The Cyprus Real Estate market in 2015: overseas demand is not likely to fall.14.02.2015
As the Cyprus Real estate leading consultant Pavlos Loizou said to the biggest on the island property portal in January, property prices are likely to continue falling in 2015. He added that some types of property may decrease in their value by 5%, while prices of others may drop as much as by 10% by the end of 2015.
Another Cyprus Real estate specialist Mr. Talattinis said to the same property portal that property prices in the local market will be highly affected by the upcoming implementation of the new foreclosure law.
Both property consultants anticipate that the sales volume may increase this year or at least maintain its 2014 level. In their opinion, there are two reasons for the possible sales volume growth:
- Local demand may go up just because the Cyprus economy will start recovering.
- Foreign demand may continue to grow due to the new immigration law which came into force in 2014.
However, local demand won`t rise significantly because potential buyers will be waiting for prices to drop even further when the new law on the disposal of property starts to work.
But high-end real estate that located on the seafront and other luxury residential properties in Limassol and other towns and districts of Cyprus may even increase in value due to the new government`s immigration schemes, said Mr. Talattinis in the same interview. He believes that the possibility of obtaining permanent residency and Cypriot citizenship in exchange for investment in the Cyprus property market will continue attracting foreign capital.
Source: "Cyprus Property News"