Recovery in 2012

[erikah]

http://www.news.cyprus-property-buyers. ... /id=001261

Does a recovery mean that property will start to recover or it will recover to what it was a couple of years ago?

Just hoping that I will one day get back my investment.

[Nigel Howarth]

Hi erikah

It's difficult/impossible to predict when the property market will recover. As you read in the article, different people have different opinions.

But you should be looking at property as a long-term investment (10 years plus) - the days of buying and flipping in Cyprus are long gone.

And jet-to-let buyers cannot expect very much as regards rental income. The market has been oversupplied for a number of years with too many properties chasing declining numbers of tourists. Even in good times it was difficult to cover costs unless you had an exceptional property in an ideal location.

And now the UK media is picking up on the various scams that plague the industry and the Cyprus government's seeming reluctance or inability to do anything about them - I personally feel things are going to get worse before they get better.

Regards,