A new Cypriot Property Fund has been launched by investment specialist Assetz and will be aimed at both residential and commercial property investment.

The fund was established when Assetz was approached by investors who wanted to invest £10 million of capital into property in Cyprus.

Stuart Law, managing director of Assetz, said that the fund would make investment available for pension holders for a minimum of £5,000, compared to £25,000 for private equity investors.

The fund will aim to raise between £10 and £15 million in capital over the next three months, according to Overseas Property Professional.

"Making a number of assumptions for the fund, including a modest five per cent rise per annum in residential property prices, suggests a possible investor return of 20 per cent per annum or greater after charges," Mr Law said.

He added, however, that overseas property investors should be aware that there are no guarantees that such returns could be made, as many factors can affect the letting prospects and capital growth of property.

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    Carol McDonald