A RECENT mini-poll conducted by the Cyprus Property News revealed that 70% of those who expressed an opinion believe that property prices will continue to fall during 2012.
Of the remainder, 19% believe that property prices will remain unchanged, while only 11% believe they will increase.
This follows a presentation by Pavlos Loizou MRICS, details of which we published last month, in which he predicted that prices will continue to fall this year.
The government has introduced tax incentives in efforts to stimulate the market. These reduced the VAT on property for first-time buyers who are permanent residents of the Island and abolished/suspended Property Transfer Fees for a period of six months on the first sale of a property.
Depending on circumstances, these incentives could reduce the cost of owning a house or apartment priced at €250,000 by around €38,000.