Citi analysts praise Cyprus property market is lucrative
Cyprus property market is performing as house prices went up by one-fifth during 2007. According to BuySell Home Price Index, House prices in Cyprus, in the first quarter of 2008, Cyprus recorded a total increase of 3.3% compared to December 2007, bringing the year-on-year increase to 18.6%. The BuySell Home Price Index stated that the Average Home Price in Cyprus is EUR 191,216 in March 2008.
The Independent has reported that this substantial housing market growth has led to concern at the Central Bank of Cyprus. Nevertheless, Citigroup analysts has found that the high-end prices in Nicosia and Limassol is of EUR 2,550-EUR 2,900 per square meter and these are comparatively not high by European standards. In Paphos, prices are EUR 4,500 per square meter and even at Aphrodite Hills, considered as luxurious Cypriot property place, prices for apartments is EUR 5,000 and fro villas is EUR8,500 per square meter which is well below the top end luxury properties in Europe according to Citigroup analysts. Experts predict that Property purchasers would benefit from substantial capital growth if they enter the market early, as the future sale price will be much higher than its current value.Cyprus offers attractive and reasonably priced properties in highly desirable areas and it bucks the current trend for falling house prices. Home Move website stated that house prices in Cyprus increase was impressive last year and values are set to keep growing. This suggests that Cypriot property owners could collect high returns should they choose to sell their property on at a later date.
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