News: Ex-pats fuel Cyprus boom

Thu, 03 May 07

The property market in Cyprus is "booming" thanks to a growing ex-pat community, according to new claims from a property export...

Calvert, director of overseas real estate firm Property Abroad, claims that prices are increasing year-on-year for coastal properties, while inland houses can offer some cheaper investments.

Furthermore, demand for residential housing from UK investors could be set to jump higher because of the possibility of favourable changes to the VAT charged on land sales, Mr Calvert remarked.

Explaining the current popularity boom, he said:

"People are fed up and they've had enough of Spain - they're looking further afield now but with the same sort of ex-pat community that Spain used to offer."

He added that the sunny climate, a proliferation of budget airline routes and the fact that Cypriotes drive on the right-hand side all add to the attraction of investing in Cyprus.

Investors in Cyprus can expect capital growth over the next 12 months to three years, Mr Calvert concluded.

The country is currently celebrating its third anniversary upon entering the European Union.

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