What will it take to stop the rot in the property market?

AS WE approach the end of the year it is apparent that the Island’s property market is in a deep recession with little hope of a recovery in the near future.

Domestic sales have been hit by the uncertainty in the property market, the lack of liquidity plus the high cost of loans, record levels of unemployment and the problems with the Island’s economy.

British buyers have virtually deserted the market as a result of the revelations about Title Deeds and the misdemeanours of property developers, real estate agents and banks featuring in the UK media.

Property sales to overseas buyers in Paphos, once a favourite of the British, are down by nearly 90% on the numbers sold in 2007 and are at half the number sold ten years ago at the start of the property boom.

Source: Cyprus-Property-Buyers.com