Have to admit I wouldn't touch Cyprus at the moment - the North is too risky with the current political situation for my liking and you've got to be so careful with the land issues. That's not to be said if you don't tread VERY carefully it won't work - it just isn't for me.

The south at the moment is looking seriously flat, however a bit of research points to some opportunity. This year investigations have begun into potential large oil fields (potentially running into hundreds of billions in value) off Cyprus which, should development start, create a market for year round rentals of good quality properties to the influx of companies/their staff that will follow. Obviously there are if's and buts - not least to say Turkish opposition to the plan - however the Yanks seem to be taking an interest in championing development and they do hold a lot of international clout.