The past week has been particularly good for Cyprus and Matla property investors…Perhaps the biggest news has been the announcement by the European Union that the island can enter the euro currency system from January next year.
Cyprus and Malta were chosen ahead of other contenders to enter the European single currency system, in what will surely prove a big boost for the island's economy.
According to financial analysts, the move "will all but eliminate the risk of a currency crisis" by putting the weight of the European Union's economy behind the island.
According to currency specialists HiFX, the Cypriot property market will see the benefits of adopting the Euro. The company believes that the strong economy will add to the lure of the good weather and local culture.
A spokesman said the EU decision "confirms an economic maturity and the promise of a share in the spoils of the recently improved EU-wide growth story".
Property markets will continue to grow
Mark Bodega, marketing director of HiFX, commented: "We predict the property market on both islands to continue to grow due thanks to a number of reasons. British purchasers like the legal system in Cyprus as it is easy to understand-being based on the English one”.
According to statistics collated by HiFX, the number of Britons that have made an enquiry about investing in a Cypriot property has more than doubled over the past 12 months. Perhaps the lure of the good weather is proving too much - it has certainly helped boost holiday bookings in this washout British summer.
London Greek News recently conducted a telephone survey of travel agents and tour operators in London. The newspaper wanted to determine if there had been any upturn in the number of holiday bookings being made to Greece and Cyprus in the past few weeks - and the answer was a resounding yes.
Mario Demetriou MD at EuroMed Travel said "I have seen a positive move up in bookings, people wanting to book anywhere hot especially Cyprus and Greece".
With the weather showing no signs of making any improvement in the near future, it is a safe bet that there will be even more Brits booking their place in the sun.
Source: Assetz press release
