Northern Cyprus economy 'booming'

Article Date : 10 August 2007

The local economy in northern Cyprus is undergoing something of a boom of late, creating positive conditions for investment and property development, it has been claimed.

A strong economy signals continued growth and economic activity in the future, while also pointing toward property appreciation ahead. This will come as welcome news to investors looking for lucrative opportunities in the Cypriot market.

Reports from Obelisk International state that northern Cyprus has established itself as an emerging property hotspot, attracting investment activity and a growing level of international interest.

Much of this interest stems from the European Union and a boost in tourism, which is also serving to bring more money into the economy.

Figures state that the northern Cyprus economy grew by more than ten per cent last year alone, with economic growth averaging between ten and 11 per cent from 2003 to 2007.

Meanwhile HiFX speculates that the entrance of Cyprus and Malta to the EU will boost overseas property purchases in the near future.

Northern Cyprus economy 'booming'

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