Cyprus house prices rise 19.2% in 2007

Residential house prices in Cyprus accelerated during 2007 according to the latest results from the BuySell Home Price Index, rising by 19.2% for the whole year compared with 6.6% in 2006.

The BuySell Home Price Index closed at 139.06 units for the year, bringing the Average Home Price in Cyprus to CYP 108,344 (EUR 185,117).

However, they ended the year on a negative note, slipping by 1.9% in December over the previous month.

Association suggests ways to improve property market

At a press conference held yesterday, the Association analysed the existing situation of the real estate market, pointed out its main problems and weaknesses, suggested proposals for overcoming these, and made forecasts on the market’s prospects.
Nicolas Kyriakou, a member of the Association’s board, spoke first on the state of the market.

He said that the “loosening of family bonds has been to the benefit of land investors, since young people are now seeking their own households.”

Selling your home or thinking of buying in Cyprus?

Using Agents to sell your property can be a very costly exercise. Most agents, licensed or not, will charge you between 5 and 10% plus VAT and tie you into lengthy contracts which can be expensive to get out of. In many instances resale property prices are hiked to include the commission, making resale property uncompetitive with new and off-plan property.

The fight to resolve foreign property woes in northern Cyprus

What appeared to be a “real estate boom” in both the run up to the 2004 twin referenda on the island turned into a nightmare for many foreigners with the sector plunging into a serious financial crisis and many land developers and real estate agents beginning to fail to meet obligations that were paid for in advance.

North cyprus economy faces dark year ahead

A third sector of the economy, which many hoped would provide stability in the north, is higher education. But with that also in the relative doldrums, it seems there is nothing left to lift the Turkish Cypriot off the floor at present. With around 25,000 foreign students studying at the six universities, it is not hard to appreciate the importance of the sector.

As Chamber of Commerce head Hasan Ince says, with student intake down by 50 per cent, a decline means a knock-on effect though other economic sectors.

Malta and Cyprus Adopt Euro

On January 1, Malta and Cyprus officially adopted the euro. Both nations occupy key locations for controlling the Mediterranean, Northern Africa and Southern Europe. With these two island states joining the eurozone, the European Union’s influence in these important areas will become more deeply entrenched.

At the beginning of the new year, just after midnight, the countries’ leaders withdrew their first euros from cash machines amid fireworks and celebration. Both countries hope for great economic gains from increased investment and tourism thanks to the currency.

Cyprus Cement and CCCT revalue land holdings

The Board of Directors of The Cyprus Cement Public Company Ltd has decided to revalue the company's land at EUR171 mln in accordance with the Company's policy to carry out revaluation of its property at regular intervals. The land was last revalued at EUR42,8 mln (CYP25 million). The revaluation was based on two separate valuations performed by independent chartered land surveyors. The basis of the valuation was the present condition (current use of land). The resulting deferred taxation is EUR25,6 mln. As a result of the revaluation the net assets will increase by EUR102,6 mln. The revaluation will be incorporated in the financial statements for the year ended 31 December 2007.

Cyprus house prices hit another record

Residential property prices in Cyprus hit another record in November as prices rose by 21% year on year, according to the BuySell Home Price Index. This is the highest year-on-year increase recorded by the index, which began in 2004.

The BuySell Home Price Index rose for an eleventh consecutive month to 141.69, recording a significant monthly increase of 2.5%, compared with a month-on-month increase of 3.7% in October.

In the year to date, prices were up by 21.5%, compared with a more modest increase of 5.9% in 2006.