The crisis is exceptionally intense on housing properties, where prices have declined up to 25%. Although in the previous survey crisis focused on tourist areas only, the new survey shows that it affects all housing properties in the market.
Sixteen of the total twenty developers support that prices fall. Only one sees that prices will go up and three expect that they will stabilize. Two developers stressed that conditions in Limassol differ due to the interest on behalf of the Russian businessmen.
All twenty developers and estate agents are actively involved in all cities of free Cyprus. The list includes businesses of all sizes, including the big.
Most of the respondents said that shop and office prices fall too, while others see a decline in plots and farms. At the previous StockWatch survey, none of the respondents expected a drop in this type of properties. Almost all anticipated that plot prices would stabilize.
Tuesday, September 30, 2008
Tuesday, September 2, 2008
Cyprus property prices has now spread from Paphos to other parts of the island.
Interest rate increases, inflation and other factors have pushed demand from the domestic and foreign markets down resulting in severe problems across the island.
Chairman of the Pancyprian Association of Real Estate Agents, Solon Kourouklides, is reported as saying that in Paphos: “Sales have dropped significantly and the number of unsold properties has increased drastically. In the past three months, the external market has dropped by 30-40% while the internal market has dropped by 5%. Forecasters say that the situation will continue until the end of the year - early 2009“.
The slump not only affects the number of properties being sold, but their prices too. “Comparatively, Paphos had the highest prices. Today property prices are showing a dramatic decrease of up to 30% or even 50% for flats“, Mr. Kourouklides noted.
Chairman of the Pancyprian Association of Real Estate Agents, Solon Kourouklides, is reported as saying that in Paphos: “Sales have dropped significantly and the number of unsold properties has increased drastically. In the past three months, the external market has dropped by 30-40% while the internal market has dropped by 5%. Forecasters say that the situation will continue until the end of the year - early 2009“.
The slump not only affects the number of properties being sold, but their prices too. “Comparatively, Paphos had the highest prices. Today property prices are showing a dramatic decrease of up to 30% or even 50% for flats“, Mr. Kourouklides noted.
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