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Cyprus attracts foreign property buyers
Cyprus is becoming increasingly popular with overseas property buyers, an expert has stated.
According to property author Nigel Howarth, the Mediterranean island is currently attracting both holiday home buyers and property investors.
Speaking to the Telegraph, he attributed its popularity to factors such as the slower pace of life, the warm climate and favourable tax regime.
He added that property on the island is also highly affordable, as prices are about 20 per cent less than those of comparable houses in places such as Portugal.
Mr Howarth went on to say that restrictions on foreign property ownership are likely to be lifted soon as a result of its EU membership.
This, he predicted, would lead to a boom in both house prices and property investment in Cyprus.
Cyprus recently strengthened its international links by changing from the pound to the single European currency.
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