Extra investment from tourism officials to boost Cyprus property market
Extra investment from tourism officials to boost Cyprus property market
The Cypriot government and tourism authorities are working together to stimulate the country's property market. Property Wire reports on the joint initiative to boost visitor and investor numbers.
Cyprus officials are planning extra investment to try and put the island's property market on an upward course. In particular, the government, the Ministry of Tourism, the Association of Cyprus Travel Agents (ACTA) and the Cyprus Tourism Organisation are concentrating their efforts on the winter season 2008/09.
Trafford Busuttil of Propertyline International summed up the attraction of the island for investors: "The key reason why the property market is so appealing to foreign investors is that it has European systems in place, low taxation and an excellent communication system."
Akis Kelepeshis, president of the ACTA, said: "We have already spent a lot of time and money and we are beginning to see increasing numbers [of visitors]." They are aiming to attract property investors, who would enjoy good occupancy levels due to increasing visitor numbers, as well as tourists, Kelepeshis added.
The Cypriot government is also helping to raise the island's profile in other ways;
Paphos airport is being extended and the road infrastructure is also to be improved.
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13 June 2008
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