World economic situation has influenced more or less the property prices stability in every country. At the moment, in Cyprus there is a restrain regarding the demand in property market. This caused a minor drop down on the property prices, which is assessed to be quite smooth, compared to other European countries, due to the state of Cyprus property market and the respective prices during the previous years.
Despite the fact that the demand for property on behalf Cypriots and foreigners is rated at a low level, the first months of 2010 show an increased annual growth of demand on housing loans. This is evidence for a smoothing of the descending course in demand of property. Further more, the activity in the domestic property sector, for the year 2010, presents stability, which appears to weaken the possibility for a major slump in property prices.
Thus the Central Bank, through the economic bulletin of June 2010, does not foresee a dramatic fall in property prices. The above is encouraging for the future buyers, as the results of a sudden decrease in property prices could lead to downgrading the households’ net value and therefore cause unpleasant fluctuations regarding price stability. Possibilities for such occurrence are extremely low.
Recent statistics indicate that Cyprus is yet one of the fastest growing property markets in Europe. Property in Cyprus is still seen as a safe investment, because the Cyprus property market is growing at a stable pace and property prices, compared with other EU countries, remain quite competitive.
When looking for a property to purchase, Cyprus is your Number one location, as there is almost not a risk that the price of your property will fall dramatically down. In case you changed your mind and want to sell, your Cyprus property will return your money back to you. Also Cyprus is a safe choice for those who are interested in buying for investment, as their new property will maintain its value and is bound to bear profits to the owners.
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