In recent years, a growing number of Britons have chosen to invest in a second home overseas, and their preferred locations have invariably been sun-kissed holiday resorts. Property developments from Alicante to Zagreb have attracted buyers from all over the UK and beyond, and in the coming months and years many more locations will no doubt tempt further investment.
One of the most popular countries in which to buy second homes is Cyprus. This stunning island in the Eastern Mediterranean offers investors a wonderfully warm climate, even during the winter months, and the fact that it’s been a holiday paradise for many decades means it has a robust infrastructure that features a huge selection of restaurants, bars, clubs and of course beaches.
Many people buy a second home in order to use it whenever they want, so if they are suddenly in need of a little rest and recuperation under blue skies they can simply book a last-minute flight and head to Cyprus. In just a few hours, they can be sitting beside their swimming pool enjoying a cold beer and topping up the tan, while wondering where to go for dinner later in the evening.
Spend money to make money?
For many other buyers, however, it’s the prospect of generating a regular income from the investment that appeals most. Renting out a holiday home can be a lucrative experience, and of course the owner can refuse bookings for any weeks during the year that they would like to set aside for themselves. If they manage to attract regular renters, they can make a tidy sum of money over the course of a twelve month period.
Although Cyprus is home to some very impressive inland towns and villages, it’s the coastal areas that tend to attract overseas property buyers. One of the most popular locations of all is Paphos, a wonderfully exciting town on the west of the island. It’s home to some highly impressive developments, and the local nightlife features some of the finest restaurants in the whole of Cyprus.
There are several plus points about investing in this country, including favourable tax regulations that the government has put in place to attract foreign income. Buying second homes in some nations is a complicated process, but in Cyprus it’s relatively simple. It’s worth noting as well that the Cypriot pound is one of the most stable currencies in Europe. Nothing can ever be guaranteed about the future of a nation’s economy, of course, but it is fair to say there is room for at least some optimism.