Eternally popular, Cyprus’ appeal has only been further enhanced by its adoption of the euro, but how has it affected property prices?

The Cyprus property boom has continued its upward surge since the turn of the millennium, but while investors during this period have been rewarded by soaring sale values, there remains a surprisingly wide range of property for buyers on a budget.

Studio apartments naturally make up the most prolific bank of properties available in the £80k or less price bracket, with the majority of these being featured in the resale market; the east coast in particular offers lower prices than its western coastal counterparts. Through Sold on Cyprus, a studio apartment in the heart of the famed party town Agia Napa boasts a veranda, air conditioning and communal pool; constructed in 1998, but still offering a distinctly modern style, the resale price of £48,849 makes for a wonderful holiday-home deal. By comparison, a newly finished studio with parking and communal pool that is only five minutes from the beach, a 15-minute drive from the centre of Larnaca, in striking distance of the village amenities of Kiti and three kilometres from a proposed golf course, provides the ultimate appeal for holiday rental, with a resale tag of £57,516, again through Sold on Cyprus.

Heading inland, the capital Nicosia naturally delivers higher property values, though by choosing to buy in the suburbs it’s still possible to snap up a bargain. For instance, a modern development completed in May 2006 in Latsia on the capital’s outskirts is ideal for permanent living, since shops, banks, schools and the new hospital are all within a five-minute drive, the motorway is nearby and the university only a ten-minute.

Built to the highest European standards, the Latsia development includes a lift, disabled access and allocated parking. Consisting of 15 studios, one-, two-, and three-bedroom apartments on three levels, studios cost a mere £54,799 through Alexanders.

Back to the coast and heading west, Paphos is one of the most prosperous settings for British buyers, making the number of properties for sale at £80k or less a very pleasant find, especially in the new-build market. Due for completion in April 2009, Orange Tree’s new project Pafos Riviera is conveniently situated in the prime investment area of Universal, at the heart of the tourist district. The complex comprises eight blocks of studios, one- and two-bedroom apartments surrounded by an established green park. Studio apartments are priced at £80k, with attractive rental potential created by luxurious communal facilities including three kidney-shaped swimming pools with a winding lazy river nestled in the heart of the project, alongside an indoor Jacuzzi and sauna, changing facilities and fully equipped fitness room, a children’s playground, bowling green and club house. Again, drawing in the holiday crowd, Irene Heights in Paphos is in close proximity to shops, bars and restaurants, and is well served by public transport. This development of modern apartments offers the ideal bargain for a pied-à-terre in the sun, with a one-bedroom apartment through Parador Properties setting you back just £72,080, including private parking.

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