Cyprus offers one of the best international property prospects around, a member of the country’s government has remarked.

Interior minister Neoclis Sylikiotis was quoted by the Financial Mirror saying: "property investment is much safer in Cyprus than anywhere else”.

He added that although the island’s neighbours are struggling and the world economy is in recession, "the estate market in Cyprus is quite healthy and still in positive growth rate.”

Mr Sylikiotis made his comments in response to what he perceived was unduly negative coverage of issues of regulation in the property industry.

He stated that the market is "stable and secure" now, while noting that new legislation is in progress to tighten up rules on planning and registration further.

Last month, the Cypriot state statistical service produced a report suggesting the country stood out above all other European Union nations as a property investment destination.

It based this claim on the fact that Cyprus is the only one of the 27 members not to be in recession, with growth of 1.2 per cent in the 12 months to the end of the first quarter of 2009.