Cyprus 'favourite' for overseas investors

Cyprus has emerged as the country most of interest to investors looking to purchase property overseas.

A study by Jet-to-Let magazine saw the country come out on for the second year running, beating France and the US, which came second and third respectively.

The publication, which surveyed 500 readers to find their preferred investment locations, also revealed that there has been a decline in interest in property in the UAE, with the emirates falling from fourth place in 2008 to eighth this year.

Editor of the magazine Dominic Farrell stated that the research indicates property investment is still popular, despite some "negative" coverage in the media.

"This survey shows that investors can see beyond today and realise that property has few rivals in terms of medium to long-term prosperity and risk," he remarked.

However, Bloomberg recently reported that Aristo, Cyprus' largest homebuilder, saw property sales drop 41 per cent during the first ten months of 2008.

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