Cyprus 'safe for investment'

The Cypriot property market is one of the best that anyone can invest in, a minister in the country has said.

Interior minister Neoclis Sylikiotis commented that some media coverage of the country's market has been unnecessarily negative, the Financial Mirror reports.

Rather, he countered, "property investment is much safer in Cyprus than anywhere else'', adding that despite the world economic crisis and the problems of neighbouring countries, "the estate market in Cyprus is quite healthy and still in positive growth rate.''

Such comments may interest those thinking of investing on the island, as may the minister's pledge that new building and registration rules will be introduced to further enhance the sector.

Moreover, the market is already "stable and secure", he insisted.

Last month the country's state statistical service brought out a report that highlighted the position of Cyprus as the only country in the European Union still enjoying economic growth, which in the year to the end of the first quarter of 2009 was 1.2 per cent.

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