hi,
i was just wondering if anyone can give me the truth about the cyprus property market. i hear so many mixed reviews i dont know what to believe. I have bought quite an expensive 1 bed apartment in a development similar to the one below, however it will not be complete until 2011. Should i be worried? the reason for this purchase was purely investment!
many thanks
http://www.daft.ie/searchinternational_ ... ?id=766614
the truth about property
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Nigel Howarth
- Site Admin
- Posts: 3063
- Joined: 24 Oct 2007 12:38
- Location: Erimi, Limassol, Cyprus
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Re: the truth about property
Hi robgod and welcome to the forum,
Like virtually everywhere else, the Cyprus property market is suffering as a result of the global credit crunch - and in Cyprus there are other well-publicised factors affecting property sales. Many unsold developments under construction have been mothballed.
During the first two months of this year a mere 1,016 properties were sold compared to the 3,196 sold during the same period in 2008, 2,940 in 2007 and 2,462 in 2006.
In February, just 558 were sold compared to 1581 during February last year, a drop of 65%.
If you've bought as a long-term investment, the market should eventually recover - but how long this will take is anyone's guess. If you look at my Cyprus Property Magazine I have a poll running on the front page where the majority of those who have voted believe that it not recover until 2012 or later.
Regards,
Like virtually everywhere else, the Cyprus property market is suffering as a result of the global credit crunch - and in Cyprus there are other well-publicised factors affecting property sales. Many unsold developments under construction have been mothballed.
During the first two months of this year a mere 1,016 properties were sold compared to the 3,196 sold during the same period in 2008, 2,940 in 2007 and 2,462 in 2006.
In February, just 558 were sold compared to 1581 during February last year, a drop of 65%.
If you've bought as a long-term investment, the market should eventually recover - but how long this will take is anyone's guess. If you look at my Cyprus Property Magazine I have a poll running on the front page where the majority of those who have voted believe that it not recover until 2012 or later.
Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Re: the truth about property
If, by 2012 property recovers to 2006 levels i will be mighty happy. My development isnt due to complete until sept 2010 - and i reckon it will be delayed for by a year - so fingers cross i will be back to where i started. Hopefully by that time someone will also want to rent a one bed apartment (fingers crossed). I heard that the 14 planned golf courses should help.