Cyprus overtakes established property markets

Cyprus has been ranked ahead of many established property markets in a poll of the most popular foreign destinations.

According to research by Jet-to-Let magazine, the Mediterranean island is the main hotspot of activity for property buyers from the UK this year.

This is the second year in succession that Cyprus has headed the list, ahead of traditional destinations such as France, Italy and Spain.

The publication also highlighted the growing trend of people choosing to invest abroad rather than in the UK.

Dominic Farrell, editor of Jet-to-Let magazine, attributed this to a number of positive economic circumstances in Cyprus.

He commented: "The adoption of the euro, the interest rate cut, oil and gas finds offshore and low taxes continue to make Cyprus very attractive for investors and homebuyers alike."

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.