Cyprus property builder looks to buyers from Iran

Property in Cyprus could see a surge in interest from a new brand of buyers, according to one of the island’s leading developers. Yiorgos Georgiou, sales director of Cybarco, said the company was looking to target investors from Iran, where property buyers have started to look further afield.

Cybarco is working on a number of new homes schemes on the island, including the exclusive Akamas Bay Villas, developed in Latchi. It is also building Alasia Residences, Nicosia, an apartment property project where some homes feature en-suite bathrooms and jacuzzis.

Quoted by UAE newspaper The National, Mr Georgiou said buyers from Iran were interested in holiday homes and potential investment opportunities.

He said: “Iran is a market we’re addressing for the first time - we expect the first sales to be closed within the next month.”

The new interest could be welcomed by owners of new property in Cyprus after initially strong demand from British investors began to decline, meaning some sellers had to look at different markets.

Despite a drop in demand from British buyers, homes in Cyprus saw prices slip by 1.5 per cent in the final quarter of 2008, but registered an annual increase of 2.8 per cent, according to The National.

Cybarco’s Alasia Residences are already on sale and property prices start at around 495,000 Euros ($670,528) for three-bed apartment homes in the double building development, including marble floors and spacious verandahs.

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