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Update on the Cyprus Property Market
Taking a look at how the property markets in Northern Cyprus and the Republic of Cyprus have fared to date and the forecasts for the future
Published in: Property in North Cyprus - Tue, March 24, 2009
Napoleon Hill, the author of ‘Think and Grow Rich’ was once quoted as saying “opportunity often comes disguised in the form of misfortune, or temporary defeat”. The property market in Cyprus would seem to reflect these words!
Between 2003 – 2007 property prices in Cyprus increased an impressive 65% according to data from the Central Bank of Cyprus, but 2008 saw falls of up to 25% on some properties. There was also a drop of 27.9% on the number of sales completed between January to November 2008 compared to the same period in 2007, and a 60.5% decline in November 2008 alone.
A 2008 survey of 20 Cypriot developers carried out by StockWatch shows that 16 of the 20 are expecting further property price falls in 2009, and a number reported no sales at all in 2008! So does this mean that it is all doom and gloom for Brits who are in the Cyprus property market or who are considering buying a home in Cyprus? In this update on the Cyprus property market we concentrate mainly on the figures and statistics from the south of the island…
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