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Go west, Cyprus investors advised
There are many hotspots for http://cyprus.assetz.co.uk/">property investors in Cyprus, but perhaps none better than the west of the country, http://cyprus.assetz.co.uk/">Cyprus property developer Pafilia has said.
Spokesman Simon Cozzolino said the area represented not only the top end of the market, but also the one with an advantage that would make any investors' ears prick up, namely that places like Paphos have a year-round season.
"You could go on Christmas Day to a restaurant", said Mr Cozzolino of the city, which is the "richest, most affluent area" of the country. In contrast, he suggests, east coast Cyprus "is the cheaper, lower end side of the market and that's only open for six months of the year."
Thus investors are presented with a choice. Lower prices but shorter seasons in the east and a higher-priced but more lucrative west, the latter perhaps appealing to a different and wealthier market, not least those able to spend not just their summer holidays on the island but also part of the winter too.
If Paphos doesn't float the boat, Mr Cozzolino adds, then there are plenty of west coast fishing villages that do, with an ample supply of fresh fish as a result. These lie in the Polis region, where the coastal strip stands by the warm blue sea and is a favourite retirement spot near some "severe natural beauty". At the same time, properties are scarce due to tight building restrictions, which keep prices up but prevent unattractive developments.
He added that the Akamas peninsular was another popular area, the site of a national park and coastal waters in which scuba diving is popular, containing the sunken remains of buildings that some believe to be the lost city of Atlantis.
The claim for Atlantis actually being on Cyprus is, of course, unverifiable. Many possible locations exist for the city (if it existed at all) and none of them are in the ten suggested by American alternative author David Hatcher Childress for the Atlantis Rising website. But of course the archaeological attraction and clear waters should be enough to bring in many diving enthusiasts.
While Atlantis may be a lost city, Paphos and other locations in Cyprus are certainly not. While the attractions of scenery, sand and fresh seafood are part of the appeal, the overall strength of the Cypriot economy continues to provide further encouragement. Today the Financial Mirror reported that the ministry of finance had raised its predictions for gross domestic product growth for 2007 from four per cent to 4.2 per cent, while at the same time tipping unemployment and public borrowing to fall. The ministry stated that real estate investment and construction were among the key drivers of the economy.
Thus Cyprus is a country that is performing well economically and doing so in no small part because of the overseas property investors. This being the case, it is in the country's interest to maintain the healthy symbiosis, so investors in the west of Cyprus should not find their investment sinking into the murky depths, even if they do buy next door to Atlantis.
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