Cyprus weathers economic storm

Cyprus does not seem to have been negatively affected by the worldwide financial crisis, a newspaper has stated.

According to the Independent, house prices in the Mediterranean island went up by 20 per cent last year.

This is considerably more than in many other European countries and a sign that the credit crunch is not hitting its housing market to the same extent.

The newspaper said this development represents a "convincing case" for the island's investment credentials.

Commenting on its suitability for foreign property buyers, the Independent remarked: "It looks as though the island may buck the current trend for falling house prices."

The publication added that Cyprus also offers a number of lifestyle attractions, such as quiet villages, thriving resorts and affordable properties.

According to the Home Move website, property values in Cyprus are likely to go up by about eight per cent this year.