Cyprus (Greek) » Market Report

The Greek Cypriot economy is wealthy but highly vulnerable to outside shocks. Unpredictable growth rates in the 1990s reflect the economy's vulnerability to swing in tourist arrivals, caused by political unsteadiness on the island and fluctuations in economic conditions in Western Europe.

The Cyprus Property market is one of the fastest growing markets within Europe. Investors are paying attention by the potential growth in terms of returns on investment of property in Cyprus compared to other countries in Europe.

The climate, along with easy access to the UK and other destinations is also an important factor when taking into consideration the purchase of property. Cyprus has now joined the European Union which is affecting the growth and prices in the property for sale market of Cyprus.

Property prices for sale in Cyprus have sustained to rise at an estimated growth rate of around 20% per annum. Cyprus's major tourism marketplace has seen an increase in the arrivals from Britain screening a 52% increase in business. The Cyprus property market is very vigorous and proving to be one of the best ever growing property markets within Europe with people buying homes, or real estate for investment purposes.

The magnetism is the potential growth in terms of return on investment in contrast to other countries in Europe.

International Property Brokers predict an increased demand for property in the coming years. Over the last three years demand for property has increased by an average of 16% to 20% per annum. It is expected to increase with EU membership as people from the landlocked central European countries, which are also destined to become member states, are expected to look for second homes on the island.