With a warm climate and some of the finest beaches in the Mediterranean, Cyprus property continues to grow in global popularity. Excellent tax benefits and low property prices, as a result of their EU membership, also draw in property purchasers. Cyprus is one of the fastest growing European Union countries, and in some areas prices are increasing by about 25% a year. While on the rise, properties prices are currently much lower compared to Spain, France and Portugal; with a larger return on investment than other traditionally popular European vacation locations.
According to the U.S. Department of State’s Bureau of European and Eurasian Affairs, Cypriots are among the most prosperous people in the Mediterranean region with an educated English-speaking population, good business and financial services, a sound legal system, low crime rate, good airline connections (an example of one major flight operator is British Airways which now flies to Cyprus 19 times a week), reasonable local costs, and modern telecommunications. In fact, Cyprus boasts a very well developed infrastructure with outstanding telecommunications and transport systems. More over, a marina and new international airport are projected to be completed in 2008. In southern Cyprus, an international business centre, a university, a brand new hospital, along with a sizeable leisure and cultural centre are planned. Additionally, 11 new 18-hole golf courses are intended for the island. Golf property prices bring up to 40% more. Along with continuous property development throughout the island, these factors point to substantial economic growth.