buying property in cyprus has become cheaper
News Posted On: 22 April 2009
Investors considering buying property in Cyprus might be pleased to learn that the cost of property in the country has fallen in the first quarter of 2009.
The latest BuySell Home Price Index shows that the price of the average Cypriot property fell to €187,053 (£165,200), which represents a fall of 1.7 per cent, reports Cyprus Property Magazine.
This takes the year-on-year change to minus 2.2 per cent for the first time since August 2005.
In the first month of the year house prices fell by 1.5 per cent and despite increasing by two per cent in February, they declined 2.2 per cent in March.
There is some controversy over the figures, as some analysts have suggested that the value of tourist properties have already fallen by more than ten times the amount suggested by BuySell.
Whatever amount the cost of property fell by, now could be an ideal time for real estate investors to acquire a low-cost home in the sun.
Cyprus might be an attractive country to invest in as it is not gripped by a recession, unlike many other countries in Europe.
Written by Les Calvert
Property Abroad - for your Cypriot mortgages, buyers guides and the latest news on buying property in Cyprus
Back to news articles for this country
Latest Related News Articles in Cyprus
Foreign Purchases Hit 10yr Low in Cyprus
2012-01-06
Sales continually, dropped, flopped or stagnated in the pits throughout 2011, but now, the latest da.....
2012 a Bad Year for Cyprus Property Sales
2011-12-12
This year is shaping up to be the worst year yet in terms of foreign purchases of Cyprus property, w.....
Cyprus Tourism Industry to Receive Welcome Boost
2011-06-01
The tourism industry in Cyprus is set to receive a welcome boost with the announcement that 15 new d.....
Russian and Chinese Buyers Revitalise Demand for Cyprus Property
2011-05-17
Large numbers of Russian and Chinese buyers are providing a valuable boost to the Cyprus property ma.....
Cypriot government needs to simplify housing market
2011-03-01
Those involved in the Cypriot housing market feel that the government needs to take action to revive.....
Cyprus Property Sales Increase in 2010
2011-01-13
After almost 2 years of near-constant misery there are some glimmers of hope in the Cyprus property .....
Cyprus Property Title Deeds Legislation Could be Passed Next Month
2010-09-23
A senior member of the Cypriot government has indicated that the legislation aimed at solving the tu.....
Cyprus Property Sales Increase Continues but Slower
2010-05-26
Data from the Department of Land and Surveys has shown growth in Cyprus property sales is continuing.....
Cyprus Property Market Awaits Title Deeds Legislation
2010-04-16
The Cypriot government has announced that the new legislation was passed to parliament yesterday.....
Cyprus Title Deeds Legislation to go Before Parliament within a Fortnight
2010-03-22
The long-awaited legilation aimed at tackling the title deeds issue in Cyprus is to pass before parl.....