About Cyprus <
The island of dreams. Cyprus is the third largest island in the Mediterranean and for thousands of years has operated as a trading centre due to its location at the crossroads of Europe, Africa and Asia. It is one of the sunniest islands in the Mediterranean, with an average of 340 days of sunshine per year. Even in mid winter you can expect an average of six hours of sunshine each day, with around 13 hours a day in the summer season. On average the temperature in the winter time rarely falls below 12 degrees, and during the summer is often up at over 30 degrees.
Cyprus was a British colony until 1960 and some remnants of that relationship remain. The main language is Greek but English is widely spoken. Cars drive on the left, and road signs are in both Greek and English. Both banking and legal systems are based on the British model.
The cost of living in Southern Cyprus is generally lower than in the UK, and this together with the climate makes the area a popular choice for holiday homes, retirement or moving permanently.
Southern Cyprus: Fact & figures
- Full name
- Population
- Area
- Major languages
- Major religions
- Monetary unit
- Main exports
- GNI per capita
- European Union
- Highways
- Internet domain
- International dialling code
- Republic of Cyprus
- Approximately 800,000
- 5,895 sq km
- Greek, Turkish, English
- Christianity, Islam
- Euro
- Clothing, potatoes, cigarettes, pharmaceuticals
- US $16,510 (World Bank, 2006)
- The Republic of Cyprus has been a member since 2004
- 11,593 km
- Highways
- cy
- +357
Economic Forecast
Investing with confidence. As a result of overseas interest, also helped by the recent entry to the European Union (and accompanying development grants), the Southern Cyprus property market is enjoying its most buoyant period in modern times. Over the last few years Southern Cyprus properties have increased in value by an average of 20% per annum, with further above average growth expected (in comparison to European neighbours).
Economic growth in 2006 reached 3.5%, marginally lower than the 3.8% recorded in 2005. Inflation is still low at around 2.5%, while the fiscal deficit and public debt remain in check. Cyprus has met the EU convergence criteria and is thus eligible to adopt the Euro on January 1, 2008. On the 10th July the exchange rate for the Euro shall be fixed against the Cyprus pound for 6 months to enable all businesses a smooth changeover. All mortgages from the 1st January will be changed to the Euro rate.
Residential and commercial mortgages are now available over 20 and 25 years respectively instead of 8 and 15 in the past. In some instances this will in effect half the cost of mortgages, which should be a catalyst for further increases in property prices across the island.
Sources of information - Cyprus Mail and Cyprus Business Articles.
Flights & Climate
Cyprus weather observation