About Cyprus <

The island of dreams. Cyprus is the third largest island in the Mediterranean and for thousands of years has operated as a trading centre due to its location at the crossroads of Europe, Africa and Asia. It is one of the sunniest islands in the Mediterranean, with an average of 340 days of sunshine per year. Even in mid winter you can expect an average of six hours of sunshine each day, with around 13 hours a day in the summer season. On average the temperature in the winter time rarely falls below 12 degrees, and during the summer is often up at over 30 degrees.

Cyprus was a British colony until 1960 and some remnants of that relationship remain. The main language is Greek but English is widely spoken. Cars drive on the left, and road signs are in both Greek and English. Both banking and legal systems are based on the British model.

The cost of living in Southern Cyprus is generally lower than in the UK, and this together with the climate makes the area a popular choice for holiday homes, retirement or moving permanently.

Southern Cyprus: Fact & figures

Economic Forecast

Investing with confidence. It is true that Cyprus has been widely affected by the global downturn in 2008 and 2009. Paphos in particular has been hit as hard as any Cypriot coastal town with valuations dropping between 20% and 30% and in some cases even higher. The worst affected properties are undoubtedly the widespread and common units found on very large developments where every property is near on identical.

Cyprus went into recession in the second quarter of 2009 with the economy contracting by an estimated 1% throughout the whole of the year. It is expected to bounce back into economic growth by the second quarter of 2010. This prediction was made by the governor of the central bank of Cyprus on 1st February 2010.

Also, with the UK now officially out of recession, interest rates remaining at a record all time low and positive EU influences continuing to enhance Cyprus’s infrastructure, there is a growing feeling in Cyprus that the worst is very much over. It is now widely regarded that 2010 is the year to pick up a bargain as the market has bottomed out and will soon start to show signs of positive growth once again.

In addition, the DNA concept of high end finishes and a timeless yet modern ethos is still a relative rarity in Paphos and has therefore held their valuations better than the majority of the properties on the market. The discounts offered by DNA across their available stock reflect the current climate although this will certainly be for a limited time only.

Flights & Climate

Cyprus weather observation