Property investment > Finance

Cyprus' adoption of the single European currency has helped to boost its economy, according to a UK newspaper.

The Mediterranean island switched from the pound to the euro at the beginning of the year, prompting the Telegraph to highlight the various economic benefits of the move.

As a result of the currency changeover, Cyprus has adopted lower interest rates which match other countries in the eurozone.

The newspaper said this has "already had a positive effect" on its economy and could be a factor that leads to growth in the housing market, as it is helping to attract foreign property investors from places such as the UK.

"Property values there look set to start increasing as more buyers take advantage of the new rates," the Telegraph commented.

Cyprus is still a relatively recent member of the European Union, as it joined in 2004.