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.

Following a survey of 1000 new subscribers, property investment magazine, Jet-to-Let has shown that investor interest is continuing to shift away from the UK buy-to-let market and towards foreign investment opportunities.

Over 50 per cent of investors said they aim to invest in foreign property in the next 24 months, with 35.8 per cent keen to invest in the next 12 months. The number one country for investors was found to be Cyprus, which is unchanged from 2007, with France and Spain ranked second and third. There were three new entrants this year – Italy, ranked at seven, the United Arab Emirates at eight and Brazil, which came in at tenth place.

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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