House prices going up in Cyprus

Cyprus currently offers some of the best growth potential in Europe, a media outlet has revealed.

According to France24, the Mediterranean island was enjoying a property boom prior to its accession to the euro in January 2008.

The news provider stated that this has continued in the wake of the currency changeover, despite the worsening decline in other parts of Europe.

Commenting on current market conditions, France24 said: "There is a ray of property sunlight, though, and it's directed over Cyprus right now."

The online portal added that the adoption of the single currency has helped Cyprus maintain earlier growth rates.

Estimates suggest that property values in Cyprus should go up by at least three per cent this year.

This echoes recent comments in the Telegraph, which stated that only Cyprus has avoided the end of the European property boom.