29 July 2009
Prospects for the Cyprus property sector look sound in comparison to most property markets in Europe, according to Cypriot government.
In an interview with the Financial Mirror, Cyprus’ interior minister Neoclis Sylikiotis said: “property investment is much safer in Cyprus than anywhere else.”
Despite the global economic crisis and the fact that property prices across most of Europe are falling “the estate market in Cyprus is quite healthy and still in positive growth rate”, Sylikiotis added.
Rules governing the Cypriot property sector have come under international scrutiny of late over controversial residential planning and registration issues.
However, Sylikiotis has defended the Cypriot housing market and vowed to tighten industry regulations further.
A recent state report claims that Cyprus is the only one of the 27 EU members not to be in recession, with annual economic growth of 1.2% posted at the end of the first quarter of 2009.
See Also: Marc Da-Silva (269), Cyprus (23), Overseas property investor news (42)
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