As a result owners of rental accommodation could be set to see greater demand in the next 12 months as the campaign focuses on promoting the island's main attractions, such as its beaches and good weather.
Cypriot president Tassos Papadopoulos is also determined to promote the island. He wants to increase efforts to promote Cyprus as a holiday destination abroad.
According to the Royal Institute of Chartered Surveyors, houses prices on the island went up by 15 per cent last year.
Although prices are rising there are still bargains to be had on the island, says property writer Kevin Moore. The property boom on the island is a major draw for foreign investors. Holiday home owners can enjoy numerous benefits such as years of sun-filled recreation and an increasing amount of equity at the same time. Despite rising property values, people could still snap up cheaper alternatives somewhere on the island. 'In all rapidly expanding property markets, there are always bargains to be had,' he said.
Many older Britons are moving to Cyprus in order to take advantage of various tax benefits. According to Justin Rix, international tax director at Grant Thornton, an expatriate pensioner could choose to pay tax at five per cent on any pension earnings above €3,417. People also had the option to be taxed under the normal tiered rules, which means that that the first €19,500 is exempt.
