Cyprus and Malta House Market

Both Cyprus and Malta will sign up for the Euro next year.

The British are known to like both Cyprus and Malta and both countries are hoping that the move to Euros will encourage developers to buy property in both countries.



Cyprus has a legal system run on similar lines to the British system and this will make it easier when buying property for second homes. The Government is keen to look after the countryside and properties may not exceed legal heights and green areas must be planned for and planted on developments.

Buyers have found it very confusing up till now with Spanish property advertised in Euros while property in Cyprus is advertised in the Cypriot pound, which are a little less than Sterling.

All areas of Cyprus are becoming very popular with the British where prices are for a one-bed apartment around £60,000 and for a three bed villa about £200,000.

Malta’s attraction is its low tax levels even more attractive since annual council tax, property taxes and inheritance tax were all abolished in 1992.

Since joining the EU in 2004 Malta’s property market has seen a rise in buy to let purchases and this will no doubt rise even higher next year. Borrowing will become easier after 2008 when southern Greek Cyprus uses the Euro, as interest rates will drop in line with the euro rate.