Thomson to trade in Cyprus property market

Thomson, a subsidiary of TUI, has entered into the Cyprus property market through its own real estate subsidiary, aiming to tap into growing demand for overseas property by UK residents.

Thomson, Britain’s biggest tour operator, aims to tap into its 750 strong network of travel outlets in the UK to trade in Cyprus properties and follows a similar move into the markets in Spain, France, Portugal, the Canary Islands. Cyprus is ninth on Britons’ list of top 10 destinations for the purchase of a house overseas

The company’s move into the property market is in co-operation with another company Parador Properties, which is already well established. The growth in low-cost flights to many Mediterranean destinations has also made it easier for Britons to come and go more easily from the UK.

Research by the company has found that 55% of Britons wanted to buy a home abroad, and 500,000 already owned homes overseas. Spain remains the most popular destination, with Britons owning around 75,000 homes there.

Any Britons interested in buying a home in Cyprus or elsewhere just has to ask at a Thomson outlet and details will be passed on to Parador Properties. Parador has 275 staff in four countries and is forecast to sell GBP 350 mln worth of overseas property in 2005.