Cyprus Property Market Report, Third Quarter, 2008
House prices across Cyprus during Q3 2008 rose by just 1.5% on the previous quarter, as economic conditions start to taketheir toll on the Cypriot property market, according to the BuySell Home Price Index released on 24th of October. The average property price in Cyprus now stands at €193,323.
“House price sales around the world are leveling off, which has also affected the Cypriot market,” said Litsa Chrysostomou, marketing director for BuySell Cyprus. “We haven’t seen a serious slowdown however as there is still movement within thelocal Cyprus property market and from countries like Russia.
While off-plan sells have slowed considerably, BuySell deals with a lot of resale properties and these properties are still increasing in price, albeit at a lower rate than in previous months.”
As the country works to ensure that unemployment levels remain low, the Cypriot government is undertaking several public projects including the tender for a luxury marina and resort in
Limassol, along with several other luxury projects aimed at attracting a different type of buyer to the island as the British.
We are seeing a continued interest from the British, ex-pats from the Middle East, but much higher up the market scale in terms of the price, are buying here. There is a lot of interest from cash rich Russians and Scandinavian countries too are increasingly flocking to its shores.”
This trend is supported by figures released by the Cyprus Statistical Service (CSS). It found that the number of new building permits authorised by the Cypriot government has fallen, however, the total value of these permits reached €151.3million, the third month in a row the value of scheduled projects had risen despite
the number of new developments dropping.
We have also seen an increase in activity from Dubai and South African investors as they look to diversify out of the respective area’s “volatile markets” and into the perceived “safe haven” of Cyprus. “We are still making sales to the Brits that are coming to Cyprus, but a lot are holding off until the economic situation turns around,” he said. “ To counter this, we are actively reaching out across Russia, the Middle East and as far away as South Africa to make sure our properties continue to sell.”
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