The Cyprus property boom has continued its ascent since the turn of the millennium, but while property investors during this period have been rewarded with dizzying sales values, there remains a surprisingly wide range of property for sale in Cyprus for those on a budget.

Studio apartments are, naturally, the most prolific property bank available in the £80,000 and under price range, and most of these are on the resale market; the east coast in particular offers lower prices than its western coastal counterparts. Via Sold in Cyprus, a studio in the heart of the famous party town Agia Napa features a terrace, air conditioning and communal pool; Built in 1998, but still offering a distinctly modern style, the resale price of £48,849 makes it a wonderful holiday home deal. By comparison, a newly completed studio with parking and communal pool that is just five minutes from the beach, a 15-minute drive from the center of Larnaca, striking distance from the amenities of Kiti village and three kilometers from a proposed golf course, offers top holiday rental appeal, with a resale tag of £57,516, again via Sold on Cyprus.

Inland, the capital Nicosia naturally offers higher property values, although by choosing to buy in the suburbs it is still possible to grab a bargain. For example, a modern development completed in May 2006 in Latsia, on the outskirts of the capital, is ideal for permanent housing, as shops, banks, schools, and the new hospital are within a five-minute drive, the highway is nearby, and the university is only ten minutes. Built to the highest European standards, the Latsia development includes a lift, disabled access and allocated parking. With 15 studio, one, two and three-bedroom apartments on three levels, studios are just £54,799 via Alexanders.

Back up the coast and to the west, Paphos is one of the most prosperous places for British buyers, making the number of properties for sale at £80,000 and under a very welcome find, especially in the new build market. With an expected completion date of April 2009, Orange Tree’s new project, Pafos Riviera, is conveniently located in Universal’s prime investment area, in the heart of the tourist district. The complex comprises eight blocks of studios, one- and two-bedroom apartments surrounded by an established green park. Studio apartments are priced at £80,000, with attractive rental potential created by the luxurious community facilities, which include three kidney-shaped swimming pools with a meandering lazy river located at the heart of the project, along with an indoor Jacuzzi and sauna, changing rooms and fully equipped gym, children’s playground, bowling alley and clubhouse. Again drawing the Christmas crowd, Irene Heights in Paphos is very close to shops, bars and restaurants, and well connected by public transport. This modern apartment development offers the ideal bargain for a pied-à-terre in the sun, with a one-bedroom apartment via Parador Properties for just £72,080, including private parking.

The outskirts of Paphos also offer a variety of cheap studios, even though the suburbs have grown in popularity in recent years. The staggeringly low purchase price of £48,732 will put you in line for a studio pad in the hillside village of Peyia, a 15-minute drive from Paphos. Available through BuySell Real Estate, the property has double glazing and provisions for air conditioning, with access to all apartments by lifts, sharing a communal pool and carport. As one of the few remaining locations within easy reach of the center of the village, the development is perfect for permanent living, while unobstructed views of the popular tourist hotspot, Coral Bay, just a five-minute drive away, attract excellent holiday rentals. Built in two phases, Phase A will comprise five two- and three-bedroom villas, and Phase B will consist of 18 studios and one-, two-, and three-bedroom apartments.

If a scenic spot is high on your agenda, look no further than the northwestern tip of the island. This region has long been a favorite holiday spot, both for Nicosians looking for a country escape and British shoppers wanting a taste of old Cyprus. Situated in a prime location at the southern end of Polis, Evagoras Gardens is an aesthetically pleasing and carefully designed development comprising seven apartment blocks with a communal pool and private gardens. One, two and three-bedroom apartments are available through Parador Properties, with prices for a one-bedroom apartment starting at £80,000.

The quiet outskirts of Polis are equally appealing for shoppers on a budget, the traditional village of Prodromi being a prime example. The village contains its own collection of shops and restaurants, while Polis and Latchi Marina are only a five minute drive away, as are the Blue Flag beaches of this pretty area. Through Parker Barnes, £79,716 currently buys a one-bedroom townhouse for resale within an established complex with mature landscaped gardens and communal pool, or £80,000 will get you a more modern one-bedroom resale apartment with communal pool.

The wealth of deals across the island is testament to the fact that Cyprus remains a formidable hotspot for cheap property buying, with particular incentives for UK investors. Martin Pearce, UK Sales Director at Aristo Developers, says: “With Cyprus joining the euro currency area in January 2008, local interest rates have been reduced from the slightly higher rates previously applied to Cypriot pound loans, and euro interest rates are lower than sterling. Coupled with the easing of Central Bank credit restrictions, this makes Cyprus a safer place to be. cheaper and easier to borrow than last year. Aristo Chairman Theodoros Aristodemou says there are new credit restrictions for buyers, which means that to get a loan in Cyprus, buyers must make a minimum 20 percent contribution for the purchase of a first property (to be used as a primary residence), and a 30 percent contribution for all other cases (for non-residents and for investment purposes).

The good news for bargain hunters isn’t just limited to studios and one-bedroom properties; the idyllic prospect of owning a piece of island history is also an affordable prospect. Proving that properties full of character don’t have to involve a major renovation project, a fully converted traditional stone-built chapel can be purchased for £80,000 through Parker Barnes. Occupying an elevated position in the hillside village of Peristerona, just ten minutes from Polis, the tardis-style property comprises one bedroom, a lounge, kitchen and bathroom, and comes fully furnished for immediate occupancy. Alternatively, for those willing to put in a major renovation effort, it is possible to take possession of a much larger property; For example, BuySell is currently offering a three-bedroom, two-bathroom property built in 1850, located in the village of Lofou, 15 minutes from the island’s second-largest city, Limassol. Although the asking price of £95,251 is slightly over the £80,000 limit, the purchase of this property will generate significant savings in the future, as the listed building is under a conservation order to be restored, and the government is offering a grant of £54,414 to pay for the necessary work. Even more attractive for future renovation, the property contains a basement with its own access from the road and has the necessary permission to be converted into a living space, with existing furnishings, including many original pieces, included in the price.

Similar spacious properties, both new build and fully refurbished, are much harder to come by on an £80k budget. In fact, there are many who believe that to get the best investment, buyers should consider a broader range of things than the initial purchase price. Andreas Ioannou, Managing Director of Alpha Panareti Public Ltd, says: “Our experience shows that cheap properties are available now and will be available in the future. But such properties are not always the best solution. Buying a property abroad is a serious financial decision and buyers need to take into account certain key criteria to choose the most suitable property. I believe that cheap properties in Cyprus will be less in demand as buyers realize the future investment potential of their purchase. Therefore, they are not only looking for the purchase price, but also the privileged location, the quality of construction, architectural excellence, mortgage schemes, resale potential and much more to capitalize in the most productive way.”