By: Kate Deas-Smith
Submitted: 2008-08-26 10:46:04 | Word Count: 525
Budget self catering Cyprus apartments are a well liked type of Cyprus property for sale for both personal use and as an investment. Cyprus property for sale have been averaging 20 per annum in capital growth over the past five years, this is why investors love it buying a discount Cyprus apartment and renting it out can be a smart move.
One of the prime areas to buy budget self catering Cyprus apartments is in the Famagusta district , known locally as Ammochostos which takes in the tourist centres of Agia Napa and Protaras.
The actual city of Famagusta was the favourite place for holiday makers in the 1960s, but is currently abandoned in the Turkish Republic of North Cyprus. Holiday makers then moved to the sleepy villages of Agia Napa, Protaras and Paralimni, as there are extensive sandy beaches, rocky coves and clear blue sea, many of which have been awarded ‘Blue Flags’. As would be expected with such an attractive coastline, every type of water sport is available here.
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Purchasers interested in property investment looking at Cyprus property for sale, should understand that the holiday season is quite short in the Famagusta area, so the high rents will only be payable from the end of May to mid September. The area all but closes down in the winter months and therefore this should be taken into account when working out the finances if the property is to pay for itself, don’t be seduced by the promise of high year round short term lets.
Another major place for budget self catering Cyprus apartments is Paphos, specifically around the Tomb of the Kings area, known locally as the Universal Area as the land once belonged to the Universal Bank, there are many restaurants, bars and clubs within walking distance, so there is no need for taxis to get back home after a night out. Kato Paphos is another area where the discount Cyprus apartment is very sought after, the focal point being the fishing harbour and adjacent port. The rental market here is more year round and has proved over many years to be a great place to buy Cyprus property for sale.
Budget self catering Cyprus apartments are especially appealing to families who can have the relaxing atmosphere of a discount Cyprus apartment for holidays while not having the restrictions or cost of a hotel. There are so many restaurants and tavernas that budget self catering Cyprus apartments rarely see any serious cooking, but it’s great to have proper facilities for snacks and sandwiches in between trips to the beach.
Famugusta and Paphos are probably the most popular locations for budget self catering Cyprus apartments, but Cyprus property for sale is moving fast in other districts such as Larnaca with the proposed PGA golf course and marina and upgrading of the coastal areas from Dhekelia to Mackenzie Beach. Limassol with its new marina having been approved and construction beginning soon will have an even greater market share. The choice is really yours, but wherever you buy you can be sure of great holidays in the sun and an investment that will increase in value.
Author Resource:-
Kate Deas-Smith has been involved in the Cyprus property market for a number of years and writes articles for http://www.buyingcyprusproperty.com.
