CYPRUS' APPEAL IS BROADENING
Wednesday, 05 Mar 2008
Cyprus' growing appeal is significantly boosting the country's housing market, experts have revealed.
According to the Royal Institute of Chartered Surveyors (Rics), the island is attracting interest from property investors of several different nationalities.
The body said that the overall of appeal of Cyprus is now broadening and is not confined to the traditional sources of demand, such as the UK.
As a result, property in the most desirable areas has been highly sought-after, therefore boosting house prices in these locations.
Rics commented: "Russian and other purchasers are said to be becoming more prevalent."
The organisation added that interest from foreign second home buyers was acting as a "key driver" behind growth in the island's property market.
Figures from Rics show that house prices in Cyprus went up by 15 per cent last year - a higher rate than in many other European countries.
This comes after travel firm Thomas Cook said the Mediterranean island is proving to be as "popular as ever" with British holidaymakers.
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