Buyers could find a bargain of up to 40 per cent in Cyprus
Cyprus has been touted as the perfect place to buy property and buyers could find a bargain after recent property price falls of up to 40 per cent, it has been suggested.
According to a Daily Mail feature, Cypriot residences can now be acquired in cheaper prices and a two-bedroom apartment in paphos with a sea view comes for £81,000. Editor of Cyprus Property Magazine Nigel Howarth said prices are now back at 2004 levels.
Those keen to invest in property at a bargain cost may find now is the ideal time to do so as The Cypriot property market is one of the best that anyone can invest in, Interior minister Neoclis Sylikiotis commented that some media coverage of the country’s market has been unnecessarily negative, the Financial Mirror reports.
Rather, he countered, ” buying properties is much safer in Cyprus than anywhere else”, adding that despite the Global economic crisis and the problems of neighboring countries, “the Cypriot housing sector is quite healthy and still in positive growth rate.”
Such comments may interest those thinking of buying properties on the island, as may the minister’s pledge that new building and registration rules will be introduced to further enhance the sector.
In related news, Cyprus will see its economy grow again next year as Finance minister Charilaos Stavrakis told reporters that over the course of 2009 the country will see an economic contraction of 0.5 per cent, but stated that gross domestic product will rise by the same amount in 2010, AFP reports.
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