PROPERTY PRICES GO CRAZY IN KITI

While UK house prices plummet, property investors at a fashionable development in Kiti, Cyprus, have seen their properties increase in value by an average of £25,630 in only 12 months.

The success of Morpheus Apartments means the developer, Hale-based Morpheus Investments, has revalued the scheme but will not be increasing prices until September 1, 2008, giving potential investors 30 days to take similar advantage of the rise in property values.

A 43 square metre one-bedroom apartment which cost €85,430 one year ago is now worth €102,598.  The figures equate to an immediate €17,168 gain when the property comes to resale.

All properties have parking and access to communal areas which include a pool, play area and coffee shop.

Derek Hatton, director of Morpheus Investments said: “Once we have any property revalued, there is always a small delay in putting it into affect because of required administration.  This gives a window of opportunity because the required 15 per cent deposit will increase proportionately.

“Basically, a person who invests before the end of the month will get the same price rise benefit as someone who invested one year ago.  The success of Morpheus Apartments has been phenomenal and we are more than happy to pass on this obvious benefit.”

Morpheus Investments was formed in 1996 and sells a range of exclusive Mediterranean-style villas and apartments in the regions of Larnaca, Tresefanou and Kiti, ranging from £60,000 to £550,000.

Cyprus is fast becoming the choice for many British people looking to re-locate due to the island’s low income tax, low crime rate and an English law system, making it even easier to invest.

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