Cypriot property loses popularity

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Overseas property investors are abandoning Cyprus as an area for investment, causing the once-popular destination to fall five places in December.

The figure was generated from an analysis on online searches and queries relating to property investments for different countries which was conducted by TheMoveChannel.com.

This data was used to create a list of the 40 most popular areas for investment, dubbed “Top of the Props”.

For December, this saw Cyprus placed at fourteenth position, five places lower than it had previously attained.

Ivan Radford from The Move Channel commented that “the end of 2011 [...] saw a last-minute rush of attention for Barbados and Morocco” and explained that these newcomers “[moved] Cyprus and Greece [to] the bottom of the table”.

Cyprus has, therefore, become one of a few countries which has lost some of its popularity with investors.

The destination was beaten by a number of countries, including Spain, Portugal, France, Brazil Turkey and the USA, with Spain featuring as the most popular destination overall.

Radford went on to comment that the range of properties listed in the table showed a diverse and varied market for international property investment, with the current Euro-Zone crisis being seen as a catalyst for the change.

“Despite Spain’s return to form, investors are still willing to look elsewhere to avoid Europe’s more troubled economies”, he commented – using the fact the United Arab Emirates has jumped eight places (to twelfth position) in popularity as evidence.

Transfer Money to Cyprus

If you are thinking about investing in Cyprus, it is definitely a good idea to consider the logistics of transferring money abroad. Foreign currency exchange rates quoted by banks are usually worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to Cyprus (which is inevitable if you are looking to make a property investment) be sure to compare the market before you buy your overseas currency.

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