far reaching than that - it attracts a wide range of tourists, each drawn to something unique that the island has to offer.
If property investors are to benefit from the highest rental yields and capital appreciation, it is important that they understand the various guests willing to pay them for accommodation and the types of things that make different areas more popular among home buyers.
Sunny disposition
Undoubtedly a major factor contributing to the significant allure of the Mediterranean island is the climate, which could not be any better for sun worshipers. The winter sun, in particular, provides refuge for those seeking to escape the damp and dreary months in Britain.
Throughout the entire year, the average temperature is a mild 20 degrees Celsius, while the blazing four-month summer sees days filled with as much as 11 to 12 hours of sunshine. It also has beautiful natural scenery that can so be enjoyed in the warm and friendly weather.
The white sand beaches that tumble into the cool blue waters of the Mediterranean are among the best in the entire region, with property portal TheMoveChannel noting that those near to Paphos - including Coral Bay, Geroskipou Beach and Pissouri - are particularly exquisite.
Historic charm
Beyond beach dwellers, sunbathers and water sports enthusiasts, Cyprus also appeals to thousands of people every year drawn in by its historical importance.
Along with Greece and Turkey, the island is at the very heart of the Western civilization and is littered with ruins of ancient peoples.
Dan Johnson, managing director of TheMoveChannel, noted that Paphos, for example, is known as the mythical birthplace of Aphrodite, the Greek goddess of love and beauty, and is also filled with "archaeological sites and Roman ruins".
Cyprus is also home to the likes of Adonis, King Cinyras, Teucer and Pygmalion. It boasts remains dating as far back as the Neolithic period - over 9,000 years before the island's inhabitants joined the Greeks in revolting against the Achaemenid Empire in the fifth century BC, and its subsequent annexation by the Roman Republic some 450 years later.
Ideal for retirees
The island is also popular among retirees for many reasons beyond the temperate climate and beneficial cost of living when compared with Britain.
Cyprus enjoys some of the lowest rates of crime in the entire Mediterranean region, meaning that holidaymakers and second-homeowners can rest easy during their trips to the country.
It is also ideally situated – lying to the south of Turkey, the island is just four and a half hours from the UK, meaning that people relocating permanently can stay within easy reach of their families back home.
Various tax incentives have also served to make it a haven for retirement. Indeed, pensions are taxed at only five per cent and those who earn less than £14,600 a year need pay no tax at all, according to overseas property specialist Shelter.
What's more, Cyprus has a double taxation agreement with the UK meaning that it is possible to get pension payable gross in Great Britain then opt into the Cypriote tax system and avoid the hefty rates suffered in the UK.
Apart from the financial side of things, Cyprus is also an ideal base for older people with the free time to wander around the surrounding countries with minimal hassle, thanks to its status as a member of the European Union.
Beautiful weddings all year round
Overseas wedding ceremonies have also become immensely popular among the British public in recent years, with Cyprus one of the favoured destinations for a slightly more exotic exchange of nuptials.
Following in the footsteps of celebrity couples tying the knot against a backdrop of sun, sea and sand, Brits choosing to get hitched in Cyprus are not only finding that they can afford to do so, but also that they often get more for their money.
Mathilde Robert, managing director of luxury vacation specialist Planet Holidays, which operates Greek, Cypriot and Egyptian wedding programmes, told the Huddersfield Examiner that it costs as little as £200 for a marriage licence on the island of Cyprus.
She added that civil weddings - including service, flowers, cakes and photographs - cost a very reasonable £1,200 to £1,500, evidence perhaps as to why the phenomenon is becoming so widespread among couples from the UK and their families.
"Greece and Cyprus have become our top destinations – because many people planning special occasions are convinced they get better value overseas than they find in the UK," Ms Robert explained.
"Cyprus has become a year-round setting. For a Catholic ceremony in Cyprus in October 2009, one group is taking a priest from Belfast with them - and we already have bookings for mid-2010, more than 18 months away."
Popular with celebrities
Because of the fact that it has not been over-exposed, Cyprus has a strong celebrity following. In recent years, the likes of Peter Andre and Katie Price, Boyzone singer Stephen Gately and Sex and the City actress Kim Cattrall have all chosen to safeguard their money by investing in the island.
According to OK Magazine, star gazers in Cyprus will be eager to visit the Pissouri Bay region, which is also a favourite of Prince Harry and designer Julien Macdonald, among others.
"It is popular with a number of celebrities I believe, but the island is a popular tourist spot anyway," concluded Marios Christodoulou, a spokesperson for Love Cyprus, part of the Association of National Tourist Office Representatives.
Foreign investors are quick to pounce on opportunities to place their cash in the Cypriote property market, no-doubt eager to capitalise on its sustained popularity.
In fact, Monarch Airlines claimed last month that bookings for summer 2009 flights to Cyprus are already 43 per cent higher than they were last year, indicating that the island nation will continue to be a favourite among travellers of all sorts.
According to Cypriote information resource centre Krypos-Net, holidaymakers are also attracted to the "hospitality and friendship" of the people in Cyprus, most of whom speak English, and the fact that there are so many things to do.
Peter Treherne, managing drector of Independence Properties believes that Cyprus still represents a fantastic investment market.
"The Cyprus property market continues to grow, though at a slightly more reserved pace than before. Moreover, a buoyant holiday market maintains healthy rental returns for the right types of properties in the right locations," he said.
"A number of pensionable investment options on the island provide consumers with a great deal of confidence due to the strict regulatory checks that the developers and investments have had to pass." |
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