The 17 per cent reduction in Cyprus property sales during June was due to a slowdown in all segments of the market according to official figures published by the Department of Lands & Surveys.
In its annual Cyprus real estate market review, PwC reports that the transaction value of the residential property sector reached €3.1 billion, which accounted for 73 per cent of the market total.
There was a marginal fall in the number of Cyprus property sales during March compared to March 2018 according to official figures published by the Department of Lands and Surveys.
Specialists are confident over the future of the Cyprus property market, saying that the upward trend in house prices is combined with an ongoing increase in demand for real estate.
Assessing the impact of the sale of non-performing loans (NPLs) will have on the Cyprus property market is not straightforward as George Mouskides, Chairman Cyprus Property Owners Association, explains.
A property market boom in Limassol has driven up rents as demand for housing has outstripped supply as more companies have moved to the area seeking accommodation for their staff.
PwC (Cyprus) has published "Cyprus Real Estate Market – 2016 Year in Review", which provides a general overview of the Cyprus property sector based on authoritative market data.
In its 2016 annual review Resolute Asset Management reports that the Cyprus real estate market is gradually becoming more active partly due to improving local and international economic conditions.
In isolated cases, where the demand for residential real estate in Cyprus is low and distressed assets result in excess supply, further discounts of up to 40% of market value are possible.
Transaction volume in the property market will remain at low levels throughout 2016 with prices of prime assets bottoming out during the first half of the year, with demand for secondary assets almost non-existent.
The Cyprus Economic Intelligence (CEI), which provides a centralised databank that collects, analyses and displays information on the island's property market, has been launched.
Although domestic sales of property in Cyprus improved in April compared to April 2013, overseas sales declined; what can be done to encourage overseas property sales and help the market recover?
Although property sales in Cyprus remain at historically low levels, latest figures from the Department of Lands and Surveys offer a glimmer of hope that the rate of decline may be slowing.
The chairman of the Cyprus Land and Building Developers Association (LBDA) has reported that the Troika believes that there will be a recovery in the island's property market in 2014.
Cyprus was the world's weakest housing market during the year to the second quarter of 2013, based on the latest survey of house price statistics conducted by the Global Property Guide.
An insight into the island's property sector and housing market are contained in 'The Economic Adjustment Programme for Cyprus', recently published by the European Commission.
Many Chinese people who have bought properties in Cyprus have felt cheated and complained according to Huali Che, president of the Chinese friendship association in Cyprus.
In light of the current environment in Cyprus, valuers face difficulties and complications when valuing (mainly commercial) real estate due to the lack of sales data and other factors.
Further details on the declining Cyprus property market were revealed today in new statistics published by the Department of Lands and Surveys showing that the number of overseas buyers continues to fall.
Following the collapse of the Cyprus overseas property market in 2008, sales at the end of 2012 showed an improvement over the previous year; but the market still has a long way to go and the omens are not good.
