The Property market in Cyprus is set to bounce back
Cypriot economy is expected to grow again next year, it has been claimed, something that could interest those seeking property on the island.
According to Finance minister Charilaos Stavrakis, in the end of 2009, the country will see an economic contraction of 0.5 per cent, but stated that GDP will rise by the same amount in 2010, AFP reports. Meanwhile, Interior minister Neoclis Sylikiotis commented that ” Property investment is much safer in Cyprus than anywhere else”, adding that regardless of the world economic crisis and the problems of neighboring countries, “the housing sector in Cyprus is quite healthy and still in positive growth rate.”
The country looks on course to be the sole member among the 16 countries in the bloc to record positive economic growth in 2009, RTE reports. Although the economy slowed in the first quarter of the year, the report said: “Satisfactory growth rates of both construction and the wider services sector limited the extent of this deceleration.” Such reports may interest those thinking of investing in the country, as may the interior minister’s pledge that new building and registration rules will be introduced to further enhance the sector.
In related news, George Mouskides, Chairman of the Association for the Promotion of Property Development said that the situation in Cyprus will begin to become more positive and this, according to all visible signs, will first and foremost influence the property sector.
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