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Have property prices reached rock bottom?

Residential property prices across the Island have been falling for some time. Have they reached rock-bottom? is there an upturn on the way? What do the price figures from RICS reveal?

Cyprus Government debt reached 67.5% in Q3 2011

Government debt in Cyprus increased to 67.5% of the Island’s GDP at the end of the third quarter of 2011 according to a press release issued yesterday by Eurostat, the Statistical Office of the EU.

Cost of housing loans may increase

Banks are considering increasing housing loan interest rates of in light of the tough conditions in the sector and the increased risk in the Island’s property market, according to StockWatch.

Encouraging signs in domestic property sale figures

Although the overall picture for property sales in Cyprus last year was extremely disappointing, there are some positive signs in the figures for December, which show that domestic sales increased.

Transfer fee reductions could increase public revenue

A number of simple and practical measures could be taken by the government of Cyprus that would encourage the timely transfer of property titles, increase public revenues, reduce tax evasion and support the property market.

Overseas investors taking more interest in Cyprus

After some months after being out of the top ten countries for overseas property investors, Cyprus is back in at the number seven spot in the October ‘Top of the Props’ chart published by TheMoveChannel.com.

Banks not pressuring developers to service their loans

The fall in residential property prices that we reported on Thursday could have been even worse if the banks had pressed developers to service their loans by reducing new property prices still further to encourage sales.

Property transfers continue to improve

Latest figures to come out of the Department of Land and Surveys show that the number of properties being transferred at District Lands Offices across Cyprus is continuing to improve.

Property sales slip to lowest level since January 2009

The number of properties sold in April slipped to their lowest level since January 2009 threatening the fragile recovery in the Cypriot economy.

Interest in Mediterranean property picks up

Potential overseas property buyers in the UK are showing more interest in southern Mediterranean countries with a rise in Internet searches for Ibiza, Sardinia, Portugal, Cyprus and Greece.

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