All reports tagged with: "property market"
Cyprus has made limited progress with implementing the 2016 country-specific recommendations said the European Commission in its country report on Cyprus issued earlier today.
The Cyprus property market could be hit by a fall in property prices if investors granted a Cypriot passport under the citizenship-for-sale scheme decided to sell their property after three years.
There is still considerable work to be done on what the EC refers to as “the currently dysfunctional Title Deeds issuance and transfer system” in its post-programme surveillance report on Cyprus.
Property sales in Cyprus increased in June 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up 42 per cent.
British expats in Cyprus have been advised to keep calm and carry on following Thursday’s BREXIT vote that has left many of them fearful of what the future may hold once Britain leaves the EU.
Transaction volume in the property market will remain at low levels throughout 2016 with prices of prime assets bottoming out during the first half of the year, with demand for secondary assets almost non-existent.
Common sense tells us that property prices in Cyprus have yet to reach rock bottom and that anyone who believes that they are about to increase must be living in cloud cuckoo land.
Although property sales in Cyprus remain at historically low levels, latest figures from the Department of Lands and Surveys offer a glimmer of hope that the rate of decline may be slowing.
The chairman of the Cyprus Land and Building Developers Association (LBDA) has reported that the Troika believes that there will be a recovery in the island’s property market in 2014.
Property sales in Cyprus fell for the sixth consecutive year in 2013 with sales down more than 80 percent compared with the peak year of 2007 and the lowest number since records began in 2000.