Cyprus property market booming with the Euro

8 January 2008

Many factors are helping to fuel the popularity of the Cyprus property market, notwithstanding the adoption of the Euro at the beginning of the year, cheap flights and a booming tourist industry make this an ideal investment location, says Gary Clayton of Principal International, one of the UK’s leading overseas property investment companies.

Since joining the European Union, property prices have steadily risen but a government official for the country believes that with its stable socio economic environment, the adoption of the Euro will see prices rocket. Now is a good time to buy for investors, says Principal International, before prices become too uncompetitive.

Cyprus has much to offer, its state of the art infrastructure and highly qualified labour force make the country an attractive proposition for international businesses. In fact it has been said that Cyprus is becoming an international business hub between Europe, Africa and Asia.

Gary Clayton from Principal International quotes “ with the rapidly expanding network of air traffic flowing much more frequently into Cyprus, we would expect rapid growth and progress in the property market. Our investors are keen to keep an eye on those locations where the low cost carriers are opening up new routes, and Cyprus is definitely not proving to be a disappointment.”

In September of 2007, the recorded number of visitors to the island had increase by nearly 8% from the previous year, showing that the opportunity for the rental market is booming. In addition the residential property prices are rising by at least 10% year on year making the property market a guaranteed profitable one for investors.