Here's an extract from an interview with the Cyprus Land Registry Manager:
In a recent interview with StockWatch the Land Registry manager, Andreas Christodoulou, advised Cyprus property investors to expect a lower return on their investments as the market has entered a period of recession.
In his interview, he said that property prices will stabilize in the next four years - then they will recover but at a slower pace, as prices neared those of the competitive European markets.
Mr Christodoulou noted that demand in the property market has fallen by an average of 40%, the highest drop of 50% being recorded in Famagusta and the lowest in Nicosia and Limassol, where it has dropped by 12%. This mostly affects houses and apartments in seaside areas. But Mr Christodoulou added that “The demand for plots remains stable“.
Regards