CYPRUS, THE NEW GOLFING MECCA?
The Cypriot Government has stated quite categorically that it is determined to make Cyprus a golfing Mecca. The island is blessed with 300-plus sunny days a year, perfect for those that like “a good walk spoiled”.
Plans have already been agreed for several new golf courses on the island. One of the first off the drawing board is a spectacular new 18 hole golf course and leisure complex in Tersefanou backed by the European Golf Federation.
If Mark Twain could not have been tempted onto the golf course, he might have been enticed with some of Cyprus’ other treasures as so many tourists and investors are every year. The tourist industry is facing a boom time; 2.4 million tourists visit the island annually, three times the island’s population!
Besides the golfing facilities, the Government has big plans to further develop tourism as a whole on the island. It plans to improve air travel, increase bed space, there are currently not enough to meet demands, upgrade existing accommodation and tourist destinations, restaurants, museums, etc, develop nature trails, cycling routes, information centre’s and such like.
After EU accession, Cyprus is no longer just another tourist destination offering sandy beaches and fun. It’s becoming the home, work place, business destination, retirement place for more than half a million people coming from all over Europe.
UK investors in particular are attracted to Cyprus. Being a former colonial island, the legal and conveyance system, as well as the banking system are British based and English is spoken by practically everyone.
Compared with the traditional golfing holiday home favorites of Spain and Portugal, it is 20-30% cheaper to buy in Cyprus. Prices have been rising steadily though, especially since EU membership in May 2004. Prices are set to rise again once they join the Euro zone in 2008. At the same time though, interest rates are falling and the Cypriot economy is booming.
There are no purchase restrictions for Brits wanting to buy in Cyprus, plus homeowners can use their equity in their UK property to buy in Cyprus. There’s good news too for mature investors as Cyprus has neither inheritance nor wealth tax.
| 
