Cyprus Property Market

In a country devoid of any period of stability for many years, it is not surprising to learn that economy and propertyin Cyprus has been very volatile to say the least.  The country is dependant upon agriculture and government employment however as the area continues to enjoy a rare period of stability with the northern neighbours there is more interest from overseas investors. The mixture of culture, history, architecture and weather is a big attraction and tourism is set to become a major part of the future economy. Cyprus Property Market As a result of overseas interest, also helped by the recent entry to the European Union (and accompanying development grants) , the Southern Cyprus property market is enjoying its most buoyant period in modern times.  Over the last few years we have seen Southern Cyprus properties increase in value by an average of 20% per annum, with further above average growth expected (in comparison to European neighbours).  While the growth in property prices cannot continue indefinitely at current rates, it appears that the country is well set for both a  period or economic stability and growth in overseas investment. The country has received substantial interest from the British tourist sector, possibly assisted by the historical presence of the British military in the area for many years.  Actual tourism numbers have been growing by 50% per annum over the last few years, and while there will be a slow down at some stage, the trend seems set to continue. This increase in visitor numbers is already having an impact on the price of property for sale in Southern Cyprus, as well as influencing growth in the rental sector.

 

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