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Cyprus Property News

Low interest rates make Cyprus properties great investments.

Date: 09/12/19

With bank base rates again taking a squeeze, it’s becoming more and more of a standing joke when you receive your bank interest.


 

For the most part, you can expect a fraction of a basis point on a current account and while you may get above 1% by locking your money away, there are other factors to consider. In Cyprus, for example, your merge earning could be hammered by bank charges that have been steadily escalating over the years and now have to be taken into serious account when making a decision where to keep your money. The European Central bank deposit rate is currently minus 0.5%, meaning Euro Zone banks pay to leave money on deposit there. Gone are the days of yield-on-deposits as money printing, formally known as quantitative easing, creates new money that inevitably looks for a yield better than -0.5%.

 

As QE money enters the market it inevitably goes in search of decent assets that will return an adequate yield in the negative interest rate environment. This goes some way to explaining the rise in stock markets across the world. Between 2010 and 2015 in Cyprus we have had a major drop in property asset prices. Although most recently we have seen some upward movement of prices, properties that deliver good rental yield still represent great value for investors. The 50% reduction in transfer fees introduced in 2016 has helped to keep the costs of buying at a lower level compared with other European countries.  At the same time, the increasing popularity of Cyprus as a holiday destination has given new landlords ample business from property rentals.


Properties cannot be “created” at the push of a button like new cash. Thus, properties hold an intrinsic value that will continue to deliver both investment yield and personal pleasure. As cash becomes devalued through QE, real estate becomes a superior choice for the savvy investor.

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