Overseas buyers showing increased interest in bargain prices in Cyprus
Cyprus has become more popular with would be overseas buyers searching for property at a time when prices are expected to fall considerably due to the Mediterranean island’s deteriorating economic outlook. ‘The recent news coverage of the economic woes in Cyprus led to an increase in searches for the island, overtaking Ireland as our seventh most popular destination,’ said Shameem Golamy, head of Rightmove Overseas.
The property market in Cyprus has seen prices fall since the global economic downturn started in 2007 and the current crisis is expected to be another blow to the market but this is expected to increase interest from long term investors seeking bargain prices. According to the latest index from the Royal Institution of Chartered Surveyors (RICS) prices were already falling before the banking crisis struck. [click to continue…]
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