Cyprus rental market receives boost from tourism

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CYPRUS RENTAL MARKET RECEIVES BOOST FROM TOURISM

Thursday, 31 Jan 2008

Overseas property investors are likely to welcome new figures showing growth in Cyprus's tourism sector.

Cyprus rental market receives boost from tourism

According to official data published in the Financial Mirror, visitor numbers in 2007 rose by 0.6 per cent to 2.4 million.

This means that demand for rental accommodation in Cyprus will also have gone up last year, as holidaymakers will require temporary lodgings throughout their stay.

Although this means that investors' personal finances will have benefited, the increase in tourism was also said to have been good for the island's entire economy.

Revenue generated by the sector in 2007 was up on the previous year by 5.9 per cent, rising to £1.4 billion.

The figures may also help to attract more property investors to Cyprus, as the trend of upwards growth looks likely to continue during the next year at least.

Significant economic expansion has been widely predicted to come in the wake of its recent entry into the euro.

Property Select offers a comprehensive selection of overseas property in Cyprus, news, members club and reviews of the latest property developments.

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