Cyprus Properties Seem Set to Soar
Property prices in Cyprus will boom during 2007 as EU membership looms and low cost airlines enter the country for the first time, say experts.
Following Monarch’s move into Cyprus last week as the first major low fares airline to introduce flights between the Mediterranean island and the UK, Morpheus Investments is predicting Cypriot property prices are set to rocket in 2007.
The Cypriot property market grew rapidly in 2006 with house prices rising at 20 per cent per annum, and rental returns showing a level of eight to 12 per cent on the current price of property.
Dani Maxton, managing director of Morpheus Investments, which specialises in developing luxury property in Cyprus for UK investors says:
“The introduction of low fares flights is great news for current Cypriot property owners and investors alike. With improved flights from the UK, Cyprus looks set to become an even more popular tourist destination in 2007 and will open up the island to more prospective second-home buyers.”
“Cyprus is clearly reaping the rewards of a strong and stable economy, and is set to prosper further when it begins to use the Euro in two years time.
“Adoption of the Euro is the final fence in becoming part of a united Europe,” she said. “Cyprus is now stronger than ever and with the proposed adoption date of January 1 2009. 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.”
