Cyprus Property | Property Prices Can Only Go Up

Cyprus Property – Property Prices Can Only Go Up

According to the Royal Institution of Chartered Surveyors (RICS), South Cyprus property prices fell 13.3% (apartments) and 10.5% (houses) in the final quarter of 2013 compared to the same period in 2012. Rents also fell 13.3% and 12.3% respectively. The South Cyprus Central Bank shows a price drop of 23% from the peak in Q4 2008.

From this low, the expectation is that property prices can only go up. The reasoning being that these competitive prices are sure to entice foreign buyers back to the market, particularly because of the rising tourist numbers from Russia, which are compensating for the decline in visitors from the rest of Europe.

The only problem with this analysis is the uncertain impact of the Russian invasion of Crimea or the Russian intervention, as the desperate Greek Cypriot property sellers are calling it when talking to Russian property buyers.

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