Foreign buyers head to Cyprus

Cyprus is proving to be especially popular with foreign property buyers in the UK, it has been revealed.

According to Jet-to-Let magazine, British investors are not letting credit-crunch related problems put them off buying an overseas residence.

The publication flagged up Cyprus as a particularly popular market, as it has not been "overly exposed" to the turmoil in the global economy.

Dominic Farrell, editor of Jet-to-Let magazine, added that investors will continue to buy if the "right product" is on offer.

He commented: "Cyprus continues to provide a solid, low-risk investment opportunity."

Mr Farrell also stated that the Mediterranean island is a more attractive proposition than the British housing market, as confidence in the UK is being "slowly eroded" by issues such as rising inflation.

This comes soon after Jet-to-Let magazine revealed that almost 40 per cent of prospective British buyers intend to buy a residence in Cyprus within the next year.