CYPRUS HOUSE PRICES TO GROW IN 2008
Wednesday, 26 Mar 2008
House prices in Cyprus could go up by as much as eight per cent this year, experts are predicting.
According to the Home Move website, property values across the island are likely to experience further growth over the next 12 months following several years of steady growth.
The online portal said the rate of increase in the last few years has been "impressive", with prices going up by 12 per cent in 2007 alone.
This means that people who have entered the market fairly early now own a property that is worth more than the amount it was originally purchased for.
As a result, investors could conceivably sell their residence at a price that would allow them to collect a substantial profit.
Home Move commented: "The property market has been on the rise in Cyprus over the last few couple of years - prices will continue to rise for the foreseeable future."
According to the Royal Institution of Chartered Surveyors, interest from foreign second home buyers is acting as a "key driver" of growth in the island's property market.
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