Cyprus seems to have shaken off its financial woes and is riding a new wave of prosperity. During its 2013 crisis, it looked as if the island might lose its way, but within three years Cyprus had exited its bail-out and is now seeing another boom.
“Things are definitely better, the economy has improved,” says Nigel Howarth, editor of the website Cyprus Property News. “Cyprus is considered a safe destination, and so it does well with tourism.”
This optimism is most visible in the property market, which has spawned a remarkable number of new residential projects; prices of apartments rose by 7.4 per cent over the past year.
Unlike the lead-up to the island’s EU accession in 2004, which sparked a flurry of investment, the buzz is no longer about how cheaply you can buy. There is now a proliferation of prime and ultra-prime property…
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