Cyprus economy growth tempts investors
Local media has reported that Cyprus economy is set to flourish further as it begins to use the euro in 2008. Investment in Cyprus remains a good prospect and is popular among foreign investors.
Economic growth in Cyprus is set to reach 4 percent this year, according to the country’s finance minister Michalis Sarris. He predicted that this level will be sustained next year.
Foreign property investors will be watching the economic activities in Cyprus closely, as the market has traditionally been a popular one among property investors.
Mr. Sarris said that majority of people on the island believed the new currency and started using it. Cypriots believe that it would have a positive impact on the economy.
Finance minister stated that people had now become accustomed to using the euro since the currency changeover. Euro has nearly expelled the Cypriot pound in everyday transactions; Finance Ministry estimates the euro is used in 95 percent of everyday commercial transactions.
Adoption of the euro has happened almost 4 years after its accession to the European Union. Telegraph forecasted that this is regarded as good news to foreign property investor seeking a stable economy for property investment with high rental potential and excellent capital returns.
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[…] thing about Cyprus property is prices are showing healthy increase. The increased impetus of tourist economy makes Cyprus an exciting destination for property buyers. The property prices steadily increasing and this is […]