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Cyprus Property Boom in Danger of Pricing Itself into Obscurity

IRRESPONSIBLE. When high-ranking government officials come out and say that the price of something is going up, the public generally believe them. Unfortunately, what also happens is that the people involved in selling also listen, and put their prices up, whether the rise is warranted or not. The current property boom is in serious danger […]

IRRESPONSIBLE. When high-ranking government officials come out and say that the price of something is going up, the public generally believe them.

Unfortunately, what also happens is that the people involved in selling also listen, and put their prices up, whether the rise is warranted or not.

The current property boom is in serious danger of pricing itself into obscurity because sellers are continuously upping their prices – often thanks to a conveniently timed statement from said officials.

When a well-paid couple has trouble being able to afford a place with a small yard and space inside to accommodate a real-live family, what hope is there for lower-income groups to ever be able to pay for a place of their own?

Surely demand will collapse sharply very soon.

One wonders what possible motive could these officials have for making public statements like these?

Surely the only ones to benefit are sellers whose property gets snapped up by people panicking they will not be able to afford any such move a couple of months down the line.

These are usually people who are already very well off anyway and perhaps in a position to make it worth the while of top-ranking officials to come forward with statements about rising property prices?

27th October
Copyright © Cyprus Weekly 2006

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