Cyprus Lawyers - Cyprus Law Firms

Property Lawyers in Cyprus – Analyzes – Cyprus property Market – Completed on 23^rd July 2010 – Cyprus Property Lawyers

There are mixed reports about today’s Cyprus Property Market.

The banks appear to believe that interest in the Cyprus Property Market is still very low.  House prices are falling, which is believed to be due to lack of demand for Cyprus property.  And of course the banks view this as a very big risk to them and further decreases could cause major problems.

However, the banks themselves are causing a very big problem as they are not budging on their interest rates.  While other European countries are dropping their interest rates to help their property markets, Cyprus interest rates are still at an all time high.

This issue must be addressed with the government , the Central Bank of Cyprus and the EU Central Bank before our property market comes to a complete halt.

If overseas investors, who still hold a high percentage of property sales in Cyprus, become aware of other EU states offering a much lower interest rate, we can sadly but surely kiss goodbye to the overseas investor and say hello to a long cold road to economic recovery.

Yet on the contrary, the government reports that contracts deposited at the land registry have increased by up to 25% on last years sales.  And around 22% of these contracts are from overseas investors. Famagusta, Limassol and Nicosia are seeing major increases in sales with Larnaca and Paphos steadily trailing behind.

It is very hard to say for sure the overall outcome will be for Cyprus.  Practicing as Property lawyers in the Paralimni area of Cyprus, we can honestly say we have definitely seen a major rise in business compared to last year. Our office is in fact opening another office in Larnaca to deal with the extra workload. So from that point of view we believe Cyprus is definitely on the mend.

We also believe this is due to a lot of development taking place in Cyprus and more and more people are becoming aware of this.

The banks must address the interest rate and mortgage facilities issue, so not to spoil it for the rest of Cyprus and to help the economy.

On a whole, we know some issues need to be addressed and corrected but we are happy with the economic progression. We really believe Cyprus is on the up and up.

Cyprus Property Law - PUBLISHED BY A&G KOUZALI LAW OFFCIE ON 23^RD JULY 2010. Cyprus Property Lawyers

Share and Enjoy: