Period properties are rarely sold in Cyprus, a reflection of tight family ties among its850,000 residents as well as the island's lack of an inheritancetax. So foreign buyersgenerally opt for new construction.Sale prices of two-bedroom apartments typically start at around 80,000 pounds;townhouses, at 120,000 pounds; and detached villas, from 150,000pounds to1 million pounds. In 2000, that figure would have been a maximumof around400,000 pounds. Cyprus's most ambitious and upscale real estate venture has to be Aphrodite Hills,a 150 million pound project, which opened it first phase in March. A total of 600 classically designed villas, townhouses and apartments of stone andbrick are planned on its 234-hectare, or 578-acre, site, which has been irrigated,turning what would be scrubland into a green landscape dotted with indigenous oliveand carob trees. Facilities will include an 18-hole golf course, a five-starIntercontinental-brand hotel, a health spa and a Village Center with shops andrestaurants. Investment Pr
