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Rising Property Values

One of the biggest change in the Cyprus property market is being driven by its entry into the EU, with the Cypriot pound set to be swallowed up by the euro in early 2008.

The Cyprus construction industry is capable of building only 4,000 homes a year and because high prices in Spain are driving many buyers to look to this island

Instead, it means that demand is still outstripping supply.

 

Over the next two or three years, this will start to push up prices on the island. Property is still cheap relative to Spain so the gap is bound to close. Anyone investing now has a good chance of making a profit, particularly if they buy off-plan.

See the attached property price fluctuations chart which shows a steady year on year price increase with no signs of slow down making Cyprus one of Europe's most successful markets for foreign investors, rivalled only by South Africa, Croatia and Florida.