In an effort to keep our clients informed on the 'Real' state of the market, below is a recent quote from Cyprus news magazine for property buyers & real estate investors. We think that it important to bring this to your attention.
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"Quote"
"Property prices may stabilise in 2011
The vice president of the Cyprus Association of Valuers and Property Consultants believes that property prices may stabilise in 2011 following falls over the past two years.
Published: January 4th, 2011
SPEAKING to Bloomberg recently, the vice president of the Cyprus Association of Valuers and Property Consultants Kyriakos Talatinis said that “In the first half of 2011, home prices overall will remain unchanged compared with 2010” and that “Domestic demand will depend on whether banks keep their rating standards the same or tighten them”.
Mr Talatinis also believes that external demand will remain weak and prices will fall in most coastal areas.
According to a statement on the Central Bank’s website, mortgages rose at an annual rate of 15% reaching €14 billion in November. Capital Gains Tax receipts rose 19% during the first eleven months of 2010 following a fall of 75% in 2009 which resulted from the 80% crash in property sales during the year. "
What was sold in 2010?
FIGURES released this morning by the Department of Lands and Surveys show that a total of 8,170 contracts of sale were deposited at Land Registry offices throughout the Island during 2010 compared with the 8,598 contracts deposited during 2009.
June was the best month for sales when 864 contacts being deposited; the worst was August with a mere 554.
The largest increase was in Nicosia, where sales increased by 13.5% over the year. Nicosia was followed by Limassol where sales increased by 9.7% and Paphos, where sales were up 2.8% compared with 2009.
However, sales in Larnaca fell by 5.4% and those in Famagusta fell by 3.7%.
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