The impact of the strong Euro on the European (and Cyprus) property markets...
Cyprus Currency
As from the 1st of January the Cyprus pound will be accepted in parallel with the Euro for a period of one month, at which time the Euro will become the sole currency in circulation. However, for the public's convenience, prices will still appear in both currencies for a period of six months. According to local Government officials as well as the European Commission, inflation pressures are not expected.
The healthy picture of the Cyprus Economy, the size of the island (remember, you cannot produce land...), it's stability, its popularity and now its currency contribute to bright expectations for 2008. Additionally, Cyprus ranks as a very high preference for overseas investors from the United Kingdom, Russia, Ukraine as well as Scandinavian countries.
We now know that the exchange rate is pegged and 1 Euro will be worth 0.585274 Cyprus pounds. You should find this useful for any stage payments you need to make in 2008 where the contract may be in Cyprus pounds, but the payments will need to be in Euros! Contact this company now for the best rates and forward planning.
Hope this is useful. More here
Off-plan villas around the future golf course are presently selling up to 2000 CYP per square meter.
If you are seriously interested n buying in Cyprus contact us now. There has never been a better time to buy.
Copyright (c) 2004, 2005, 2006 2007 all rights reserved