House prices growing in Cyprus

Friday April 18th , 2008

Overseas property investors could stand to benefit from growth in the Cypriot housing market, according to a media report.

The Independent stated that the Mediterranean island's property market is performing well in the face of global economic problems.

Cyprus was said to have escaped the slowdown which has affected many other European countries, as house prices went up by one-fifth during 2007.

This suggests that owners of property in the island could collect high returns should they choose to sell their property on at a later date.

Commenting on its investment potential, the Independent said: "There's a convincing case for investors.

"It looks as though the island may buck the current trend for falling house prices."

The newspaper added that Cyprus also offers attractive and affordable properties in highly desirable areas.

According to the Home Move website, house prices in Cyprus went up by an "impressive" amount last year and values are set to keep growing.