Euro entry attracts investors to Cyprus

Article Date : Tuesday, April 22, 2008

Cyprus has become more popular with foreign property buyers as a result of its recent currency changeover, analysts have stated.

The Mediterranean island became a member of the single European currency on January 1st 2008.

According to Home Move, this "historic event" has led to more people becoming aware of potential opportunities in the Cypriot market.

Many were said to have been attracted because they believed euro membership would lead to various economic benefits, such as substantial growth in its housing market

Home Move commented: "Predictions that Cyprus would see strong growth in property prices this year are proving to be accurate."

The website added that there is high demand from both Cypriot nationals and foreign migrants.

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.

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