A mini-poll conducted on the FinancialMirror.com website has found that nearly a third of the visitors to the site would invest in real estate bargains in Cyprus. An equal number of 32% of those polled said that amid the present financial crisis they would invest in real estate in the U.K., while just under a quarter of those who responded said that they would not invest at all in any real estate this year.
Despite rapidly falling prices, Greece only accounted for one in ten of those who responded and only 3% said they would invest in real estate elsewhere in Europe.
For the latest poll on “Where will you spend the Easter holidays?”, go to www.financialmirror.com and check out the box at the bottom right hand corner.
Saturday, April 11, 2009
Friday, April 3, 2009
Property prices slashed
According to BuySell ten of the properties are on sale for 50 per cent less than market value, while 45 properties are going for 40 per cent less and the remainder for 30 per cent less.
“The whole property sector has slowed down. The coastal areas – Paphos, Larnaca and Famagusta – have been particularly badly affected”, BuySell a marketing team member told the Cyprus Mail yesterday. “Prices had been rising since 2001-2002, so this is an unusual step for us to take”, he added.
Some of the ads indicate that the property for sale has not yet been completely built, and only feature the developer’s illustration rather than actual photos. This suggests that these particular sellers either no longer regard their property to be an attractive investment or are in financial difficulties.
The most recent BuySell Home Price Index (BHPI) showed that overall, property prices withstood the global property market recession in 2008, recording a year-on-year increase of 2.8 per cent, compared to a total increase of 19.2 per cent in 2007. One of the main factors in the 2008 figure was the worsening of global economic conditions.
“The whole property sector has slowed down. The coastal areas – Paphos, Larnaca and Famagusta – have been particularly badly affected”, BuySell a marketing team member told the Cyprus Mail yesterday. “Prices had been rising since 2001-2002, so this is an unusual step for us to take”, he added.
Some of the ads indicate that the property for sale has not yet been completely built, and only feature the developer’s illustration rather than actual photos. This suggests that these particular sellers either no longer regard their property to be an attractive investment or are in financial difficulties.
The most recent BuySell Home Price Index (BHPI) showed that overall, property prices withstood the global property market recession in 2008, recording a year-on-year increase of 2.8 per cent, compared to a total increase of 19.2 per cent in 2007. One of the main factors in the 2008 figure was the worsening of global economic conditions.
Tuesday, March 24, 2009
PROPERTY developers and real estate agents in Cyprus
With just 558 contracts of sale being deposited at the Land Registry during February, compared to 1581 during February last year, Cyprus property sales have plummeted by an incredible 65%.
During the first two months of this year developers and estate agents managed to sell a mere 1,016 properties, compared to the 3,196 properties they sold during the same period in 2008, 2,940 in 2007 and 2,462 in 2006.
According to real estate agent Elias Danos “The global financial crisis, which has affected the Cyprus economy too, the uncertainty for its depth and the lack of liquidity in the market has made buyers more careful and hesitant.”
“The crisis affects all cities. Sales in Paphos, Larnaca and Famagusta were affected the most due to their dependence on the foreign market. However, neither Limassol nor Nicosia remained unaffected by the developments,” he noted.
During the first two months of this year developers and estate agents managed to sell a mere 1,016 properties, compared to the 3,196 properties they sold during the same period in 2008, 2,940 in 2007 and 2,462 in 2006.
According to real estate agent Elias Danos “The global financial crisis, which has affected the Cyprus economy too, the uncertainty for its depth and the lack of liquidity in the market has made buyers more careful and hesitant.”
“The crisis affects all cities. Sales in Paphos, Larnaca and Famagusta were affected the most due to their dependence on the foreign market. However, neither Limassol nor Nicosia remained unaffected by the developments,” he noted.
Sunday, March 1, 2009
Turkish Cypriots and the settlers puzzle
No doubt, it was a rescue operation for Turkish Cypriots at the time. The years went by and it became very apparent that the operation was not so innocent. It had a wider coverage as a tailor-made occupation project, in which almost all possessions of Turkish Cypriots (including people’s hearts and minds) were held hostage.
In the first couple of years, the forcible population transfers took place. The pretext given by the Turkish government was to meet requirements in the lack of a farming workforce, although there wasn’t really such a necessity.
Following their arrival, the land captured from displaced Greek Cypriots was distributed to settlers free of charge. Village names in north Cyprus were immediately replaced with new ones in parallel with the incoming population’s original settlement names in Turkey. The gates of north were wide opened to everybody from “the Mainland”.
In the first couple of years, the forcible population transfers took place. The pretext given by the Turkish government was to meet requirements in the lack of a farming workforce, although there wasn’t really such a necessity.
Following their arrival, the land captured from displaced Greek Cypriots was distributed to settlers free of charge. Village names in north Cyprus were immediately replaced with new ones in parallel with the incoming population’s original settlement names in Turkey. The gates of north were wide opened to everybody from “the Mainland”.
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