Cyprus has secured the top spot in a global holiday home index, created and published by Compare the Market’s home loan division.
The report, based on an analysis of over 50 destinations, found the island to be the most desirable location to purchase a holiday residence.
Specifically, the island achieved an overall score of 8.25/10 in the index, which evaluated destinations based on factors including available activities, housing prices, and local weather.
“The country is renowned for its rich ancient history, its mythological ties to the ancient Greek goddess of love, Aphrodite, its beautiful beaches, and its superb wines and produce,” the company said in its report.
“The island, situated in the eastern Mediterranean Sea, scored particularly well for the number of restaurants (534 per 100,000) and average rainfall (31.89mm a month), meaning there’s numerous places to eat while enjoying the nice weather,” it added.
Cyprus was also ranked in the top ten for the number of things to do, with 334 per 100,000 people.
What is more, it also received a low house price index score of 99.6 from the Organisation for Economic Co-operation and Development’s (OECD) real house price index.
Rounding out the top five destinations were Australia in second place with a score of 7.46/10, Malta in third with 7.11/10, Italy in fourth with 6.91/10, and Greece in fifth with 6.76/10.
The General Manager of Money at Compare the Market Australia, Stephen Zeller, stated that there are numerous considerations when looking for your dream spot.
“Buying a holiday home is about more than just finding a beautiful location; it’s about making a smart financial decision,” said Zeller.
Zeller further stated that “affordability is a key factor, as is weather and lifestyle amenities”.
Moreover, he explained that “Italy, for example, offers accessible housing prices compared to other European nations, which can make financing more manageable”.
“That’s where comparing home loan options becomes crucial,” he continued. “Understanding what’s available across lenders can help holiday home buyers look for a deal that suits both their budget and goals.”
“Whether you’re purchasing for personal use, rental income, or a mix of both, comparing home loans can give you a clearer picture of your borrowing power and help you make informed decisions,” Zeller added.
Australia, coming in second, was recognised for its unique wildlife, iconic landmarks, and beautiful beaches, ranking third overall for average monthly rainfall at 36.94mm and seventh for average temperature at 22.8 degrees Celcius.
Malta, the third-place island country, performed well in terms of things to do, with 414 per 100,000 people, and offers great weather with an average monthly rainfall of 50.24mm and an average temperature of 20.6 degrees Celsius.
Italy scored well for its affordability, receiving a 92.59 score on the OECD’s real house price index, and for its number of restaurants, at 487 per 100,000 people.
Greece, completing the top five, scored highly for the number of activities, 376 per 100,000 people, and restaurants, 405 per 100,000, to accompany its historical landmarks and beautiful islands.
