Following the patterns recently reported in the Spanish property market that the housing market is on the brink of collapse, Cyprus the destination for many holiday home buyers from the UK is recording negative drops in value.
Much of the problem lies in the fact that the property developers in Cyprus have over developed certain parts of the island without due consideration to the demand and the costs in the region. Leading sellers of property BuysellCyprus have reported 2-3 per cent point drops in real estate in the island, whilst the occupied territories have experienced a complete drying up of demand for property given the issues of contested ownership.
Many of the large developers from Cyprus have resorted to expensive roadshows in the UK to attract custom and offer budget or free travel and accommodation.
Report from the London Greek News 26th April, 2007
