Cyprus property boom prices locals out as foreign buyers drive costs up

Cyprus's booming tourism industry has transformed its property market, with foreigners purchasing more than 40 percent of all properties sold last year, driving prices up by seven percent. The surge in foreign investment has sparked concern that local residents, particularly middle and low-income Cypriots, are being priced out of the market. In Limassol, skyscrapers catering to wealthy overseas buyers now line the shoreline, while even abandoned mountain villages are attracting foreign developers.

Al Jazeera's John Psaropoulos reports from Limassol, Cyprus.

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