Population boom set to increase property prices
The rapid growth of the Cypriot population means property prices are likely to carry on rising, a study has revealed.
Bloomberg.com has cited the reports of Office for National Statistics and stated that the number of people on the Mediterranean island will rise by 66 per cent by 2058. This is considered to be the largest increase in population in the whole of Europe. Property experts suggest that the conditions are right for further upward movement in the value of housing as the demand for high-quality housing and second homes will rise.
Housing market in the country may be set to benefit as demand for homes increases in the future. With the projected inflation of population, buying a house in Cyprus could turn out to be a lucrative venture. The average house prices are currently less than £150,000. Investors could also benefit from relatively low entry costs and can make substantial profit should they choose to sell a property at a later date. Cyprus Property Magazine has reported that prices in some areas have been dropped due to the downward trend in last 12 months but the market is tipped to pick up in 2009. Consequently, this is the right time to invest in Cyprus as investors could benefit from low prices.
According to the Telegraph, property prices in other popular European markets are in a state of decline. Meanwhile, Cyprus is apparently bucking this trend and continuing to experience growth.
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