Cyprus is celebrating the discovery of a natural gas field that could meet the island’s energy needs for decades, as well as bring in much needed foreign income and re-invigorate its struggling economy.

Having a population of just over a million means the recent gas find should benefit – directly or indirectly – most of residents, including expats, on the island, which has been hit hard by the economic downturn in 2011.

President of the Republic of Cyprus Demetris Christofias said the “historic” discovery puts Cyprus on Europe’s energy map, adding that it is attracting many foreign investors and will enable Cyprus, a member of the European Union, to contribute to the bloc’s energy security.

The timescale of gas production is yet to be established but the expected knock-on effects should be a shot in the arm for Cyprus’s depressed property market. The anticipated influx of foreigners, both for work purposes and tourism, could be a solution to off-loading some of the island’s excess building stock, and canny investors are already eyeing up potential buy-to-let opportunities.

To search for property in Cyprus, visit the Cyprus listings on Rightmove Overseas.

If you’re planning to buy in or move to Cyprus and need to transfer a large sum of money, remember to use a currency specialist to exchange your pounds into euros. For more information, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property Cyprus, collect The Overseas Guides Company’s ‘Cyprus Property Buying Guide’