Investor favours Cyprus over Spain

A British property investor has told a newspaper why he chose Cyprus over other Mediterranean markets.

Martin Cooper recently purchased two apartments in Limassol with a view to renting them out to workers and holidaymakers.

Speaking to the Sunday Mail, he said he believes the island has considerable rental potential, as there is demand among the domestic workforce and foreign tourists.

However, he stated that Cyprus could potentially be more lucrative than places such as Spain, as it is currently at an earlier stage of development.

Mr Cooper commented: "I did research and I think parts of Spain are too saturated with property, whereas much of Cyprus is still in its infancy."

He added that growth is currently being driven by a number of factors, such as investment in infrastructure upgrades and the recent adoption of the euro.

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.