Why Cyprus ?

Since Cyprus' accession into the European Union in May 2004, it has come to be considered as the overwhelming success of the new member states. Its main feature is its strength in adaptability, highlighted by Cyprus' remarkable shift from an almost entirely agriculturally based economy to a highly developed one based on tertiary services and tourism, fuelled by links with all of Europe and increasingly the Middle East.

As a condition of Cyprus' accession into the EU, it is due to adopt the Euro in January 2008, with preparation for a smooth transition well under way. Given that Cyprus' largest trading partner is within the Euro zone, the parity of economies will expand profitable business opportunities as transaction costs and exchange rate risks are eradicated. Furthermore, and perhaps more specifically, the adoption of the Euro will force the reduction of interest rates to fall in line with the European Central Base Rate, making borrowing, particularly against property investment, a more viable and accessible option for investors. This can only serve to strengthen the rising property prices.

Why Larnaca ?

The redevelopment of any town always creates a huge influx of long and short term growth and investment for the immediate and surrounding areas, and Larnaca is no different. The regeneration of the Larnaca area spans the entire length and breadth of the town, and encompasses all aspects of local life and tourism. This in itself is no new concept, and on its own offers nothing new to the overseas investment market. However, so much very rarely happens to such a relatively small region on a small island. Larnaca benefits from already having the busiest airport in Cyprus, but through further investment from not only the national Government, but also from the European Union itself, construction and infrastructure is well under way for the building of a second terminal, with the capacity to treble the amount of visitors to Cyprus to over 9 million passengers a year. It is this continual interest from the EU since Cyprus' accession in 2004 that makes Larnaca so unique, and shows the level of faith the EU has in Cyprus and its potential for growth. The significant level of investment from the EU has also helped commission the removal of the oil refinery from Larnaca's coastline, the extension of the entire port area, including commercial marinas and new luxury golf courses, which make the area the next hot spot for property investment in Cyprus.