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Cyprus Property Investment News
Cyprus not great for pure investment
Imminent membership of the eurozone coupled with an English-speaking population and readily available cheap flights make Cyprus an ideal destination for a holiday home.
However, industry experts have argued that as interest in the Mediterranean isle increases, the potential for rental and sales profits will decrease.
Simon Tweddle, head of research at Property Secrets, said that: "Fundamentally Cyprus… is still a nice place to go on holiday, to own a holiday home," but advised against investing for profit alone.
"If you're thinking of buying a holiday home you've got to think: 'Do I like going to Cyprus for my holidays?' rather than viewing it as an investment," he commented.
"I think there's quite a lot of interest in Cyprus already… Quite a few UK [property] companies are starting to get a bigger interest in Cyprus – they're marketing Cyprus as an investment destination.
Mr Tweddle added: "I think that alone will have an effect on prices. More investors mean more competition, which means if you sell or let out your property, profits will be [reduced]."
Cyprus this week received approval from the EU for its adoption of the single European currency.
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