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Reasons Not to Invest in Property in Cyprus

Reasons Not to Invest in Property in Cyprus

We’re in a bad mood today thanks to tax bills and telecom providers so we thought we’d take it out on the Cypriot property market and give you some of our favourite reasons not to invest in property in (the Republic of South) Cyprus, because quite frankly there are quite a few compelling ones!

Yes, this article is about Southern Cyprus and not the Turkish Republic of Northern Cyprus.  So don’t get confused guys.  Right – reasons not to invest include the fact that tourism numbers are falling, property investors are scarce, the government’s left hand hasn’t a clue what the right hand is doing and policies and practices across the island are scaring would-be buyers, investors and visitors away.

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Property in Cyprus a Bad Short Term Investment Decision

With the likes of Assetz and HolidayLettings positively promoting the property investment potential in Southern Cyprus - with the former predicting up to 10% average growth across the board in 2007 and the latter determined that property in Cyprus offers a quick return on investment - we’ve been forced to add our voice to the argument simply because we cannot agree with these predictions and honestly feel that property in Cyprus makes for a bad short term investment decision.

Houses prices in Southern Cyprus actually dropped in value during two of the most important buying quarters in 2006 with a surplus of supply and a deficit of demand negatively affecting the graphs that plot median house price gains.  Going in to 2007 and the Greek Cypriots have stepped up their vociferous campaign against a lasting and peaceful settlement with Northern Cyprus again and have upset the UN and the EU as a result, and when you add to this the emergence of so many other stunning summer holiday destinations offering cheap and shorter haul flights, cheaper property prices and growing tourism numbers it should be no surprise that property in Cyprus is not going to boom dramatically in 2007.

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Cyprus Property Investment

Cyprus is due to adopt the Euro as its official currency by 2008 at which point it has been estimated that the cost of borrowing will be reduced substantially as interest rates in Cyprus will have to be slashed to meet the European Union’s standard.  A brand new Cyprus property investment fund has been launched in a bid to position itself in the Cypriot real estate market ahead of the expected boom that this reduction in interest rates is expected to cause in the property market.

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Investment Property in Cyprus

A number of factors are contributing to the steady evolution of the investment property sector in Cyprus resulting in a far more stable market where investors and second home seekers are investing for the longer term, attracting strong rental yields, steady capital appreciation and enjoying an ever more stable investment commodity.

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