Saturday 22 March 2008

The impact of the strong Euro on the European (and Cyprus) property markets...

The impact of the strong Euro on the European (and Cyprus) property markets...
Since December 2007, the Euro currency has reached some record highs against the US Dollar and the Pound Sterling and inevitably the European property market, including Cyprus, has been affected. On December 19 2007, the GBP was worth almost Euro 1.40. Three months later, it has gone down to Euro 1.28. This is a real reduction of 9.4%, which means simply that property within the Euro zone countries has become 9.4% more expensive for the British buyer, all other factors being equal.

However, selling a property in Cyprus now and sending the funds back to the UK as sterling would have resulted in the opposite, you would have gained 9.4% in extra profit. The savvy investors who bought in Cyprus have another reason to be happy with their investment. Other reasons to invest in Cyprus, it is easy and all monies can be repatriated. The Euro could be overtaking the dollar as the worlds major currency and get stronger in the future.

As a bonus it has just been announced that David Lloyd is to build a leisure village in the Larnaca area with sports for all and a 5 star hotel available in 2010. Any investment now in the Larnaca area can only be positive for investors.

Read more here Cyprus Property