The Cyprus Property Market in 2008

Property has always been a good investment in Cyprus, especially since the country joined the European Union in 2004. Following a period of rapid price rises in anticipation of the country’s EU membership, the market is now showing stable but healthy growth with the promise of more good things to come. Cyprus adopted the Euro currency on 1st January 2008, its economy is healthy and budget airlines, Monarch and Easyjet have now added Cyprus to their list of destinations

Stability and Growth

The Cyprus property market offers the dual benefits of stability and continued growth and for potential investors, Cyprus’ economic statistics are impressive. The country enjoys a high standard of living, low unemployment and low inflation. It’s a popular location for both tourists and foreign residents, especially retirees who enjoy a low cost of living and low taxation and no inheritance tax. Banking and legal systems closely resemble those in the UK.

Healthy Tourism

Tourism has always played a major part in Cyprus’ economic success and a stable tourist market is a major consideration for property investors concerned about the potential for high rental yield and worthwhile capital returns.
 
The Cyprus Tourism Organisation (CTO) has recently embarked on the Strategic Plan for Tourism 2010 which will improve the tourism sector overall, with upgraded resorts and an increase in high quality facilities, such as marinas and golf course developments. 

A recent report in the Cyprus Mail suggested that Cyprus’ popularity for all types of buyers and investors was due to the combination of high quality of homes and great prices.

See what Cyprus can offer you.