Cyprus Joins Elite Division of Property Markets

Cyprus has just received a major promotion in the world property markets - Homes Overseas has included the island nation in its latest Premier League standings - the authoritative guide to the best destinations on the planet.

The inclusion of Cyprus in the elite division further highlights the huge strides made by the country in recent years in terms of infrastructure developments and attracting foreign investors. Since joining the NATO and the European Union in 2004, the economy of the country and in particular, its property market has grown significantly, Homes Overseas noted.

Cyprus recorded 18.6 percent year-on-year growth in property prices in addition to an increase in foreign mortgage availability. Despite the increase, property prices in the country remain highly affordable. Tourism too is on the rise in the country, which is adding fuel to the already blazing property market. With so many factors running in its favour and improvements coming along steadily, it is expected that Cyprus will not just remain in the Premier League but steadily move upwards.

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Date: 8/29/2008