- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Steps to prevent Cyprus property price falls

Steps to prevent Cyprus property price fallsTHE FINANCE Ministry is preparing a bill to help prevent a fall in Cyprus property prices in the event of a massive sale of properties that are now in the hands of the banks, according to a report in the Phileleftheros.

The bill is reported to include provisions enabling the banks to keep the properties on their books for five years rather than three years at present; they may also rent the properties and complete unfinished properties to make them more marketable.

Banks have a number of high value properties on their books, including:

There are also properties in Limassol whose total value runs into several million Euros, including: