Doha: The property market in Cyprus has become stable after nearly a year of downturn, says a prominent developer from the picturesque country. The slump was a result of a value-added tax (VAT) fo 15 per cent introduced by the government.

Asians can buy residential properties in Cyprus and live there on long-term visas, but they cannot work. To work they require a special permission.

Demand for property in Cyprus is growing with at least 80 per cent of the buyers being British, says Onisiphorou Andreas, of Oni and Company Developments. The remaining buyers are French and German, aside from others.

Andreas was here to promote his properties at a two-day exposition that ended yesterday.

His company has projects in Paphos and on offer are apartments of areas ranging from 60 square metres (one bedroom) to huge four and five-bedroom villas. "We also offer custom-built villas," he said.

Average cost of land works out to $400 per square metres while the cost of construction averages at between $1,300 and $1,800 per square metres depending on location .

Cyprus, a former British colony, attained freedom in 1960 and has a population of around 700,000.

Paphos, according to Andreas, is favoured by Britons as a holiday destination as well as for permanent residence. The age of visitors as well as settlers ranges from 40 to 60 years.

Cyprus, a member of the European Union (EU), is almost crime-free, says Andreas, adding that, that makes it one of the major attractions for property buyers.

Many people buy properties in Cyprus also for investment and Oni & Company, apart from being developers, also manage others' properties.