Map of Cyprus showing Paphos district. The green areas are the UK Sovereign Base Areas, the blue area is the UN buffer zone. Areas north of the buffer zone are controlled by the Turkish Republic of Northern Cyprus, areas south are controlled by the Greek Cypriot government. Nederlands: Kaart van Cyprus met het district Paphos. Português: Localização do distrito de Pafos (Photo credit: Wikipedia)
en:Russian minimarket / uk:Російський магазинчик / el:ПЕРІПТЕРО (Photo credit: Wikipedia)
I continue to speculate whether all the bad news is priced in for Cyprus, and it’s time for the upside potential to flex its muscles?
Unlike the Brits, the Russians don’t seem to have been selling property. My Russian neighbours are investing in expensive refurbishment programs. Indeed, I continue to hear about wealthy Russians buying multiple properties. Also I hear that property prices in Limmasol are now being pushed up by buying ahead of the offshore gas boom – others speculate that this will spill over to Paphos, a short ride down the motorway.
I have a friend who’s a professional pianist and has been doing Elton John impersonations in popular hotels in Cyprus for some years. Recently, he told me that more and more hotels are now being pitched exclusively at the mass Russian tourist market. Whether it’s Russian wealthy investors or package holiday-makers, the Russians continue with their Cyprus affair. Walk along the beach in Latchi and the most popular language is Russian!
Meanwhile, property developers are still pitching strongly to wealthy Chinese, who want easy access to the EU.
Also price in new budget airline flights from Vienna to Paphos, and cheap connections with Germany will open up Cyprus to more German holiday-makers – I’m also hearing of German investors buying holiday homes. Just imagine?
With austerity priced-in, strong Russian demand and offshore gas and oil becoming more real, plus three hundred days of sunshine, surely it’s time for Cyprus’ upside potential?
It’s probably time for the EU to give Cyprus a hand with investment in offshore gas and oil potential too!