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Cyprus Property Investment News
Real estate sector drives Cypriot economy
The strong performance of the real estate sector in Cyprus is having a positive effect on the country's economy, according to new figures.
Official data cited by the Cyprus Mail revealed that the Mediterranean island generated gross domestic product of £12.5 billion last year.
This figure, which is expected to increase to £13.2 billion in 2008, was largely attributed to growth in its property sector.
According to officials, the windfall generated from property-related taxes has led to a period of "buoyant" economic activity.
Finance minister Charilaos Stavrakis said the government now has a budget surplus of 3.3 per cent.
He commented: "Our projection for this year is of a surplus of 0.5 per cent, which in itself is also an important achievement."
According to the Royal Institution of Chartered Surveyors, house price inflation in Cyprus outpaced rival markets such as Spain and France in 2007.
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What are these? |
10-20% pa for 12 years
Contracted income
with guaranteed
capital appreciation
Agricultural land
investment operated by
public listed company.
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