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Cyprus's appeal as an investment market is spreading across the world, experts have revealed.

According to the Home Move website, the Mediterranean island is no longer just a hotspot for investors from western Europe.

The online portal said the country's reputation is rapidly growing in places such as Russia and attracting extra interest as a result.

Since Russia has not been so badly affected by the current credit crisis, this trend is expected to continue.

Commenting on this development, Home Move said it is likely to contribute to further house price inflation over the next few years.

"Predictions that Cyprus would see strong growth in property prices this year are proving to be accurate," it said.

The website added that house price growth on the island is currently outpacing many other European countries.

This comes after the Independent stated that Cyprus escaped the slowdown which has affected many other nations, as house prices went up by one-fifth during 2007.