The Cyprus Property Market in 2008

With more than 1.5 million visits from British citizens alone per year, Cyprus is a hot and ever-growing holidaymaking destination. Whilst the retiree and expatriate community in Cyprus is quite small in comparison to other European countries like Spain, the investment opportunities in Cyprus remain intriguing nonetheless.

Buying property in Cyprus appeals to investors from all over the world for a number of very strong reasons. In this article we’ll explore why this destination is so attractive and what is on the horizon that is likely to make it more so in 2008.

Cyprus appeals to investors, holidaymakers, retirees and expatriates for a number of reasons. Perhaps the biggest draws are found in the natural attractions this island country has to offer. Despite tensions between the Turkish North and the Greek South, Cyprus is first and foremost a balmy Mediterranean destination. With beautiful beaches, picturesque resort towns and plenty of year-round activity, this country has what it takes to sustain holidaymaking interest. Add to the beauty, ever-growing interest in historic tourism and Cyprus’s draws become even more evident. This country’s unusual and historic sights are major attractions for scholars and history buffs, as well.

Whilst buying property in Cyprus has been touted as an excellent choice by many international banking firms including Citi Group, there are other compelling reasons to consider purchasing property in Cyprus right now…

As Cyprus moves to adopt the euro as its currency of choice in the coming year, many property experts predict a major rise in growth. Taking Slovenia as the example upon which predictions can be based, the predictions are for price growth in the 35% range within 2008 alone. Demand in Slovenia rose by 300% when it adopted the euro…

The reasons why euro adoption injects property markets with new life are many. The simple fact of the matter is that the euro is well backed, readily accessible and does trade well with British sterling. All in all, the forthcoming adoption lends a greater sense of stability to buying property in Cyprus and helps inspire investor confidence.

Considering the adoption of the euro will take place on the 1st of January in Cyprus, the time for finding cheap property is now. As the transition takes hold, many believe the prices on property here will climb from their already well-priced range to much greater heights rather rapidly. Those who do manage to get in early enough in the game are likely to see good results if interest in Cypriot property does in fact track with recent events in Slovenia. For More information:
http://www.kaimarconsulting.com



2008-02-21 16:12:54

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