23 February 2006

Cyprus property boom

Property investment in Cyprus is becoming increasingly appealing to investors worldwide, with economic conditions now improving at an impressive rate and the prospective adoption of the Euro drawing record interest from foreign investors.

Jeroen Kremers, an executive director at the International Monetary Fund (IMF), recently predicted that Cyprus would be using the European single currency by April 2008 and he stressed that it would be a crucial move for the health of the country's economy.

Property prices within the country are currently rising at a staggering rate of up 20 per cent annually. As such, investors are finding they can make bigger gains on their property in Cyprus than in France or Spain, while growth rates in Bulgaria can still be unpredictable.

Cyprus has long been a favourite among UK tourists and investors and it also has an enviable reputation for attracting "repeat visitors". A growing number of UK residents are looking to the island for a holiday home, many more decide to retire there and thousands are taking advantage of good investment conditions.

This special affinity is down to the fact that the basic infrastructure in Cyprus is not dissimilar to that of the UK.

While investing in some countries can be daunting because of basic communication difficulties, English is spoken by a significant proportion of the population in Cyprus, while the land registry system differs only marginally from that within the UK. All of this is crucial in making the task of buying and selling a property or making a buy-to-let investment all the more comfortable.

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