Cyprus Property Prices August 2009

Occasionally said and written about the issue of property values and more specifically whether the downward trend in prices in some areas will continue and we saw the bottom and once we start seeing the reverse trend.

The views they saw or see the light of publicity fall into two categories. The first argues that the regions had decreases in prices, this downward trend will continue and the second that we saw the bottom and we will see real estate prices are stabilizing and may be timid-shy to start again in the future to move upwards.

We argued in our previous articles and continue to argue that actually the prices «caught bottom». And not just say, to say. We considered our specific information and data. Those who affirm solemnly and recent statements by the Director of Lands, whose knowledge and experience in this area can be no doubt, but the sale documents for the last seven that gave publicity to the Land Registry.

These elements, it is worth mentioning, before the quote, refute and come into conflict with the views of some «experts» who provided and continue to provide that not seen the bottom in terms of property prices and that the alleged Next October we will have further reductions.
These Cassandras then deny it to recent statements, other than many other first Director of Lands, Mr Christodoulou.
Mr Christodoulou clarifies that probably saw the bottom in real estate prices since last April and this is particularly the fact that the last quarter of 2009 seeing a decline in the rate of decline in transactions compared to 2008. Features that the 72% drop Pancyprian recorded property sales in early 2009 reached last July to minus 41.5%.

This is a simple numbers that mean? Ntivelopers If you sold the 100 houses in July 2008, July 2009 sold 59. If in January 2008 sold 100 properties in January 2009 sold 28. Although the reduction compared to 2008 continues, however, over the months the gap is narrowing.

The data confirm the Lands and another place we quoted in our previous articles. And we mean that the position in Nicosia sales showed smaller declines, with the second a short distance of Limassol.

What they say, then, the land register? Sales in Nicosia in July 2009 were reduced 23% compared with July 2008. The seven 2009 Nicosia had fallen by 48% compared to seven in 2008. The respective numbers of Limassol was 42% and 49%.

The history of Nicosia in July was 254 (Limassol 224) as a percentage of total Pancyprian 902 was 28%. In the seven 1212 (Limassol 1119) history of Nicosia were 27% of the total.

For all the cities in July showed less decline than the average of seven showing a positive trend. These data confirm that began moving in sales will leave behind our bottom price.
The figures speak for themselves. I sincerely wonder what is the basis of «experts» who speak to the contrary kindynologontas and creating problems in the market. Would have deposits in banks and their statements are pushing prices karadokontas to buy cheap real estate?

President Real Estate Development Marketing Association
Manager Smart FOX Estate Agency