Cyprus’ sovereign rating has been upgraded by Fitch Ratings to investment grade, ‘BBB- ‘from ‘BB+’, with a stable outlook as the island expects a 2.7 percent fiscal surplus this year and continuous growth that will boost receipts.
Learn more about the Cyprus Investment Program
Finance Minister Harris Georgiades took to Twitter to comment.
“Fitch said the upgrade reflected the buoyant fiscal revenue and prudent fiscal policy, which will see Cyprus record a fiscal surplus of 2.7 percent of GDP in 2018, compared with a target of 1.7 percent in the April 2018 Stability Program Update”
Proof of Cyprus Investment
The property market in Cyprus is on the rise with the House Price Index (HPI) reached 103.98 units for the second quarter of the year, increasing by 0.6% compared to the first three months of 2018.
Experts in the property sector confirm that the upward trend of house prices is combined with a continual increase in demand for real estate. The Land Registry has recorded that 4,500 homes were sold in the first half of the year, 27% more than the number of transactions filed with the registry for the same period in 2017.
The trend is set to continue for the remainder of the year, surpassing the sales of last year that reached an 8 year high with an impressive 132% growth from 2013.
The rise of investment in property is also linked to the success of the Cyprus Investment Program. Transactions involving foreigner investors have doubled in some cities and seen a 70% growth.
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