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Has Cyprus recovered from the banking crisis?

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The focus of the news moves quickly in the age of 24 hour rolling television coverage, but it seems strange that the recent events in Cyprus seem to have disappeared from the headlines.

The discussion surrounding drastic measures to secure an EU bailout almost led to a run on the banks and further questions were raised about the entire Eurozone crisis. The effect on property prices was significant as values plummeted.

However, figures from the Department of Lands and Surveys suggest that the property market on the island is making a swift recovery as overseas buyers return, with a particular increase in those from outside of the EU.

This can in part be put down to a residency scheme aimed at non-EU nationals, which offers the incentive of permanent residency and easier access to other European nation states.

The new visa situation is also attracting a great deal of interest from businesses in China and the Middle East who are looking for the ability to travel around Europe more freely.

Larnaca, Famagusta and Paphos saw significant increases in transaction activity in April 2013 compared with the month before, with sales to foreign investors in Paphos now 7% higher year on year.

Although investment purchases aimed at buy to let rental yields may have been hit hard by the recent upheavals, retirement and relocation buyers continued to remain active throughout the period. The main attractions of the island for this particular group were unchanged by events and they were even able to take advantage of lower asking prices.

Of course, the fact remains that Cyprus is one of the countries to be worst-hit by the recession and along with Italy and Spain the property market has seen enormous changes. The long-term effect of new investment in the island remains to be seen.

If you are looking to make cross-border transactions to take advantage of weaker property markets such as those in Cyprus, comparing the travel money exchange rates on offer could be the difference between finding a profitable deal and losing out.

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