Expert notes rise in interest in Cyprus property investment

Interest in property investments in Cyprus has increased significantly in recent times, according to an expert from the Property Secrets group.Simon Tweddle, head of research at the independent analysts and commentators, has noted how property purchases among external investors has been particularly strong over the last year.

Properties have increased in value in Cyprus by between 20 and 25 per cent, with the country perceived as desirable due to its cheap air access, predominantly English speaking population and low taxes.

Asked whether a property boom were likely to occur in Cyprus in the near future, ahead of a 15 per cent VAT being placed upon land in the country sold after January 2008, Mr Tweddle said "that kind of boom has already taken place".

Mr Tweddle also noted how: "Quite a few UK [property] companies are starting to get a bigger interest in Cyprus – they're marketing Cyprus as an investment destination.

"With Cyprus set to join the Euro following EU approval later this week, he also speculated that such a situation would offer more "security" to the property market and "probably increase the short-term prices rises".