Cyprus attracts British property buyers

Cyprus is one of the most popular foreign destinations for British property buyers, an expert has revealed.

Property author Nigel Howarth said more than 60,000 UK nationals own property on the Mediterranean island - a figure which can only be beaten by France and Spain.

He stated that the country offers a number of financial attractions which make it a prime location for investors.

Speaking to the Telegraph, he revealed that it has the lowest level of income tax in Europe and relatively low property prices.

Mr Howarth commented: "They are approximately 20 per cent lower than equivalent properties in Portugal."

He added that demand among British property buyers is currently on the rise, a development which is pushing up property values across the island.

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.