The economy of Cyprus seems to be benefiting from the European Union effect, as recent figures show further signs of growth.
According to official statistics, the country's EU-harmonised economy grew by 1.1 per cent during October – the third month in a row that there has been growth in the Cypriot economy. The results suggest that the country is benefiting from European interest and the accession to the EU has opened up the country to an increase in investment opportunities.
Housing was one of the areas that saw the greatest growth over the month and has been a sector that has helped to drive the country's economy in recent months. This is being boosted by interest from foreign investors, as Europeans begin to realise that the accession of Cyprus into the EU means it is now much easier to do business in the country.
The Cypriot inflation reached 2.2 per cent compared with October 2004, highlighting the impact that the European influence is having on the country. Investing in property in Cyprus is becoming ever more popular, especially as the country has relatively low prices when compared to some countries in Europe.
Therefore, the property boom in the country looks set to continue, with property investment likely to be encouraged as a way of ensuring the economy remains healthy. While some parts of Europe have begun to suffer a slowdown in property prices off the back of the high inflation of recent years, Cyprus does not suffer from that history.
Therefore, the country is now ripe for property investors, as Cyprus remains in demand but its property prices are relatively low. However, the growing economy suggests that its property prices will also start to rocket in the near future, meaning the country represents a major investment opportunity for those looking to buy to let in another country.
The success of the country's economy and growing reputation on the international stage has recently been highlighted by the announcement of two multi-billion dollar investments in the country. Following on from the publicity the island received in the UK when it hosted the UK's Olympic training team in the build-up to the 2004 Games, there are now plans afoot to target the sports tourism industry with a major expansion of its sports facilities.
Have we really benefited? Or its just statistics?
