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Cyprus slips into recession

According to the latest “flash” estimates from the Statistical Service, Cyprus slipped into a recession during the second quarter of 2009.

Cyprus market at risk from unsold houses

The ever increasing number of unsold apartments and houses in Cyprus is placing a heavy financial burden on the developers. As well as having to service their mortgages, developers have to pay for the maintenance and upkeep of their unsold properties.

Foreign demand shows no signs of recovery

Although the number of properties being sold in Cyprus has staged a marginal recovery, external demand from non-Cypriot buyers continues to fall.

Cyprus banks still face liquidity problems

In May, the “liquidity level” in the Cyprus banking system (deposits minus loans) stood at just €1.8 billion against €1.99 billion in April and €8.5 billion a year ago.

Prices in Cyprus down & worse to come

Prices and demand for property have been falling across Cyprus since autumn 2008; Limassol is the only town where prices are still moving upwards.

Non-Cypriot demand for property collapses

Demand for properties by non-Cypriots in the first five months of the year has fallen by nearly 80%. Some estate agents believe that a full recovery will not happen before 2012.

A good time to buy

Over the last three months, prices of property in Cyprus have fallen by around three per cent, which although modest, is part of a trend that will probably be gradual. We should see more of a price reduction in the second quarter.

Property sales continue decline

Property sales in Cyprus are continuing to decline according to figures released by the Department of Lands and Surveys.

Property prices to fall say 80%

More than 50% of those who voted in a recent poll conducted by the Cyprus Property Magazine believe that real estate prices will fall by more than 10% during 2009.

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