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23 January 2016
British property purchases continues to increase in Cyprus, Spain & Portugal
January 21, 2016
British Property hunters are set for a good year in Southern Europe, with homes priced as low as €50,000 in these property hotspots of the Mediterranean .
Property priced so low usually requires a major renovation effort, but this year thousands of homes are available at rock bottom prices. In Spain a relatively small amount of money allows you to pick up a three bedroom townhouse, a six bedroom country cottage or a city apartment with a shared pool.
For buyers with greater capital, Cyprus offers a really attractive proposition. Here it is possible to find a two bedroom apartment in Paphos with a shared pool for under €100,000.
A fully furnished studio apartment in excellent condition was recently sold in Paphos for under € 35,000 euros, although bargains this cheap are hard to find and buyers need to move quick to find something like that. Other Cyprus properties include 2 bedroom Townhouses in excellent complexes with swimming pools are available for around € 120,000 upwards.
"Cyprus offers great value for money", said Simon Gale, Managing Director of Simila Cyprus Property Company , " many non-EU countries have been buying in Cyprus in recent years , due to the advantageous residency laws and Tax benefits in Cyprus , and now that £ Sterling is at a very preferential rate , we are seeing a sharpe increase again from the British market now.
The Eastern Mediterranean nation is on the up and According to Ideal Homes International, now is the perfect time to buy property on the island. Company director, Chris White explains: “Cyprus has got some real bargains at the moment and the climate is perfect for those looking for a holiday retreat away from the rain and cold back home.
The market is unlikely to move much over the next few months, which means UK buyers can take their time to research the area they would like to own in without fear of getting priced out of the market while they do.”
Portugal, while a little more expensive, is still a cheap place to buy property. Holiday homes in the Algarve can be found for as little as €150,000. For this sort of money, you can buy a two bedroom apartment with a terrace and a garden in Portimao, or a three bedroom house with a pool in Albufeira.
While for those with more cash to spare, Mallorca presents an enticing opportunity. Two bedroom apartments with direct beach access start at €235,000 at Costa Beach but pricier properties such as a cliff top townhouse with a community infinity pool can be found for €625,000 at Cala Magrana Mar. The property market on the island has blossomed in recent months, as sales have surged past expectations. In fact, sales in 2015 were up 25% on 2014 and prices for top locations increased by as much as 15%.
Inland Mallorca is one area of the island that has seen a big increase in property purchases, with sales increasing by 50% this year. Buyers are attracted to the numerous luxury estates which offer plenty of land, privacy and views across the Sierra Tramuntana Mountains. Hans Lenz, spokesperson for Engel and Volkers Mallorca said he expected the island’s popularity to continue. He explained: “We envisage continued interest for property from overseas in 2016 fuelled by strong currencies outside of the Euro, the increasing appeal of the island and the desire to own a place in the sun that is safe, secure and easily accessible.”