Cyprus property enquiries rise again this year
Property professionals across Cyprus are preparing for a tough year ahead, in common with the UK and their other European neighbors. However, there is also rise in property enquiries.
According to the Cyprus Central Bank in its six-monthly bulletin reports, prices had decreased by 8% during 2009, although they predicted that they will remain stable throughout 2010. A spokesman for the Central Bank said that the “drop in housing property prices coincides with the weakening of construction activity in 2009.” The most recent Land Registry figures stated that the total sales for 2009 amounted to just over 8,000, compared with around 14,500 in 2008. Property experts agree that the market has been severely affected by a sharp drop in demand from foreign buyers.
However, the good news is although in 2009 saw an unprecedented drop in first-time enquiries, those who had delayed visits to look at property were starting to visit again this year, although in far smaller numbers than before the downturn. It seems that those who are keen to buy in Cyprus are sticking with it during the tough times.
Prospective buyers may be interested to know that, despite the economic recession, the Cypriot government is still investing in infrastructure. Property investment in Cyprus is of course depends on buyers circumstances, their lifestyle and what they want from their property in Cyprus. Buyers are naturally benefiting from the downturn as sellers offer significant reductions, particularly to cash buyers.
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