Israelis embrace occupied Cyprus as British buyers slump

The president of the northern Cyprus Real Estate Agencies Union, Hasan Sungur, has claimed that Israelis are flocking to buy land and properties in the occupied areas, following close behind mainland Turks.

The announcement comes after a tough year for real estate in northern Cyprus, which has seen sales to Britons almost grind to a halt, mostly due to the high profile Orams case.

Sungur said that Israeli investors have recently increased the real estate purchases in occupied Nicosia and Kerynia, with the occupied Agios Amvrosios district attracting many investors.

In addition, Israeli companies are actively investing in a number of infrastructure projects in the north.

It is known that in Kyrenia there are currently five construction companies which have Israeli owners or partners. Sungur also said there are several thousand buildings constructed by Israeli companies in districts on the Karpaz Peninsula.

The end of Cyprus’ remarkable real estate boom

CYPRUS’ remarkable three-year housing boom ended in 2008. The market’s peak was in November 2008; after that, prices began to fall.

According to MAP S.Platis, who prepare the BuySell Home Price Index, average home prices fell by 2.17% (-3.22% in real terms) year-on-year, to € 187,053 in March 2009.

The crunch was mainly caused by lower demand from British buyers, who comprise around 70% of all foreign buyers in Cyprus. The UK recession and the weakening of the pound against the euro has prompted British buyers to look for non-Euro destinations, according to Global Finance, a business and finance magazine. Property demand from non-Cypriots buyers fell by 50% in the last period of 2008.

Cyprus Real Estate: The Jewel Of The Mediterranean

Cyprus is a popular vacation destination, especially for Europeans who come from the dreary corners of the continent. The island boasts over 300 days of sunshine, a Mediterranean lifestyle, and a friendly population that speaks adequate levels of English to facilitate communication with visitors. Tourists can hang out at the beach, climb Mount Olympus, hideaway in quaint mountain villages, check out byzantine churches, and visit monasteries.

Cyprus, Paphos, Aphrodite Hills

Situated at the most privileged location of Aphrodite Hills Resort, Hestiades Greens is a beautiful residential development, designed to please the most demanding golf enthusiasts. The properties enjoy the most extensive views of the golf course, as well as views of the resort’s lake.

The project consists of 38 exclusively designed terraced villas, built all along the elongated parcel of land adjacent to the golf course greens.

The Award winning Aphrodite Hills is a luxurious and elegant golf resort near Paphos. The Aphrodite Hills Resort is the first ever fully integrated golf, leisure and real estate development in Cyprus. The award-winning resort’s exceptional facilities include a five star hotel Intercontinental Resort Hotel, Clubhouse, Golf Academy, Tennis Academy and Spa as well as a village square with tavernas, restaurants, supermarket and other amenities.