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Joining the single currency 'good news' for Cyprus
As of 1st January 2008, Cyprus has joined the other European countries as a member of the single currency, and property experts see the move as a positive one in terms of the effect it will have on the industry and the Cypriot economy.
The island’s economy as a whole is expected to benefit from the step: the cost of currency exchange will, in many cases, be done away with and Cyprus will now be part of a major currency. The euro zone enjoys low interest rates and low inflation, and represents a large market, all of which the Cypriot Finance Minister Michalis Sarris predicts will be good news for businesses and consumers.
The property industry expects to see the effects of the new currency as buyers’ confidence is boosted. The euro is a stable currency and one that allows simple price comparison. This will make life easier for owners of holiday homes and second homes who frequently travel between the island and the rest of Europe, and this is expected to boost the demand for investment property in Cyprus.
It is hoped that Cyprus’s adoption of the single currency will pass without the price increases that some other countries have seen when the euro was introduced, a result of retailers ‘rounding up’ their prices. On the contrary, Cypriot companies have been urged to round their prices down.
It seem that the demand for travel to the island is already being felt, as low-cost airline easyJet has introduced flights to Paphos from London Gatwick and Manchester, expected to start in March. These will be easyJet’s first routes to Cyprus, and prices will start from GBP50 and GBP30 for one-way tickets. Cyprus’s improving accessibility is likely to generate greater demand for holiday accommodation on the island, as well as for second homes.
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