Added 07/09/07

Malta and Cyprus prepare to enter Euro zone

 
As Euro adoption draws closer for the Mediterranean islands of Malta and Cyprus, property there has been a surge of interest in the islands from prospective investors.

The two islands are already extremely popular tourist destinations and will now offer excellent investment potential when they move into the European currency union on 1st January, 2008.

Many commentators are predicting that property values will rise in Cyprus and Malta when the Euro is officially introduced.

LLB International Ltd, a UK-based International Real Estate consultancy which markets properties throughout the world is recommending Malta and Cyprus as ‘Best Picks’ to property investors at the ‘Live and Prosper’ International Property Conference in Barcelona this month.

Carly Barnes, an overseas property expert and Managing Director of LLB International Limited is attending the Barcelona conference as guest expert. She adds that Malta is currently the country of most interest to delegates attending the Exhibition.

“ It is something of an undiscovered investors paradise,” said Barnes, “but the race is now on to purchase prior to introduction of the Euro and those who leave it too late could quite literally be kicking themselves next year!”

Low cost airlines are increasing the number of visitors to these islands. Buy-to-let investors who bought only a few years ago have seen investment gains and solid rental returns.

Local Maltese agents Frank Salt Real Estate Limited (Malta associates of LLB International) have reported that sales and revenues increased by 32 percent for the 12 month period ending June 2007. Marketing Manager Vanessa Lupi adds that they are also witnessing a 24 percent increase in rental revenue.

In Cyprus there is another significant event occurring in January 2008. 15 percent VAT will be charged on all land transactions in Cyprus which is bad news for purchasers who delay until after this date.