Released on: January 8, 2008, 9:03 am

Press Release Author: Jim watson

Industry: Real Estate

Press Release Summary: Since joining the European Union (EU) in 2004, Cyprus has
been enjoying a major boom in its Cyprus property market

Press Release Body: Since joining the European Union (EU) in 2004, Cyprus has been
enjoying a major boom in its Cyprus property market. Despite the unresolved issue of
the division of the island between the Greek south and the self-declared Turkish
northern republic, the island\'s myriad appeals have helped draw the investors in by
their thousands.

Low prices, lots of new locations to be discovered, plenty of sun, sand and surf,
history and culture, all allied to a familiarity with British customs and traditions
which has helped generate a large ex-pat community, have been cited as reasons that
southern Cyprus has enjoyed such success since 2004. Now, with the country having
just adopted the euro, many expect that even greater monetary and fiscal stability
could lead to further growth. Paul Collins, overseas property editor of
BuyAssociation, said as much last week.

Yet there is also an internal factor in the growth. Outside investors may see the
climatic, scenic and cultural appeals of Cyprus as a good reason to invest, either
as a place to emigrate to or as a holiday destination in which to invest in Cyprus
property for the buy-to-let market. But there is also evidence that the government
of Cyprus has a very good reason to keep on encouraging investment.

This comes in the shape of new figures from the Cyprus Inland Revenue today which
show just how lucrative overseas investors are to the government. The tax revenues
in the first eleven months of 2007 were up 43.3 per cent on a year before, a figure
the Cypriot Financial Mirror attributed to the property boom. This resulted in an
extra €549 million (£409 million) ending up in the coffers of the Cypriot treasury.

With such economic benefits from overseas investment, it may seem reasonable that
the policies of the government will continue to seek to encourage investors, with
the populace at large also having good reason to be happy about the incomers given
their potential gain in terms of schools and hospitals, not to mention the potential
growth in tourism which can go hand-in-hand with such a property boom.

Cyprus has apparently enjoyed a smooth transition to the euro so far, with Dow Jones
reporting this week that the European commission were happy that the island, along
with Malta, was moving ahead well with the adjustment, which involves both the euro
and the Cypriot pound being legal tender until the end of January. It stated the
process was going \"very smoothly and without any noteworthy incidents\". Barring any
very noteworthy incidents, Cyprus should be set well for the future as a successful
property market.

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investment in UK

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