Cyprus continues to experience growth

Wednesday July 30th , 2008

The decline in Europe's housing market does not seem to be affecting Cyprus, a media outlet has stated.

According to France 24, house prices on the Mediterranean island are tipped to grow by more than three per cent this year.

This increase coincides with a drop in property values in other parts of Europe, while some areas have seen the market grind to a halt.

France 24 has said the island's recent entry into the euro may have contributed to it bucking the dominant trend.

"The new currency has helped Cypriots sustain the good times," it commented.

Cyprus was said to have been already enjoying a property boom when it adopted the euro at the beginning of this year.

This follows a similar report in the Telegraph, which said house prices on the island have continued to rise during the year to date.