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Cypriot property prices “can only go up”

Posted by: In: Real Estate 25 Mar 2014 Comments: 0 Tags: ,

San Raphael Marina – Limassol, Cyprus Photo: CyprusPictures

The unbelievably optimistic figures arrive as figures confirm the island housing market’s downward spiral. According to the Royal Institution of Chartered Surveyors, prices plunged 13.3 per cent (apartments) and 10.5 per cent (houses) in the final quarter of 2013 compared to the same period in 2012. Rents also plummeted 13.3 per cent and 12.3 per cent respectively.

Chris Hajikyriacou, sales director at BuySell Cyprus, acknowledges the data as accurate, alongside statistics from the nation’s Central Bank, which show a price drop of 23 per cent from the peak of Q4 2008.

“Given inflated prices during the 2007 to 2008 housing bubble, a price correction of approximately 25 per cent sounds just about right,” he told the Cyprus Mail.

The picture is undoubtedly negative: real estate consultant and advisor Danos’ latest figures show that prices fell 11.1 per cent (houses) and 14.6 per cent (apartments) in the second quarter of 2012-2013.

The industry is now hoping that increasingly affordable real estate will entice foreign buyers back to the market. Indeed, the country’s lifestyle appeal remains strong, backed up by rising tourist numbers from Russia, which offset a decline in visitors from the rest of …read more

Source: The Movechannel



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