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Cyprus property investors will be happy to hear that the island has made a significant stride towards adoption of the single European currency.
Use of the euro will be a big advantage to investors in property in Cyprus as it will add stability to the local economy, enhance political solidarity between the island and Europe as a whole and also limit exchange rate fluctuations.
The European Commission has now officially proposed that Cyprus should be allowed to adopt the euro on January 1st 2008.
Following thorough analysis of evidence in regard to the adoption, the EC said that the Mediterranean island meets the necessary economic and legal conditions to join the eurozone.
The commission''s report said that Cyprus has achieved "a high degree of sustainable economic convergence" which has sufficiently prepared it to take on the single European currency next year.
These reports and legal proposals will form the basis of the final decision on Cyprus'' adoption of the euro, which will be made by finance ministers on July 10th.
Malta''s bid to join the eurozone was also ratified by the EC and if both islands receive approval on July 10th, the European ''currency club'' will grow to 15 members.
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