Paralimni Property Lawyers raise the question: ‘Will 2010 be the year for distressed properties in cyprus?’
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A & G Kouzali law office, Paralimni, studies 2010 distressed property sales. Completed April 7th 2010 by Paralimni Property Lawyers.
It is speculated that 2010 will be the year for high volumes of sales of distressed properties worldwide. The global financial struggle created an exponential growth of investors worldwide who were unable to fulfill their obligations towards their mortgages. This was partly due to involuntary redundancy and many businesses going into administration.
The global downturn resulted in disastrous consequences to many people’s lives, with banks foreclosing on loans and evicting many home owners. The sad reality of this is that there are now a vast number of distressed properties available to the savvy businessman at bargain prices.
In some areas of the United Kingdom and the USA where the economic crisis created the worst devastation, there are thousands, if not millions of distressed properties available at rock bottom prices. However this supply will not last forever, as demand for ‘value’ properties will outlast the supply of ‘distressed properties’.
In some areas however the situation does not look promising, in Spain, it has been reported that investors are reluctant to invest in the Spanish Property Market and many properties are still highly priced despite the current economic climate.
Although not as distinguished as some countries, Cyprus does have a variety of ‘distressed properties’ available at excellent prices. These properties will not be around for long, and now is a fantastic time to take advantage of these ‘distressed properties’ as demand will not last.
On the other side, we understand that there may be many investors out there who have found themselves in the unfortunate situation of being unable to fulfill their financial obligations, our office, working in conjunction with The Marcus James Group, UK, is pleased to announce the launch of ‘Recovery’. Recovery is a scheme whereby the original owners of a property, can assign and relinquish their obligations and rights to their property to another party who is able to fulfill their financial obligations towards the property. For more information please visit us at www.lawcyprus.org or contact our office.
Published by A & G Kouzali Law Office on 8th April 2010.