Increased Investment Puts Cyprus on Road to Prosperity
Cyprus is set to benefit form a 75% increase in transport development in 2016, with expenditure rising from 47.9 million euros to 79.8 million euros. The increases were announced before the Committee on Financial and Budgetary Affairs of the Cypriot parliament by Minister of Transport, Communications and Works Marios Demetriades on October 29th.
The announcement is clearly good news for the island’s overall economy as it points to the ongoing improvement of its infrastructure. Such practical modernization in turn points to the increased competitiveness of Cypriot business and the attractiveness of the island as an area for overseas investment.
The broader Cypriot economy continues to show strong growth – with a steady growth rate of 0.4% and the property market booming. Reported sales are up 17% on 2015’s levels which were themselves 20% above the 2014 mark. Property investment is booming. The international credit rating agencies have upgraded their assessment of the overall economy no fewer than eight times in recent months and a government bond rate of 3% is a firm indication of the international market sentiment backing sustained upward trajectory currently being shown.
A significant catalyst for much of that growth has been inward investment from those keen to take advantage of what is one of the most affordable and streamlined citizenship by investment programme within the EU. The scheme offers the twin, highly desirable, merits of a fast-track to EU citizenship and highly promising investment conditions. The developing state infrastructure is a further inducement to such investors, particularly those targeting the high-potential property market.
The stabilising condition of the neighboring Greek economy, the general sense of optimism deriving from reunification talks and the discovery of considerable hydrocarbon deposits in the Eastern Mediterranean all suggest an equally promising road ahead for the island and those who choose to reside there.
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