Investors take advantage of pre-euro prices in Cyprus

Property investors investing in the Cypriot property market are taking advantage or pre-euro prices, before they increase once the country joins the Eurozone.

Experts state that savvy buyers are moving to act on Cypriot properties ahead of Eurozone accession, amid concerns that prices will rise significantly after January 1st 2008. It is speculated that prices could rise by some 35 per cent on average after Cyprus joins the Eurozone, signalling more expensive properties within the year.

As such, investors who buy now will be in a good position to profit from higher values in 2008.

"Savvy overseas property buyers are moving quickly to take advantage of low property prices that will rise following Cyprus' Eurozone membership on January 1st 2008," explained Dani Maxton of Morpheus Investments to Homes Worldwide.

"[Buyers] will benefit from greater capital appreciation on property prices."

The Cypriot Finance Ministry has explained that while companies in Cyprus need to be ready for the currency conversion by January 1st, there will be a period of dual currency before this date.