Cyprus "A good time to buy"
"The Cyprus Land Registry expects property prices to fall by the end of the year as pressure grows on developers to offload unsold stock, it emerged yesterday.
Prices should start falling noticeably from September, due to the combined effect of a lack of movement in the property market and the large debts owed by developers to the banks. The Land Registry indicated that if prices of existing unsold property fall by as much as 15%; this would make the local property market more competitive for foreign investors.
Economic analyst Stelios Platis said that, according to the BuySell Home Price Index (BHPI), “selling prices are in fact already falling. Over the last three months, prices have fallen by around three per cent, which although modest, is part of a trend that will probably be gradual. We should see more of a price reduction in the second quarter.”
There do seem to be bargains to be had - for those with a bit of spare cash. UK real estate company Unique Living, which specialises in “superior properties in prime exclusive locations“, is advertising a four-bedroom villa in Souni, Limassol, at €895,000, reduced from €1 million. The company describes this as “an amazing drop of 10.5 per cent“.
Managing Director Serge Cowan is quoted in a company press release as saying that “the market is certainly giving all the appearances of being ready to bottom out“, adding that “2009 therefore, is a good time to buy while there are some distressed sales and good buys around.”
Read on...
Prices should start falling noticeably from September, due to the combined effect of a lack of movement in the property market and the large debts owed by developers to the banks. The Land Registry indicated that if prices of existing unsold property fall by as much as 15%; this would make the local property market more competitive for foreign investors.
Economic analyst Stelios Platis said that, according to the BuySell Home Price Index (BHPI), “selling prices are in fact already falling. Over the last three months, prices have fallen by around three per cent, which although modest, is part of a trend that will probably be gradual. We should see more of a price reduction in the second quarter.”
There do seem to be bargains to be had - for those with a bit of spare cash. UK real estate company Unique Living, which specialises in “superior properties in prime exclusive locations“, is advertising a four-bedroom villa in Souni, Limassol, at €895,000, reduced from €1 million. The company describes this as “an amazing drop of 10.5 per cent“.
Managing Director Serge Cowan is quoted in a company press release as saying that “the market is certainly giving all the appearances of being ready to bottom out“, adding that “2009 therefore, is a good time to buy while there are some distressed sales and good buys around.”
Read on...