New Cyprus development announced

Those keen on buying a Cyprus property may be interested by a new development in the country.

Developer A E & ML has unveiled it is creating ten new homes between Cape Greco and Paralimni in the area of Fig Tree bay, with prices at EUR350,000 (GBP305,000) for three-bedroom homes with pools located near to the beach, the London Daily News reports.

"We are trying to offer homes to families from the UK and elsewhere that are ready to move into, all fully equipped, with swimming pools, parking, easy access to the beach," said a spokesperson for the company.

He added that these were suited ideally for those who wish to relocate to the country in order to enjoy year-round sunshine.

Such properties may be of interest to Britons who are keen to invest in Cyprus.

Although the Cypriot property market has seen less sales recently due to the effects of the world economic downturn, the basis outlook for the nation's economy is much better than most other European countries, Cypriot finance minister Charilaos Stavrakis said this month.

He cited factors such as falling inflation, continued economic growth and relatively low unemployment.