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Cyprus: The predictions were right

Jaimie Kanwar

A new report reveals the continued strength of the Cyprus property market ...

According to a compilation of official and private-sector statistics by the Global Property Guide, Cyprus has achieved almost 20% growth in residential property prices over the last year.  The sunshine isle came 6^th in the chart, with Bulgaria being the only other European Country finishing higher in the table.

This latest positive news comes as it was recently revealed by property portal Home Move that house prices in Cyprus are rising at a considerable rate. A spokesperson for the company commented: “Predictions of a boom in the Cypriot housing market this year have been proved correct. This was attributed to its recent entry into the single European currency, which was adopted on the island back in January.

”During the lead-up to its euro accession, interest in the Cypriot market among investors began to grow. As a result, house price inflation has outpaced many other European countries in the last few months.

"There is a high level of demand in the domestic market and the island continues to gain popularity with migrants and second home buyers across Europe.  The island is also appealing to investors from various parts of the world, including Western Europe and Russia.