Cyprus: Investment and refuge
Photo: Michel Dor
Cyprus house. USD 100,000
Photo: Omer Hacohen
Haifa families buy 'refuge apartments' in Cyprus
Past weeks see rise in interest, particularly among Haifa and Krayot residents, in 'refuge apartments' on island. Average price: USD 100,000
Global Realty CEO Roni Gal told Ynet on Sunday that "four Haifa families bought apartments in Cyprus in the past three weeks, through our agency."
The company specializes in selling Israelis apartments on the island.
According to Gal, immediately after the first rockets fell on Haifa, dozens of clients from the city and the Krayot area (its northern suburbs) called the company, asking to look into apartments in Cyprus, which they could use as a refuge. Four families already made a decision, and purchased two to three-room apartments, in Limassol and other towns, at a price of some USD 100,000 each.
"One of the families, which bought a used, furnished apartment, moved there two weeks ago. Other buyers, who also bought furnished apartments, are packed and ready to move to Cyprus in the event of more rocket attacks on Haifa. According to these families, they'll return to Haifa once the fighting ends, and keep the apartment in Cyprus for vacation or investment purposes," Gal explains.
Global Realty sold some 200 Cyprus apartments to Israelis in the past few years.
Gal said: "Israelis buy the apartments as vacation houses or investments. The fact that the island is a mere 40 minute flight from Israel makes it easier to use or rent the apartments. The use of English and the Mediterranean atmosphere also facilitate the purchase of apartments by Israelis."
The company reports that prices of apartments in Cyprus have risen some 15 percent a year in recent years. The buyer usually receives an 80 percent mortgage. Likewise, there is great demand to rent apartments on the island and apartment rentals can yield returns of as high as 7 percent. Following Cyprus' induction to the European Union last year, there has been an increased demand to rent and buy apartments on the island, particularly among British and Scandinavians.
