Cyprus Investments: When Dublin woman Patricia Brimacombe went on holidays to Cyprus in 1999, she didn't know that six years years later she'd have sold her house in Blackrock and be selling property in Cyprus.
Patricia had been investing in Cyprus on a small scale for four years before she decided to buy some land and build a home.
In December 2005 she and her husband David sold their home in Blackrock to release some equity and relocated to Cyprus. Now Patricia is an agent for a number of property developers in Cyprus.
She has also become a small-scale developer herself having joined forces with a local builder to develop Theo's Sunrise, a small apartment development in Coral Bay, a resort about half an hour from Paphos airport. Prices for a two-bedroom apartment at Theo's Sunrise are €198,000.
Aside from this, Patricia has a range of properties on her books. Generally buyers can expect to pay from €70,000 for a one-bedroom apartment with communal pool in Cyprus, according to Patricia.
Three-bedroom villas with private pool cost from €320,000.
Irish interest in Cyprus is growing and it is particularly for people looking for a home to spend six months of the year, according to Patricia. Attractions include pleasant climate, slow pace of life and the fact that English is the second language.
There is also much to offer investors, she adds. A one-bedroom apartment will fetch around €690 a month in high season.
Rents can be good in the low season, thanks to the number of British people who relocate for the winter, and a growing wedding trade.
• www. sonasproperties.com
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