The resort of Ayia Napa in Cyprus is beginning to shed its reputation as a haven for 18 to 30 package holiday customers and is appearing attractive to overseas property investors, Assetz claims.
A decision has reportedly been made by the local government to bring in a more sophisticated market of holidaymakers and tourists by banning nightclubs that play music late at night and offering new facilities to cater for a different demographic.
Among the new developments planned are two new marinas able to hold large yachts and three golf courses.
It is hoped that such initiatives will make Ayia Napa comparable to Monte Carlo, a region which has always proved popular among overseas property investors.
Stuart Law, managing director of Assetz, pointed out that development projects on the island will prove positive for the market for property in Cyprus.
“As the higher quality holiday companies move into Ayia Napa and the world-class golf courses and marinas open for business, the potential rental income for investors is significantly improved,” he said.
“They will also benefit from house price growth which is likely to be higher than the rest of the island as the upmarket tourist trade continues to develop.”
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