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Property prices will continue to fall in 2012

Seventy percent of those who voted in a recent online poll conducted by the Cyprus Property News believe that property prices on the Island will continue to fall during 2012, while eleven percent believe they will increase.

A RECENT mini-poll conducted by the Cyprus Property News revealed that 70% of those who expressed an opinion believe that property prices will continue to fall during 2012.

Of the remainder, 19% believe that property prices will remain unchanged, while only 11% believe they will increase.

Cyprus Property Price Change in 2012 - Poll Results

This follows a presentation by Pavlos Loizou MRICS, details of which we published last month, in which he predicted that prices will continue to fall this year.

The government has introduced tax incentives in efforts to stimulate the market. These reduced the VAT on property for first-time buyers who are permanent residents of the Island and abolished/suspended Property Transfer Fees for a period of six months on the first sale of a property.

Depending on circumstances, these incentives could reduce the cost of owning a house or apartment priced at €250,000 by around €38,000.

Readers' comments

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  • George says:

    @ Costas Apacket- Good point, its scandalous.

    Maybe they are still in denial but I think not. You don’t think they get bonuses for higher transfer tax revenues coming in do you?

    I wonder what the tax folks are doing (20%) with capital gains. They tend to base it on the last similar property sold. And in my case there have been no similar properties sold since late 2008!!!

  • Costas Apacket says:

    Whilst, in the real world, Cypriot property prices continue to spiral downwards, valuations for Title Deed transfer taxes made by District Planning officials continue to spiral upwards and are regularly well in excess of the original and genuine sale price as agreed and written into the Sales Contract.

    How do these jockeys get away with it?

    I strongly suggest to anyone that they walk away if these greedy, and sometimes corrupt, planning officials will not agree, after reasonable discussions, to charge the correct, and already extortionate, transfer taxes due on your property.

  • George says:

    An estate agent told me 7 months ago that prices (35% less than offers received in 2008) for some property I own are very good.

    “It’s not the prices it’s that banks aren’t lending. Even if someone has half the amount in cash then the banks may not lend”.

    I wonder if I lowered my prices by another 15% would I get a sale. Had an offer for 38% less last summer but dogmatic co-owner only got re-excited and thought they would be getting “loads of offers”. Only one came. 70% off 2008 prices.

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