Cyprus property prices 'set to rise'
Overseas investors have been advised to consider entering the Cypriot property market, as prices are likely to increase soon.
The Foreign Property Buyer website said that values could go up "dramatically" as soon as the island joins the EU in January 2008.
Investors were told that now was the "perfect" time for them to make an acquisition, as they would be able to benefit from greater capital appreciation.
"Southern Cyprus has already seen property price increases of around 20% a year for the past couple of years," the website continued.
Buyers were told that once Cyprus becomes part of the Eurozone, annual inflation could increase to a rate of about 30%, making it a potentially lucrative investment opportunity.
In addition, Foreign Property Buyer said the island's limited size meant that it was unlikely that developers would rush to build new homes, meaning that existing stock would be worth more because of the high demand.
This comes after property writer Kevin Moore predicted that prices would go up "considerably" in villages close to Cyprus' major towns and cities.
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