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All reports tagged with: "property price"

British pensioners in Cyprus feel the squeeze

THE GLOBAL economic downturn and the collapse of the British pound are having an enormous impact on the retired population of Brits in Paphos. David Cornthwaite, the Chairman of the UKCA in Paphos told the Sunday Mail that the biggest topic of conversation among expats at the moment is the financial crisis. “The government of […]

Cyprus property prices fall in fourth quarter

HOUSE prices in Cyprus withstood overall the global property market recession, recording a slight increase during 2008. However, prices were much less dynamic in 2008 compared to the previous year, influenced mainly by the worsening global economic conditions. From January to December 2008, the BuySell Home Price Index recorded a total increase of 2.8% compared […]

Cyprus property price confusion

ALTHOUGH it is generally believed that property prices in Cyprus have dropped by up to 20%, the Central Bank of Cyprus holds a different view. In its latest ‘Economic Bulletin‘ (in Greek) it reports that prices have slowed to a 10% increase from a 20% increase, which is in line with forecasts prepared on behalf […]

Cyprus property prices up in third quarter

HOUSE prices in Cyprus, in the third quarter of 2008, remain resilient despite the worsening global economic conditions. From July to September 2008, the BuySell Home Price Index recorded a total increase of 1.5% compared to the last quarter. However, the year-on-year rate of increase decelerated (compared to the last two quarters), coming down to […]

Cyprus property: should we fear a slump?

AS the world’s largest economies settle into a global recession, the Cyprus property market sends out mixed messages on how it’s confronting the crisis, with analysts divided on whether house prices are actually going up or down. One real estate consultant argues the international financial crisis has hit the foreign buyers’ property market hard, pushing […]

Cyprus property price correction

THE Finance Minister, Charilaos Stavrakis, is reported as saying that Cyprus property prices will go through a phase of correction, boosting beliefs that the sector is facing a crisis. “Normally, property prices will be corrected. Although the downturn in the market is expected to affect the public revenues, the government has taken into account this […]

Prices fall marginally in second quarter 2008

Property prices in Cyprus, hold on to their levels during the second quarter of the year, despite worsening global and local economic conditions. From April to June 2008, the BuySell Home Price Index recorded a marginal decrease of 0.4% compared to the last quarter, bringing the year-on-year increase to 12.9%. Home prices depicted a 0.3% […]

Do we need bills of quantities?

My wife and I are having a new house built at Psematismenos. We bought a plot of land several years ago and are using an architect from Larnaca. We have now agreed all of the plans and are ready to issue invitations to tender. But our architect is saying that he needs to get a […]

Construction material prices up

ACCORDING to figures released by the Cyprus Statistical Service, CYSTAT, the price of construction materials during the 12 months ending May 2008 increased by 12.25%. The highest increase was recorded in petroleum products, where prices soared by a massive 37.65%. Increases in other commodities prices were: Wood 2.92% Stone and quarrying materials 9.45% Paints, enamels […]

Misleading property advertisements

MANY people have been duped into buying property in Cyprus through the use of misleading advertising. Much of this makes outrageous and totally unsubstantiated claims regarding the performance of property investments. For example, marketing literature produced by one registered Estate Agent guarantees that investors: “only have to invest 30% of the selling price, then the […]

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