15 September 2009
The Cyprus property market is set to benefit from the country’s economy which is tipped to grow in 2010, according to the country’s finance minister Charilaos Stavrakis.
Mr Stavrakis told reporters that while the Cyprus’ economy will contract by 0.5% this year, it will recover in 2010, and should grow by 0.5%, AFP reports.
The global economic slump has had an adverse impact on demand for property in Cyprus, causing prices to fall across the island. However, signs that the world economy is improving should boost the Cypriot real estate sector.
The minister said: “Prospects for the world economy and Cyprus in 2010 appear to be positive compared to 2009.”
Recent data from eurostat, the European Union’s statistics agency, revealed that the country saw its economy shrink in both Q1 and 2, by 0.6 per cent and 0.5 per cent respectively.
See Also: Cyprus (0), Marc Da-Silva (0)
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