Cyprus Property Forum for Buyers, Sellers & Investors

Hi,

I have been following the Cyprus crisis all week. For what it's worth I feel that although like banks all over they grew too big and messed up. However the Euro lot have been playing fast and loose with Cyprus and most proposals have been political. They can carry 5.8bn in their back pockets.
My question may have an obvious answer if not no answer but for the near future does this spell a disaster for selling property/land and buying too especially with capital controls in place.

Ta

jackk19 wrote:does this spell a disaster for selling property/land and buying too especially with capital controls in place.

I believe the damage has been done unfortunately, Cyprus is making headlines around the world for all the wrong reasons. IMHO, it's a battle between Russia and Germany with Cyprus being used as a pawn.

We don't know the details yet of the nine bills that were approved by Parliament yesterday. In terms of getting money from a house sale out of the country, I can see no reason why the transaction couldn't be concluded in another country without the involvement of the Cypriot banks.

There is also a possibility that people may wish to put their money into property, rather than the banks, as they may believe it's safer to do so than leaving their deposits to the mercy of Angela Merkel and Co. But this could spark another property bubble.

Regards,