Cyprus 'doing well' in credit crunch

Cyprus is not only coping well with the credit crunch but is actually gaining from it, it has been suggested.

Property editor at investor magazine BuyAssociation Paul Collins said the reports he had read indicated that Cyprus has been coping well with the situation, adding that the decisions some people make to move or retire to popular overseas destinations are often "galvanised" by times when the economy is not doing well.

He concluded: "Cyprus is one of those destinations so I'd imagine it could do quite well out of the current situation, as long as economics in Cyprus itself doesn't get heated and suffer the same problem."

The recent Knight Frank survey of property prices around the world indicated that the country had seen annual house price inflation of 12.9 per cent up to the end of the second quarter of 2008, compared with eight per cent one year before, making it one of just eight countries in the survey to see double-digit house price increases in the past year.

Such news may encourage those who are looking for property investment opportunities in Cyprus.