Low cost airline 'will boost cyprus property market'

Monarch's move into Cyprus will boost property sales by making it cheaper for the UK's tourist investors to explore property investment opportunities on the island.

As the first major low fares airline to introduce flights between the Mediterranean island and the UK, Monarch could open up the market to new buyers. Cyprus has seen house price inflation rise steadily in 2006, with the average property price increasing by over CYP 5,000 between December 2005 and December 2006, according to figures from January’s BuySell Home Price Index.

Based on a YouGov Plc poll of 2,297 GB adults (aged 18+) during 10-14th November 2006 for the firm, MRI Overseas Property found that one in ten (11%) people who are considering buying an overseas property would consider buying in Cyprus. "Although Cyprus has always been popular with British ex-pats, the island has traditionally been poorly served by UK airlines offering competitive airfares," said Rolf Christensen, European Sales Director for MRI Overseas Property.

"The introduction of low fares flights is great news for current Cypriot property owners and investors alike. With improved flights from the UK, Cyprus looks set to become an even more popular tourist destination in 2007 and will open up the island to more prospective second-home buyers."

Nearly 7 million passengers passed through Cyprus' two airports in 2005 (an increase of 5.6%) according to Eurostat. T he Statistical Office of the European Communities also found that the total number of air passengers in the EU rose by 8.5% to more than 700 million in 2005

Source: Overseas Property Professional