Cyprus Property Demand To 'Rise Rapidly'

Experts predict EU ascension will lead to a booming property market on the island.
The European Union's (EU) endorsement for Cyprus to join the Euro currency zone will cause property prices on the Mediterranean island to increase by around 35% over the next twelve months, according to experts.

With final approval for Cyprus' Eurozone ascension due on 10th July 2007, UK based Morpheus Investments has predicted that demand for properties will rise rapidly during the next six months followed by steady, incremental growth throughout 2008.

Dani Maxton, managing director of Morpheus Investments comments: 'Savvy overseas property buyers are moving quickly to take advantage of low property prices that will rise following Cyprus' Eurozone membership on January 1st 2008.'

'This extra demand will be experienced during a typically busy sales period as summer holidays and the arrival of Autumn and Winter drive overseas property purchases throughout quarters three and four.'

'Property prices in Southern Cyprus are already rising by 20 - 25% each year. Extra demand created by the Eurozone membership will add at least 10% to these annual increases.

A British-based legal system, low taxes, booming property prices, year-round-sun and development of a PGA approved golf course, new marinas and international airports have led to Southern Cyprus becoming a property hot spot for British property buyers and investors.

Maxton concludes: 'More and more British buyers are opting for Southern Cyprus in favour of traditional overseas property destinations such as France and Spain. The adoption of the Euro is good news for these buyers. They will benefit from greater capital appreciation on property prices, which will become even stronger as Cyprus' property market takes an even footing with that of other Eurozone member countries.'