Cyprus set for property boom

Friday January 4th , 2008

Investors in Cyprus could be set to benefit from a property boom on the island, an expert has said.

Paul Collins, overseas property editor of BuyAssociation, stated that the country was likely experience a surge in house prices over the next few months.

He added that the result of the property boom would be permanent and apply to both commercial and residential buildings.

Mr Collins cited the island's entry into the single European currency as the catalyst for the forthcoming increase.

He commented: "It brings stability to the country; both economically and politically as well."

He added that entering the euro also gave Cyprus a seat on the board of the European Central Bank, which means it get to influence policy across the continent.

Cyprus began using the new currency at the beginning of the year, almost four years after it became a member of the EU.