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"Huge potential" in Southern Cyprus

Article Date : Tuesday, May 22, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

The smart money is on Southern Cyprus as investors realise the island's "huge potential", a property specialist has asserted.

According to online agency UPAworld.com, the south of the country is currently enjoying a property boom due to its "favourable" investment opportunities.

"It is no surprise that the intelligent money is flooding into Larnaca [a city on the south-east coast] and the surrounding area as investors realise the huge potential of the island," the firm stated.

UPAworld.com believes that restrictions on overdevelopment, investor-friendly taxation policies and Cyprus' imminent accession to the EU are the main reason why foreign parties are increasingly interested in the country.

Furthermore, high loan-to-value mortgages up to 90 per cent "make this location one of the most desirable for foreign investment this year".

In related news, John Reilly, managing director of Buy Abroad believes that strong capital growth has helped fuel British investment interest in Cyprus.

A new airport and the presence of budget airliners on the east side of the island are helping to push up capital growth and rental returns, he said.
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