Real Estate & Currency Exchange News in Cyprus from Propertyshowrooms.com

Briton hails move to Cyprus

Thu, 24 Jul 2008 00:00:00 GMT

A retired Briton has told a newspaper why he has decided to leave the country and relocate to Cyprus.

Speaking to the Financial Times, 68-year-old Andy Leck said the Mediterranean island offers a number of advantages such as year-round sunshine.

However, he told the publication that monetary concerns have also played a part in influencing his decision to move to another country.

For example, he said Cyprus taxes just five per cent of a person's pension income, compared with 40 per cent in the UK.

This means that he can enjoy a higher amount of disposable income if he settles overseas.

Commenting on the disparity, Mr Leck said: "I save £40,000 a year by being in Cyprus rather than Britain."

This comes soon after Jet-to-Let magazine revealed that almost 40 per cent of prospective British buyers intend to buy a residence in Cyprus within the next year.

Cypriot authorities praised for euro transition

Thu, 24 Apr 2008 00:00:00 GMT

Authorities in Cyprus have been praised for their handling of the recent change in currency.

The European commission (EC) commended the island for ensuring the transition to the euro went smoothly and efficiently.

According to a poll by the organisation, most Cypriot nationals believe the changeover went according to plan and without significant disruption.

Furthermore, 95 per cent of respondents were found to have got used to the new notes, while 81 per cent can easily identify each coin.

The EC went on to praise authorities for ensuring that inflation was kept at a reasonable level during the transitional period.

This was partly because in recent months, many European nations have been dealing with soaring living costs, oil prices and energy bills.

Cyprus became a member of the euro on New Year's Day 2008 along with Malta, which means 15 countries now use the single currency.

This comes after the Independent stated that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the publication, this development represents a "convincing case" for the island's investment credentials.

Euro entry attracts investors to Cyprus

Tue, 22 Apr 2008 00:00:00 GMT

Cyprus has become more popular with foreign property buyers as a result of its recent currency changeover, analysts have stated.

The Mediterranean island became a member of the single European currency on January 1st 2008.

According to Home Move, this "historic event" has led to more people becoming aware of potential opportunities in the Cypriot market.

Many were said to have been attracted because they believed euro membership would lead to various economic benefits, such as substantial growth in its housing market

Home Move commented: "Predictions that Cyprus would see strong growth in property prices this year are proving to be accurate."

The website added that there is high demand from both Cypriot nationals and foreign migrants.

This comes after the Independent said that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the newspaper, this development represents a "convincing case" for the island's investment credentials.

ECB praises Cyprus population

Tue, 5 Feb 2008 00:00:00 GMT

The population of Cyprus has been praised by the European Central Bank (ECB) for coping well with the currency changeover.

People on the Mediterranean island were said to have responded positively to the transition from the cypriot pound to the euro since the new currency entered circulation.

The organisation stated that towards the end of January, people were conducting their affairs with a "business as usual" approach, despite both currencies being in circulation during this period.

Only the euro is now considered legal tender in Cyprus after the February 1st deadline, although the outgoing currency was still able to be used for the first month after the changeover.

The ECB added that authorities on the island have also coped well with the transition, as they had ensured it had gone "smoothly and effectively".

This comes after the Telegraph predicted that the currency changeover would boost Cyprus's appeal to foreign property buyers, due to factors such as favourable interest rates and rising house prices.

Low Interest Rates Tempt Investors to Cyprus

Thu, 17 Jan 2008 00:00:00 GMT

Interest rate cuts in Cyprus could serve to attract more foreign property buyers to the country, a newspaper has stated.

Cyprus became a member of the single European currency at the beginning of the year, adopting the same rate of interest applied across the eurozone.

This has prompted the Telegraph to speculate that the new rate of four per cent could help enhance the island's appeal as an investment market to foreign buyers.

The newspaper commented: "Property values there look set to start increasing as more buyers take advantage of the new rates."

In addition, it said that during the two weeks since Cyprus joined the euro, the currency had "already" had a positive impact on its economy.

Earlier this week, EU monetary affairs commissioner Joaquin Almunia congratulated the island's population for giving the euro a "warm welcome" since it entered circulation on New Year's Day.

Cypriots Praised For Welcoming The Euro

Tue, 15 Jan 2008 00:00:00 GMT

People in Cyprus have been praised for their positive approach to the recent currency changeover.

EU monetary affairs commissioner Joaquin Almunia congratulated the island's population for giving the euro a "warm welcome" since it entered circulation on New Year's Day.

He said Cyprus's adoption of the currency would open a "new chapter in the short but already rich history" of the eurozone.

However, a poll by the Famagusta Gazette conducted during the first two weeks of its euro membership has shown that not everyone has supported the changeover.

An online survey found that the new currency has been welcomed by 37 per cent of people, although 29 per cent of respondents believe it is still too early to judge.

In addition, 17 per cent said they "hate" the euro, while a similar number are in favour of bringing back the pound.

Cyprus' Euro Membership is 'Momentous'

Thu, 3 Jan 2008 00:00:00 GMT

European commission president Jose Manuel Barroso has outlined the significance of Cyprus' entry into the eurozone.

Commenting after the currency changeover, he said the island had taken a "momentous step" and taken its place at the "very heart" of the EU.

Mr Barroso added that Cyprus would be able to reap a number of economic benefits as a result of fiscal integration, such as low inflation and interest rates.

Furthermore, he said other members of the eurozone may find it a more attractive trading partner due to the removal of transaction costs and exchange rate risks.

He commented: "Cyprus has joined a world class currency and a powerful economic area of nearly 320 million citizens, with an almost 15 per cent share of world GDP."

Mr Barroso also stated that the island would be able to exert greater influence over the direction of EU economic policy.

Shortly before the currency changeover, the Telegraph predicted that entering the euro would trigger a property boom across the country.

The newspaper said prices were likely to rise by about a third this year.

Cyprus reassures euro doubters

Fri, 7 Dec 2007 00:00:00 GMT

Cyprus' central bank is issuing material designed to reassure those with doubts over its forthcoming currency change.

The organisation is working with the ministry of finance in order to promote the positive benefits of being a member of the euro, such as low interest rates and a more resilient economy.

According to the Financial Mirror, the promotional drive has been going for some time but is now being intensified.

This is because there is only a matter of weeks before the island becomes a member of the single European currency.

Cyprus will adopt the euro on January 1st 2008, which means that bodies such as commercial banks are already receiving notes and coins.

The promotional campaign should help to raise general awareness of how people should manage their finances during the transition period.

This comes nearly four years after Cyprus first became a member of the European Union.

Britons advised on Cyprus currency change

Mon, 3 Dec 2007 00:00:00 GMT

People from the UK have been advised to prepare for the forthcoming currency change in Cyprus.

The Mediterranean island is set to enter the euro on January 1st 2008 - nearly four years after its accession to the European Union.

This has prompted foreign exchange specialist Travelex to recommend that regular visitors to Cyprus make sure they do not have any outstanding money leftover from previous trips.

Steve O'Donovan, spokesperson for the firm, stated that half of British travellers do not convert their cash when they return from a foreign holiday.

This means that people who return to Cyprus in 2008 could find themselves with invalid tender that they cannot use.

Mr O'Donovan said: "With the change in currency coming up, we are urging travellers to make sure they don't lose out."

According to Travelex, more than half of the foreign tourists who visit Cyprus come from the UK.

Cyprus' euro move 'to boost property interest'

Wed, 1 Aug 2007 00:00:00 GMT

Cyprus' decision to enter the euro next year will prove to be a fillip for property investment prospects, it has been claimed.

Foreign currency specialist HiFX has made the prediction after it was confirmed that the island will begin using the euro from January 1st 2008, reports Fly2let.

The company has also reported that the number of British nationals looking to buy properties in the country has doubled in recent times.

And Mark Bodega, marketing director at HiFX, has said that the market will be further boosted by the familiarity of its legal infrastructure.

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

However, investors in Cyprus will need to decide which part of the island to buy property in.

Northern Cyprus has strong links with Turkey while the south of the island is more closely associated with Greece.

Cyprus property market boosted by euro

Thu, 19 Jul 2007 00:00:00 GMT

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.

MEPs support Cyprus' entry into eurozone

Thu, 21 Jun 2007 00:00:00 GMT

Members of the European parliament have announced their support for Cyprus' accession to the eurozone – a move which may be of benefit to potential property investors.

Cyprus intends to adopt the euro on January 1st 2008, however, despite their support for the country's membership, MEPs were "concerned" with the length of the country's timetable for joining the single currency.

EU Leaders are now expected to make a political decision regarding Cyprus' entry into the eurozone later this week, along with Malta's own efforts to join at the same time.

Commenting on countries joining the EU and adopting the single currency recently, Kate Hamilton, spokesperson for Homes Overseas, said that it was "much more positive" that so many countries had chosen to do so from a British investors' perspective.

Countries looking to adopt the euro, such as those in eastern Europe, are likely to be a "much safer bet" than before, she added.

Cyprus & the Euro

Mon, 3 Apr 2006 00:00:00 GMT

Progressing Steadily Towards Adoption Of Euro, Says IMF, by Lorys Charalambous, Tax-News.com, Cyprus 13 January 2006 Cyprus is heading steadily towards the adoption of the European single currency on 1 January 2008 according to Jeroen Kremers, an Executive Director at the International Monetary Fund (IMF), who believes that the sooner Cyprus adopts the euro, the better.

Mr K...