Tourism boosts Cyprus's property market

Property investment abroad: 4 April 2008

Cyprus's growing tourist trade is helping to attract overseas property buyers to the island, according to a newspaper report.

The Galway Advertiser said about 2.5 million people are visiting the country each year in order to enjoy its year-round sunshine and beaches.

This has created strong demand for rental accommodation for 12 months of the year, a development which has not gone unnoticed by foreign property buyers.

Cyprus's appeal is being enhanced even further by its strong economic performance and growing housing market.

As a result, many investors are benefiting from considerable capital growth, as well as good rental returns.

The Galway Advertiser commented: "Many shrewd Irish investors have noted these opportunities and have purchased properties in Cyprus."

According to the Financial Mirror, almost 33,000 British citizens visited Cyprus during February 2007.

This is up from 31,481 a year earlier - an increase of 4.4 per cent.

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