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Cyprus Real Estate Market

Posted by on October 14, 2011

Integrated into the global economy of Cyprus is largely focused on foreign buyers and tourists who could not help but feel the effects of the global financial crisis. Nevertheless, showing GDP growth of 2%, Cyprus maintained reputation of the island of stability and would obviously be an ode to growing points of exit from the crisis. The real estate market and construction sector felt the impact of the crisis more than other industries. In the first half of the year indicators of sales is much inferior to the same period in 2008, while prices were kept. And only with lower prices in the second half of the year, sales began to grow and by the end of the year – in November and December – exceeded those of 2008, despite the fact that by the end of the year is usually a decrease in the activity of buyers in the market.

In early 2010, the number of sales growth trend continued, and attractive prices, with the remaining the end of 2009, only reinforces the interest of buyers. The number of sales fell everywhere, and also lowered the price, but they declined unevenly in Cyprus. The largest decline among the major population centers was observed in Paphos, Larnaca and their surroundings. In the market town of Limassol were active buyers from Russia, who, trying to secure the troubled times to invest money and buying real estate in a growing market town of Limassol, substantially supported local market. In the capital city of Nicosia is a high demand from local people. With regard to Paphos, then here are the main residents of the British. Paphos market for a long time oriented to the tastes and demands affluent British buyers, and real estate prices are not so long ago were the highest in Cyprus.

Since the beginning of the crisis of Cyprus felt the echoes of the economic difficulties Britain and other European countries. In result of difficulties in the British economy and the devaluation of the pound demand for property by the British has declined, many Englishmen – property owners, taking advantage of favorable exchange rates or the ratio of just in need of money, put their home up for sale. In the second half of 2009, prices have fallen. Apartments in Cyprus can be bought at a discount of up to 30%. The villa also offers significant discounts, which have survived to early 2010. In monetary terms, discounts achieved (depending on the value of the villa) 200 -350 000 euros or more. In early 2010, price increases were observed, but the number of transactions continues to increase.

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