Cyprus 'catching up with established markets'
Monday January 21st , 2008
House prices in Cyprus are rapidly catching up with established markets, according to a media outlet.
The Times stated that although the island's property values started at around £77,000, they were approaching those of similar markets such as Spain.
This means that property buyers could find themselves in line to benefit from considerable capital growth if they enter the market early, as the future sale price will be much higher than its current value.
Meanwhile, the Times also highlighted other attractions of the Mediterranean island, including many that had tempted Britons to relocate there on a permanent basis.
The publication stated that it offered good weather all year round, as well a favourable tax rate on pensions.
In addition, it said the island could be reached from the UK in just four and a half hours, which means that expatriates are still relatively close to their family at home.
Experts have widely tipped house pries in Cyprus to rise significantly this year as a result of its recent entry into the euro.
