Case-Shiller in Cyprus

[bveskovich]

Does anybody in Cyprus use indices that are calculated from data on repeat sales of single-family homes, like Case-Shiller index in US?
http://en.wikipedia.org/wiki/Case-Shiller


Thanks

[Nigel Howarth]

Hi bveskovich and welcome to the forum,

There is no equivalent in Cyprus to the Case-Shiller index. Repeat sales of single-family homes are virtually non-existent in Cyprus making such an index meaningless.

We have two property indexes:

One produced by RICS (Cyprus) - you can read the methodology used in its construction at http://www.joinricsineurope.eu/uploads/ ... inal_2.pdf

The second is produced by the Central Bank - you can read more about that at http://www.centralbank.gov.cy/nqcontent ... 36&lang=en

Regards,

[bveskovich]

Thanks a lot. Good data from the second link.
I have found this link regarding interest rates
http://www.bankofcyprus.com.cy/en-GB/Ho ... d_charges/

So for 5 year term interest is 5.50%? Is that correct? Can you renew the terms after that? I am confused when they say "
5 years at 5,50% then Bank base rate for housing loans + 1,75%" ...What is happening after 5 years?

What is the maximum amortization period? and what is the minimum down payment allowed?

Thanks.

[Nigel Howarth]

Hi bveskovich

I'm not a financial person - but I guess after the 5-year fixed term is up you will move onto a variable rate.

The chances of getting a loan at the moment are very slim! The bailout is going to have a significant impact on the financial sector and the products and rates they are quoting today.

Regards,

[bveskovich]

I have no plans to purchase home in Cyprus. I was just following the news about Cyprus from Canada and was curious about current mortgage rules in the country where real estate bubble popped.
Thanks

[Nigel Howarth]

was curious about current mortgage rules in the country where real estate bubble popped.

The banks have toughened their lending criteria. I believe that overseas buyers have to find 40% deposit - but don't quote me on that figure. But it excludes VAT and Stamp Duty.

If you have €9 billion to spare, everyone here will be eternally grateful - they'll probably make you a national hero!

Cheers,

[bveskovich]

LOL I would love to spare any money on Cyprus since I spent 2 lovely years in Limassol 20 years ago but Real Estate bubble in Canada is about to burst so I am sure I will need all the money to fill the holes here in not distant future