Buying a property for investment purposes has always made a lot of sense and property in Cyprus is no exception. Property buying habits have evolved over the last decade and buyers are increasingly willing to invest in developments abroad, especially those located in or near resorts. With the economies of most Western European countries continuing to grow, more and more of these European citizens are looking to buy holiday homes in the sun. Countries like Cyprus have seen some significant benefits from this excess disposable income that buyers are collecting by remortgaging their primary residences at home. Many foreign buyers are even taking advantage of Cyprus banks willing to lend against Cyprus property purchases by residents who do not wish to purchase holiday homes on the island.

There can be no doubt that the colossal amount of development that is happening in Cyprus is changing the face of the countries economy and lifestyle at a fast pace. Many former land-owning farmers have become millionaires thanks to the property development boom in Cyprus. Weather-beaten pick-up trucks are rapidly being replaced by Mercedes Benzes and BMWs, while once-sedate fishing ports are steadily filling up with luxury speedboats. Luxury villas are also springing up across the island as Cyprus’ property boom continues to bring new money into the country. Measures such as the introduction of VAT on property sales prices and the increase in the price of land itself have done little to curb this building frenzy.

While average salaries in Cyprus are still considerably lower than those in places like the UK and Germany, property prices continue to rise unabated. It really doesn’t take much science to determine who the losers are going to be in this construction bonanza. The gap between the rich and the not so rich in Cyprus has suddenly expanded to dimensions never before imagined. The next generation of Cypriots will soon be lucky if they can afford a house or apartment in their own country. While this situation is of little or no interest to now wealthy developers and former land owners, it is relevant to many young Cypriots looking for their first home. Climbing the property ladder in Cyprus was never easy for them, but it could soon be next to impossible.

The writer of this article does not suggest for a moment that foreigners should be excluded from buying property in Cyprus because, in fact, they continue to fuel the country’s economy. Cyprus remains one of the top holiday destinations, especially for the British and Germans who flock there year after year. Many of these former tourists have bought property in Cyprus and it looks like this trend will continue for quite some time. It is an inescapable fact that the shape of the tourism industry in Cyprus has undergone and continues to undergo a major shift in emphasis. There is a definite shift from hotel and apartment based holidays to private rentals of luxury villas or apartments which, in turn, is having other side effects.

With the huge growth of the Internet vacation market, more people are “building” their own vacation packages, booking flights and accommodation through separate sources instead of taking a traditional package tour. Many Cyprus owners have tapped into the lucrative vacation rental market through rental agents. Cutting back on the traditional ways of hosting packages and tour operators at the same time. Bad news for hotel and apartment complex owners, and many of them find themselves stranded in the face of declining bookings year after year. Some of the more astute hotel and apartment owners have bucked the trend using the “if you can’t beat ’em, join ’em” philosophy, turning the situation into a huge financial advantage.

Many empty apartment complexes in Cyprus are being renovated into luxury units and being sold to eager vacation home buyers. These “like new” apartments offer buyers the best of everything, including a central reception area, pool complexes, and resort locations, to name just a few. They are a real win-win situation, including former owners and those looking to buy on a budget. They are also perfect for vacation rentals because everything a couple or family needs for a great Cyprus vacation is all in one place. If you are thinking of buying a holiday home in the sun for yourself or as an investment, these renovated luxury apartments could be the perfect property in Cyprus.