Currency Experts predict opting for the Euro could lead to surge in Malta and Cyprus property investment

With Malta and Cyprus to adopt the Euro on 1st January 2008, currency specialists have predicted more investments will be made in the two islands. Both countries have now satisfied the stringent economic criteria of the EU and are set to become one of the newest entrants since 2004 to be allowed to have the Euro as currency.

Currency professionals, HiFX believe that the Euro, along with the strong economies and local cultures in both countries will make Malta and Cyprus property very attractive prospects for British investors.

According to HiFX data, the number of international enquires about buying in Malta and Cyprus has doubled in the last year, and this figure is expected to rise dramatically.

‘We predict the property market on both of the islands is to continue to grow due to a number of reasons,” explains Mark Bodega, Marketing Director of HiFX. ‘Purchasers like the legal system in Cyprus as it is easy to understand, being based on the English one. The Cypriot government also believes in looking after the environment as properties cannot exceed a certain height, density is monitored and green areas are planted within developments.’

The investment news continues to say that ‘Malta boasts far lower taxation than the UK and there are no annual council or property taxes and inheritance tax was abolished in 1992. Since joining the EU in 2004, the Maltese property market has shifted up a gear. As a result we are getting a substantial amount of enquiries from property investors seeking to purchase property to rent, and more discerning buyers looking for luxury properties and the excellent tax rates available to the higher tax payer’.