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Property prices in Cyprus ‘distorted by local factors’
The high prices of property in Cyprus – especially houses compared to apartments – are caused by a range of distortions in the local market, according to views canvassed by the Cyprus Mail.
Is property in Cyprus overpriced?
In the wake of Cyprus’ remarkable real estate boom many people believe that property on the Island is overpriced. Here is a simple test to see if they are correct.
RICS Cyprus property price index published
Earlier today, RICS Cyprus published the first issue of its property price index which is based on a methodology developed by Reading University in the UK.
RICS Cyprus property price index
Designed by Dr Pat McAllister from the Reading University Department of Real Estate & Planning, the RICS (Cyprus) property price index will be launched on Friday 29 January in Nicosia.
No margin for further price reductions
The chairman of the Cyprus Land & Building Developers Association has said that there is no margin for making further cuts in property prices and that external demand may improve if Cyprus overcomes the problem with Title Deeds.
Concerns over the Cyprus property price index
Concerns have been raised by the Chairman of the Association for the Promotion of Property Developments about the future of the Cyprus Property Price Index and the involvement of the banks in its preparation.
Cypriot developers must address issues to compete internationally
To compete in the international property market, Cypriot developers must address issues such as escrow deposits, Title Deeds, planning and bank guarantees.
Stimulate Cyprus property sales by lowering prices
If developers in Cyprus want to stimulate property sales, they must lower their prices. Economic conditions have changed dramatically over the last year and people are not prepared to pay the same prices today as they were a year ago.
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.
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.
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.
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