Investors 'will look to Cyprus and Malta'
hotproperty.co.uk, 19 July 2007
Overseas Property investors will look to both Cyprus and Malta following the announcement that both countries are set to join the Euro next year, currency experts have advised.
Both countries will adopt the Euro from January 1st, 2008, with currency specialist HiFX saying that the move represents a vote of confidence in the islands' respective economies.
The firm added that it has already witnessed a doubling in the number of Britons looking into buying property in the two countries.
"We predict the property market on both islands to continue to grow due thanks to a number of reasons. British purchasers like the legal system in Cyprus as it is easy to understand-being based on the English one," noted HiFX marketing director Mark Bodega.
"Malta boasts far lower taxation than the UK and there are no annual council or property taxes and inheritance tax was abolished in 1992," Mr Bodega added.
Last week's announcement means that there will be 15 countries using the Euro from the turn of the year onwards.