Cypriot property closing the gap
The Times has stated that overseas property investors could stand to benefit from growth in the Cypriot housing market as the property prices in Cyprus are rapidly catching up with established markets.
Cyprus house prices started at around £77,000 and the house prices went up by an “impressive” amount last year. The prices are approaching those of similar markets such as Spain and the rate of house price growth in Cyprus is outpacing many other European countries. According to Financial mirror reports, the average price of a property on the Mediterranean island is now £132,135.60 and the values rose on a month-by-month basis by 3.7 per cent.
The official figures from the Royal Institute of Chartered Surveyors (Rics) revealed that property values in Cyprus went up by 15 per cent in 2007 whereas Spain saw growth of just three per cent throughout the same period. The figures are positive reading for prospective investors, as it means that their purchase would appreciate in value in the future.
Paul Collins, overseas property editor of BuyAssociation has commented that Cyprus is likely to experience surge in house prices over the next few months. He further said that the result of the property boom would be long-term and pertains to both commercial and residential buildings.
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