Print

Cyprus outperforming most other markets?

Catherine Deshayes

The Royal Institution of Chartered Surveyors European Housing Review 2008 has described Cyprus as ‘a rare case of a country shrugging off the gloom.'

Experts have said that Cyprus is a solid bet for international investors as its price rises seem to be accelerating.

Reasons behind the booming property market include Cyprus' double-taxation agreement with the UK, which entices numerous investors drawn by the tax advantages of not having to pay tax in both their home country and investment country.

Cyprus also has a legal system based on the British model, far less volatility than other emerging markets, a high standard of living, good medical facilities and a very low crime rate, sitting at just one sixth of the European average.

With an increasing expat community of British retires and the upgrading of Larnaca and Paphos Airports making travel easier, the future bodes well for Cyprus as it heads towards joining the Euro currency in 2008.

James Fleure of Buy Abroad said, "Cyprus is a perfect overseas destination for those looking to take advantage of owning a property abroad.

"This steady yet performing market is attractive to those who are looking to have all the benefits of owning abroad.

"Cyprus is one of the safest markets around with a steady increase of up to 15 per cent per year on property.

"Emerging markets with dramatic price increases often fall far short on good solid infrastructures.

"Cyprus is a safe bet and with significant increases to property each year is still probably one of the best areas in the Mediterranean to invest in," Mr Fleure added.

To check out a range of properties for sale in Cyprus, visit http://cyprus.themovechannel.com/