South-east Cyprus ideal for buy-to-let

25th July, 2005

Consumers thinking of investing in a second home could not do better than south-east Cyprus, according to a new report by Property Secrets.

A new analysis of the risk against the gain finds that Cypriot homes are worth considering for buy-to-let, and home insurance would help to reduce the risk of buying abroad.

"South-east Cyprus beats the Bulgarian coast and the Costa del Sol hands down as a sun investment location," explained Neil Lewis, chief executive of Property Secrets.

He says that while property in Bulgaria also presents excellent investment opportunities to borrowers, Cyprus is less developed and in some parts there is a lack of accommodation. Home insurance would cover the buildings and contents if consumers decided to retain it as a holiday home.

Tenants' insurance could be an advantage to those considering buy-to-let, as it would protect belongings in case of theft or fire.

The Property Secrets report also reveals that demand for long lets from British expatriates in Cyprus is strong. So long as the building is insured, renting out a proprty could be a viable source of income.

 

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