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Cyprus property market boosted by euro

Article Date : Thursday, July 19, 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 Cyprus property market is expected to experience a boom following an announcement by the EU that it will adopt the euro in 2008.

Currency specialist HiFX said that the country's economy was already on the up and the news would prompt increased interest from British investors.

Malta will join Cyprus and enter the European currency at the start of 2008 after being accepted into the community in 2004.

Both countries, according to HiFX, have demonstrated the "maturity" of their economies.

HiFX marketing director Mark Bodega said: "We predict the property market on both islands to continue to grow due thanks to a number of reasons.

"British purchasers like the legal system in Cyprus as it is easy to understand-being based on the English one."

He added that the Cypriot government believes in keeping its country beautiful and there were stringent building and developing regulations that included green areas.

Saga commented that retired British investors in particular chose Cyprus, along with traditional locations Spain, France and Portugal, because cost of living was low and the climate was appealing.
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