Euro boosts Cyprus property market
Gary Clayton, Principal International, UK’s leading overseas property investment company has said that Cyprus has lot to offer for any overseas property investor, with the onset of the euro, cheap flights, low interest and booming tourist industry, Property investment is showing good returns.
Cyprus adopted euro On January 1st 2008 and joined the rest of Euroland almost 4 years after its accession to the European Union. Cyprus interest rate of just 4% has triggered the number property investors looking to capitalize on the low interest rate. But as Cyprus has stable socio economic environment, there is a significant possibility of price increase due to adoption of euro. So Gary Clayton feels that this is the best time for property investment.
Cyprus property market has performed well over the years and recent EU accession has made it an even safer place for investment in property. Cyprus has lifted most capital restrictions and lowered interest rates on foreign investors, thereby granting them more benefits. State of art infrastructure of Cyprus and highly skilled and multi lingual labour force makes it an attractive proposition for international businesses.
Increased frequencies of flights and additional routes further signify the great investment potential of already buoyant Cyprus market. Overseas property investors investing in Cyprus regard this as an encouraging step that will increase accessibility and also keep an eye on the locations where new scheduled services are launched.
Visitors to Cyprus till September 2007 had increased by nearly 8% from the previous year. This shows that rental yields are skyrocketing. The residential property prices are also increasing 10% every year that guarantees high returns from already booming property market.
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