On the Cyprus property market returns to crisis

11.09.2010 08:28
The number of property transactions of the island drops second consecutive month, dropping to a level that was observed during the crisis. Market professionals are pessimistic.

According to statistics from State Office of Cyprus, in August, the number of property sales fell by 30.5% from the previous month and by 13.7% - an annualized basis, according to Cyprus Property News. Total 554 deals were concluded, which is the lowest level since January last year, when the market experienced a recession peak.

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Cyprus property sales drop was registered in July. This was due to the outflow of foreign buyers - in the domestic market the number of transactions has remained stable. In previous months the number of foreigners is gradually recovering from the crisis.

The current situation has forced the experts to talk about a new phase of market downturn. According to the chairman of the Cyprus Association of Realtors Solomon Kuruklidisa, this situation was predictable.

Earlier this year, he warned that the increase in the number of transactions not connected with the restoration of the national economy and the influx of buyers into the market-Cypriots who wanted to buy profitable items, previously owned by foreigners or mortgage debtors. Of course, the volume of such a proposal were limited, but now they have finally run out.

Kuruklidis sure that in the coming months, the market situation will get worse - until then, until an affirmative change in the economy of Cyprus. His skepticism and supports the head of the Cyprus Association of Developers Tofaridis Lakis, who questioned the restoration of the real estate market of the island this year.
Content tags: Overseas property
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