The idyllic climate and laid-back lifestyle of Cyprus has captivated more than just deities and Gods over the years

It is a region steeped in culture and natural beauty, and has become a popular Mecca for sun worshippers and escapists fleeing the grey drizzle that constantly descends down on the United Kingdom and greater Europe.

The strategic positioning that stands Cyprus at the crossroads of three continents has made it an enviable spot. Having endured a tumultuous history of conquering throughout the years, the face of Cyprus has changed dramatically, where it has evolved today to become an international business and financial centre; a strong magnet for those seeking secure property investment opportunities with safe and sustained appreciation. This can be attributed to a strong economy, supported by excellent infrastructure, safe property laws and regulations along with an almost non-existent crime rate.

Cyprus' real estate market has grown in leaps and bounds over the past few years. The increasing interest is also largely as a result of the country's accession to the European Union in May of 2004, which has given the island the taste of additional opportunities and paved the way for an increase in foreign ownership. The growth of the tourist industry obviously adds to this market and has seen not only prospective homeowners but also investors rushing to own a piece of real estate within this enchanted environment.

Despite prices firming up, Cyprus still offers good value for money compared to the more mature markets of Spain and other European countries. Opportunity still exists for investors with more modest budgets to purchase and a good return on investment is possible as the market continues to be driven by optimism and an undiminished verve.

With the announcement of two international 5-anchor rated marinas, slated to commence construction in Paphos and Larnaka 2007, a whole new dynamic has entered Cyprus, namely the concept of waterfront property as an investment. The combined moorings will berth over 2000 yachts and super yachts, and it is expected that the currently existing vast waste land and surrounds will be converted into residential, resort, mixed-use special facilities and a decadent space of retail.

Waterfront properties have historically offered better investments in the long-term than inland ones and astute foreign investors are now realising that there will be limited availability of developments within this calibre across the island. The components and strategic location of both marina developments are expected to stir investor interest yielding high profits; and could very well unplug the demand for premium residential properties on the island. If this holds true, then Cyprus is perfectly placed to ride this demand wave.

Meanwhile, the defunct Sodap Winery on the waterfront in Paphos is set to be redeveloped with the launch to market of a prestigious waterfront project. This astounding development of resort, residential mix with retail component offers direct access to the beach in among peaceful surroundings supported by an attractive boulevard of shops, restaurants and recreational facilities. For its commercial space, target market will be high-end retail and restaurants. In the terms of pricing both for the residential and commercial, elements will be driven by prevailing market rates and an increasing demand.

Having identified Cyprus as a market with great potential, Verve Estates opened its Cyprus offices in 2004 to meet foreign investor and purchaser demands. Verve Estates holds a respectful portfolio of residential and commercial properties in Cyprus to address a growing market, which is yet to realise its full potential. The international group provide a complete system of sales and after-sales management and deliver all the guidance and services needed to simplify the purchase process and secure property.

Cattia Andreas. BonTon PoshMarut. Tel : +357 99 321887. Email : candreas@verveestates.com