News and information on the property market in Cyprus including both north and south Cyprus. Articles, reports and statistical data on real estate throughout the island of Cyprus including research papers to assist those looking at buying a property in Cyprus. View houses for sale in Cyprus using our popular property search.

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Finance ministers from the 17-country Eurozone held an emergency video conference call on Monday, to discuss the likely terms of a controversial bailout that threatens to force Cyprus savers to accept the loss of €5.8bn from their savings Villas Peyia Cyprusaccounts.  The raid will mean an average of 10% off the value of Cypriot savings, though it is likely to be progressive with smaller savers paying proportionately less. Cyprus’s President, Nicos Anastasiades, is still trying to get the bill amended before it goes before a parliament which has promised to reject it.

The group said that Cypriot authorities could stagger the deposit seizures and offered a different rate for lower levels of savings, but insisted that the overall sum must remain the same.

In an unprecedented move, European citizens are being required to pay for the bail-out of their banking system not through public funds but directly, in their own savings cash. The natural response would be to simply empty savings accounts, so Cypriot banks have shut down to prevent a run and are expected to remain closed until at least Thursday.

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Nicosia, Northern Cyprus

A UK court has dealt a damming blow to the North (Turkish) Cyprus property market. For years people have bought property in North Cyprus at prices far below the prices south of the division, unfortunately, the reason why prices were so low is now threatening to leave them without a home and with thousands to pay in compensation and back-rent.

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villas in cyprus

Real estate offices in Cyprus are struggling to sell properties and more of them have increasing fears of loosing their jobs. The main contributing factors to this demise is the loss of the British pound against the Euro and the fact that unemployment in the UK reached an all time high – the worst in nine years.

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Britons looking to invest overseas could do a lot worse than buying a place in Cyprus, a new report claims.

Since 2000 house prices in Cyprus have tripled, property group Assetz reports, with an 18 per cent rise in 2004. Over the last 12 months UK house prices rose just seven per cent, Nationwide said last week.

The island’s 340 days of sunshine a year make the country an attractive buy-to-let investment, and these are coupled with climbing house prices and European Union membership.

Additionally, Cyprus is set to join the euro in 2007, which Assetz believes will see property values rocket 50 per cent and mortgage rates fall from the current 7.5 per cent to the eurozone level of 3.5 per cent.

“Prices [on Cyprus] are still considerably lower than in France or Spain – a three-bedroom detached villa with a private pool would currently set you back around £250,000 in a quality location, which would probably only stretch to a large two-bedroom apartment in the South of France,” said Stuart Law, managing director of Assetz International.

And he said that growth in house prices was set to continue, due to interest from buyers across Europe and an undersupply of property.

Assetz points to Paphos as the top current location, with the Polis and Larnaca areas cheaper to invest in and seen as “up and coming”.

However, there are potential problems with investing in the Mediterranean island as well.

“There is a ‘sixty day rule’ for registering land purchases in Cyprus when buying off plan. It is essential for the buyer’s lawyer to register the purchase within sixty days in order to preserve the purchaser’s legal rights over the land on which the building will sit,” Mr Law pointed out.

“If this is not done, the land remains the property of the developer until after the development is completed or beyond,” he explained.

He added: “I would also warn investors to limit their property investments for the time being to Southern Cyprus.

“Since restrictions on movement and trade in the north were lifted when Cyprus joined the EU last year, many Greek Cypriots have returned to land they lost and are claiming restitution or negotiation with one particular high-profile court case in the papers just last week. For this reason I would not advocate buying in the North until these issues have been resolved.”

Source: MyFinances