My reaction was great news when I heard that the Cypriot government decided to incorporate the Euro as their trading currency, especially what it would mean for the property market in Cyprus. Interestingly, while not everyone was as open to the new currency, the Cyprus property market has already benefited significantly since its introduction.
House prices have been rising steadily at around 9% a year since the currency change and land investments have quadrupled since the news of the euro. Low interest rates have also given Cyprus a good start in attracting property investors and although things have bottomed out in the UK, Cyprus is still a growth market. Improvements in international airports and more budget airlines have also made it easier to travel to Cyprus to conclude real estate investments in Cyprus.
Cyprus’ year-round holiday resort is a real favorite with the British and there is a link between the two towns due to heavy attack during World War II. Of course we are all Europeans now and equal partners ready to conquer the world together and where better to relax than the beautiful island of Cyprus which boasts over 300 sunny days a year making it that much more enjoyable to enjoy the wonderful sites Cyprus has to offer.
Although it was the British who first set foot on the Cyprus property ladder and who have seen some really profitable property investments, now it is the turn of others, mainly from Northern Europe, to enter the Cyprus property market. Cyprus has even started to attract some very wealthy tourists from the Middle East, as there is currently no better place to invest in property than Cyprus.
The good thing about the development of Cyprus in these times is that the environment is always respected. There is also a very strict code of conduct within the Urbanization’s planning regulations and green areas are at the top of his list of priorities. I believe in Cyprus for this very reason as now you will always be successful as you can see in other articles on the Cyprus Informer Blog.
