Predicted 35% property price rise in Cyprus
Real estate experts have predicted that property prices may increase to 35 percent over the next 12 months in Cyprus due EU accession and adoption of euro. But as prices are still lower in real terms when comparing to other European countries, Cyprus property provides low-risk investment for different types of investors and is still reasonably priced with solid growth potential.
Due to EU ascension on July last year , UK based Morpheus Investments has predicted increase in property prices due to greater demand in the next six months after ascension in EU and followed by solid growth this year .
Dani Maxton, MD of Morpheus Investments commented that overseas property investors wanted to take advantage the property market in Cyprus as it offers great potential and superior investment returns for investors after its ascension. Property values there look set to start increasing as more buyers take advantage of the new interest rates.
Over the last three years demand for property has increased by an average of 15percent to 20 percent per annum. . Large investor demand created by the EU membership will add fuel to the fire and it may still increase to 35 percent. Overseas Investors see property in Cyprus as a very stable investment with prices increasing at a steady pace.
A falling interest rate environment, change in property laws, macro economic boost after EU ascension, expected increase in property prices, legal system akin to Briton, sun-drenched climate and an large range of year-round tourist attractions, pristine beaches, new international airports has made Cyprus as overwhelming favourite among British property investors.
Maxton added that Property investment in Cyprus has become easier than elsewhere in the world. Due to that vast numbers of foreign investors are flocking Cyprus. British investors are opting for Southern Cyprus in favour of France and Spain for the balanced and secured investment atmosphere and for its natural beauty with a year round warm climate with serene beaches, the best you will find in the Mediterranean.
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