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Cyprus Property News

What will be the future of The Cypriot property market post bailout?

Date: 24/06/12

With Cyprus being on the brink of a bailout of its banks and perhaps its wider economy, one of the questions on the minds of buyers and sellers is, “What will be the impact of the bailout on the Cypriote property market?”


The truth of the matter is that the sale of “resort property” does not really reflect the macroeconomic state that Cyprus finds itself in. Cypriots themselves form only a small part of the market for such properties and overseas buyers are aware that Cyprus represents a stable choice. More important to buyers than the prospect of capital gains is the great Cypriot climate, well developed infrastructure and a warm welcome from locals.  

Moreover, one of the most important factors in pricing with vendors is the Euro - British Pound exchange rate. While everybody wants the best deal, looking into the crystal ball of price movements often proves to be a futile process. Lots of people simply refuse to “wait and see” what will happen putting their lives “on hold” instead making a decision to take the plunge and buy. Often such buyers find some years later that despite the crisis their property firmly holds its value.

Ultimately no matter what is the state of the market, people must try their best at the time of purchase and this means good location, quality and price.  

Some things never change…

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