Cyprus withstand economic downturn
The Cypriot housing market is performing strongly in the face of global economic problems such as the credit crunch, an expert has stated.
Jonathon P Salsbury, manager of contracting and developing company Cybarco, said that Property in Cyprus still offer a favorable environment for investors because it is not entirely dependent on international and British buyers. Overseas investors from places such as from Russian, Kazakhstan and the Gulf are moving in, meaning that sales are continuing well in Cyprus.
He also added that Cyprus has healthy domestic market and Cypriots themselves buy second homes in considerable numbers so Cypriot market is not entirely dependent on international buyers. Many property experts believe the housing market could bounce back and see upward growth any time and in fact the market remains strong, despite the current financial climate.
The Financial Times has reported that the Cypriot government has formulated plans to construct four new marinas at the island’s most popular resorts which are expected to provide luxury and high quality service and it is expected that the new marinas will increase visits from European skippers.
Recently Principal International has said that it is possible for investors to see returns on property purchases due to annual capital growth and readily available credit facilities in Cyprus.
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