Cyprus Investment: Economy
If you plan to buy in Cyprus, it is worth considering the country's economic situation. Cyprus has a stable economy with healthy annual growth - annual GDP averages between 3% and 4%. Foreign investment is encouraged and was facilitated in January 2008 when Cyprus joined the Euro. Cyprus enjoys full employment, low inflation and offers Europe's lowest personal tax rates for residents. In Cyprus, land and property investment has no restrictions and the situation is similar in Northern Cyprus.
Cyprus Investment: Tourist Industry
Tourism is vital to the Cyprus economy and the government has implemented a long-term strategy for investment in tourism. This is mainly taking place in infrastructure - Cyprus airports are being expanded and upgraded to allow easier access to the country as well as to improve the choice of flights. These improvements add to the attraction of owning a home in Cyprus, increasing Cyprus property investment opportunities.
Cyprus has been a popular holiday choice for years and Cyprus has a booming tourist industry. Visitor numbers increase annually with over half Cyprus' tourists coming from the UK. Cyprus has strong historic and cultural links with the UK and British visitors, particularly retirees setting up residence in Cyprus, are attracted to this familiarity. Over 60,000 British own properties in Cyprus and this, together with rising tourist figures, confirms that property investment in Cyprus is a wise acquisition.
Cyprus Investment: Property Potential
The choice to buy in Cyprus also offers competitive property prices and this applies to all property types including construction in Cyprus and off-plan development in Cyprus. A Cyprus apartment situated in one of the many new complexes such as a Paphos development is worth considering. Property prices in Cyprus have increased around 20% over the last few years and analysts predict that if you buy in Cyprus within the next 10 years, you can expect average returns of over 180%. Frank Knight recently rated the Cyprus real estate market as the ‘best' established in Europe.
