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Cyprus developer aims at HK-based British

Cyprus

WITH most of Cyprus' major attractions less than an hour away by car, the port city of Limassol has proved a popular location for European expatriates looking to buy a holiday villa or home, according to Antonis Ioannides, finance director with Ioannides Developers.

The former British colony has always been a favourite with tourists and retirees from Britain, so Mr Ioannides came to Hong Kong to find out how much interest their might be among locally based British expatriates.

The downturn in the British property market had meant there were fewer Britons buying property in Cyprus, he said. 'The problem is that they can't sell their homes and therefore can't invest in Cyprus.' Limassol is one of two principal areas in Cyprus - Paphos being the other - which caters to a foreign population.

While some holidaymakers might prefer the relative quiet of the Paphos area, Limassol - which is the country's banking and financial centre - offered a more cosmopolitan atmosphere, said Mr Ioannides.

The city boasted a plethora of five-star hotels, marinas and a vibrant night life, he said.

'In Paphos we have the second largest concentration of foreigners purchasing properties,' said Mr Ioannides. 'But they tend to be people buying for retirement, while the younger couples tend to purchase in Limassol.' It is almost impossible to get anything on the beach anymore but a short walk from the beach is Alexandria Gardens, which has both three and four-bedroom villas with private swimming pools, each measuring about 1,800 square feet and selling for about HK$2.3 million.

According to Mr Ioannides, there are many units farther up in the hills in the Kaloyiri Heights area - Cyprus's equivalent of The Peak - where temperatures do not climb so high, but the flats are generally much more expensive.

The budget-conscious need not despair. In the hills, lots of 20,000 sq ft are not uncommon as are homes ranging from 3,000 to 6,000 sq ft. Prices could range from $3 to $6 million, he said with the cost of the land between $680,000 to $1.3 million.

Alexandrian Heights, on the road from Limassol to Paphos, offers apartments and villas with two, three or four bedrooms at $935,000 to $1.2 million.

Cyprus's legal system is based on English common law. It has few foreign currency restrictions and landlords pay just five per cent income tax.

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