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Natural gas discovery could fuel growth in Cyprus

Thursday 26th January 2012

With Cypriot property sales at an historic low and home prices generally cheaper, now could actually be the perfect time to negotiate a discounted home in Cyprus.

There has been a staggering collapse in the volume of residential properties in Cyprus sold to overseas buyers in recent years, mainly because Brits have deserted the market, deterred by a weak sterling-euro exchange rate and delays in obtaining title deeds.

But with the pound’s value recovering against the euro and the Cypriot government pushing to speed up the process of registering title deeds, more international buyers, including Brits, may like to take another look at the Cyprus property market.

Overseas nationals purchased fewer than 2,000 homes in Cyprus in 2011, which is low historically. But a lack of activity in the market presents would-be purchasers with a greater opportunity to negotiate an attractive property price reduction.

But ultimately, it is the recent discovery of natural gas off the southern coast of Cyprus that offers the greatest opportunities for growth moving forward.

American-based Noble Energy of Houston, the company conducting the drilling operation for the joint Israeli-Greek Cypriot venture, said the field, named Aphrodite, may contain up to eight trillion cubic feet.

The discovery is said to be large enough to meet Cyprus’s natural gas needs for the next 240 years and would provide a significant boost for the Cypriot economy and in turn its property market.

“The gas discovery in the exclusive economic zone of our country creates great prospects for Cyprus and its people, which we shall seriously and effectively exploit to serve public interest,” said Greek Cypriot President Demetrius Christofias.

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Editorial Contact Details - Conor Shilling
0845 672 6000
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