Wealthy investors bolstering Cypriot property market
Returning interest in property investment overseas is fuelling recovery in a number of European destinations including Cyprus, it has been reported.
According to the latest Wealth Report compiled by Knight Frank and Citi Private Bank, many wealthy individuals regard property to be one of the best assets to have. A total of 71 per cent of those questioned claimed that 2010 would be a good time to make a property purchase, with its “tangible and straightforward” nature making it a good investment during tough economic times.
After a turbulent 2009 for the Cypriot housing market, news that property sales are beginning to pick up is likely to be welcomed by investors. Many overseas investors are looking for long-term returns and they are buying cheap and distressed properties in the country and waiting for improvements to materialize.
Many overseas investors are buying up distressed property from individuals who are struggling with loan payments. Solomon Kourouklides, president of the Cypriot real estate agents association said that the growth was probably a result of more opportunities opening up for buyers in the marketplace.
According to the figures released by the Department of Land and Surveys organisation, real estate sales were up 11 per cent during April, compared to 2009, and up 25 per cent in the first quarter of this year in comparison to last. Besides, the figures reveal that demand for foreign property was also beginning to re-appear, after a number of investors fled the market during the country’s economic troubles.
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