Cyprus is a good place to live, but buying to let is not a 'goldmine'. You can get short summer lets at inflated prices - if you're prepared to pay someone to go in every few days to change linen/reconstruct the place after the last short-term tenants and generally clean up. Long term rentals are at much much lower figures.
You probably won't lose on investment in the land/bricks and mortar, but the revenue from letting is questionable. And there are now more restrictions on the mortgage you can get. (You have to come up with a much greater percentage of the purchase price yourself.)
If you're buying with the intention of retiring to the island, I'd say there's no problem.
If you are simply buying to let and think you can make a profit, I'd say that's questionable. You'd have to do a lot of homework on your chosen area!