Cyprus on target for Euro in 2008 as "Buy to Let" gathers pace

It has been announced by the International Monetary Fund (IMF) that Cyprus is on track to adopt the Euro in 2008. It also said that Cyprus had progressed well with its economy in the last two years and that adoption of the Euro should just be par for the course.

Peter Christofi Overseas Marketing Manager for Antonis Loizou & Associates says, “This is great news for Cyprus. Adoption of the Euro is the final fence in becoming part of a united Europe. Cyprus is now stronger than ever and with the proposed adoption date of January 1st 2008 this can only bode well for the property market as more and more investors look to purchase property in this tried and tested island in the Eastern Mediterranean.

“This is an exciting time for Cyprus and property prices are expected now to rise at a rate of 15% to 20% annually. With increases like this in a country with so many similarities to the UK such as infrastructure and good medical facilities it’s not surprising that 60% of people who buy on Cyprus are actually from the UK”.

Recent reports have mentioned Cyprus as an ideal location in which to purchase property with a view to letting. Cyprus, according to national newspaper articles is in the top four for countries where investors should be keen to invest, as property prices are expected to rise by 15% to 20% per annum and produce a rental yield of 8% putting it on par with Spain for rental incomes.

Peter Christofi adds, “Cyprus has been strongly tipped to be one of the best countries to invest in over the next few years. This is a fantastic achievement and especially gratifying as there are so many emerging markets. We are finding that more and more investors are looking to buy in a country that has performed well over the years as opposed to eastern European countries where there is capital appreciation to made but these are untested markets and speculation does not offer many investors piece of mind.”

Estate Agents Antonis Loizou & Associates market throughout Cyprus and have numerous developments, resale’s and plots of land. Being the largest independent estate agents in Cyprus you are assured of peace of mind with their English speaking agents and attention to detail at all times.