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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.