Cyprus Property News
Cyprus | Posted:

Latest Cyprus real estate news

Up until two to three years ago the prices of real estate, both commercial and residential, were steadily growing. The soaring high demand was resulting from easy access to liquidity offered by banks.

The scene today is  a diametrically opposite picture, as prices fall each month and sales are shown to be very disappointing. The same thing also affected the constructions sector.

Mainly the purchase of business premises have record high deficits with potential investors restrained and developers in wait. The wait is for some good news that could result from a law that is trying to promote the purchase of property and the investment interest from foreign buyers.

Worthy to mention is that in Nicosia there are some large commercial buildings whose owners are in discussions with major investors from abroad with the aim of selling the buildings. These discussions are on the way of being completed or are already completed.

Positive development in the open discussions between Cypriot developers and foreign investors will give deep breaths to the Cyprus property market  which for many months was dormant.

At the same time in Limassol, the "Russian investors" factor seem to save the situation, since both new and old buildings were sold to private individuals and companies from Russia or companies serving foreign companies. Banks, financial services companies and accountants-lawyers are good real estate customers.

Cheap flights recorded by the "tourist" area of Famagusta, Larnaca and Paphos, while hoping that the Chinese market will provide financial injections to wounded property market cities.