CYPRUS' EU harmonized inflation eased to 4.3 per cent year-on-year in April from 4.4 per cent in March, the statistics department said yesterday.

The April HICP reading was lower than the headline inflation of 4.6 per cent released on May 2.

Fuel-related utility bills were 12.4 per cent higher in April 2008 than a year ago, reflecting record highs in the price of crude on world markets. Transport costs were up 6.9 per cent and food inflation 4.3 per cent. Alcohol and cigarettes were unchanged on last year, while communications costs were barely higher. The cost of clothes and footwear was down 1.9 per cent.

For the January-April period, the index was 4.4 per cent higher than to a year ago, the statistics department said.

Over the next 50 years, Cyprus is likely to experience the largest increase in population in the whole of Europe.

According to a study by the Office for National Statistics, the number of people on the Mediterranean island will rise by 66 per cent by 2058, reports Bloomberg.com.

Consequently those with property in the country may be set to benefit as demand for homes increases.

With the projected inflation of people numbers, those looking for a place in which to invest overseas may find that buying a house in Cyprus could turn out to be a lucrative venture.

After a long period of slow growth, the island nation has suddenly experienced a rapid acceleration in the property market, as demand for high-quality housing and second homes rises, reports Global Property Guide.

The increase in the past six months may in part be attributed to the extended period in which VAT is not paid on purchases.

Initially, property bought after January 2008 had to have 15 per cent tax paid on it, but the date was pushed back to August 1st, prompting a rush to buy houses before the deadline.

A Leaked email from a UK Financial Services consultants to its client suggesting that buying property in the Peyia area will pay dividends now that the contract to build the new Paphos 1000 yacht marina has been awarded is causing some speculation.

In fact, owners of land surrounding the site for the new marina have seen its value triple since the decision to build the marina was taken.

The €70 million+ contract has been awarded to a consortium headed by Leptos group and includes - Cybarco, JNP, Avax, Francoudi and Stephano, Athena and KAT - and the winning group will have to pay the government an annual rent of €4m for the next 19 years.

The Announcement of the award was made by government Commerce Minister Antonis Patsalides for the project in Potima, Paphos.

Competition for the project was said to be stiff with four consortiums concerned and work will start immediately and must be completed in three years.

The Marina will have moorings for 1000 boats, slipways and a boatyard. There will also be further leisure facilities, including a restaurant, bar and parking.

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