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Euro entry 'to boost Cypriot housing market'

Cyprus' adoption of the euro may trigger a period of growth in its housing market, according to a British newspaper.

Overseas property investors were told by the Telegraph that historically, countries that adopted the single European currency tended to see strong demand for property in the wake of their transition.

Slovenia was cited as an example of one EU member that had experienced this after its accession to the euro.

The publication stated that following its currency changeover in January 2007, demand for property in the country rose by 300 per cent.

Commenting on this trend, the Telegraph said: "Cyprus hopes for something similar, with prices predicted to rise by 35 per cent in 2008."

The newspaper added that the Mediterranean island offered "good growth potential" to owners of property in the most sought-after areas.

Cyprus will enter the euro at the beginning of January 2008 - three and a half years after it first joined the European Union.

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