Cyprus property market tipped to pick up in 2009
Cyprus has been flagged up as a good location for those who wish to invest in a foreign property by industry experts as the property market has been tipped to pick up in 2009 after a slump in the past 12 months.
Cyprus Property Magazine has reported that even the prices in some areas have almost halved, it has predicted that the market will pick up. In fact, it has reported that the housing market could bounce back and see growth as early as next year.
Solon Kourouklides, chairman of the Pancyprian Association of Real Estate Agents remains upbeat about the country’s property market, claiming the slowdown will be over by early 2009 and has commented that the external market has dropped by 30 to 40 per cent while the internal market has dropped by five per cent. The Global Property Guide suggested that Cyprus is set to see a sharp growth in its property market in the near future.
Meanwhile, industry experts said that this is an ideal time to buy property in Cyprus as there are some “great deals” and overseas property buyers could potentially snap up bargains in the country. Paul Collins, property editor at BuyAssociation added that foreign investors should take full advantage of the forthcoming price rise by grabbing a residence while they are underpriced.
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