Coronavirus fears hit Cyprus property market

Коронавирус стагнирует рынок недвижимости Кипра
8 April 2020 Liza Medvetskaya
2475

Property sales in March 2020 fell very much as a coronavirus fears caused byers and sellers to change their planes. The problem is not only rental sector, but it sales-buy as well.

On March, 21 Cyprus airports went into lockdown by the decision of country's authorities. So, the potential investors cannot fly to Cyprus to get the acquainted with the objects, and many transactions had to be put on hold.

According to experts, if the problem with virus will be resolved quickly, that the market will freeze for no more than two months. If the situation does not improve, the consequences can be very poor.

According to the Cyprus Land Department, in March 2020, buying activities in Cyprus decreased by exactly a third compared to the same period in 2019.

March saw a total property sales contract deposed at Land Registry offices across the island compared to the 766 deposited in March last year, a fall of 33%.

Hardest hit was Paphos, the most popular hot-spot with foreign investors, with sales falling by 56%.

The second most popular hot-spot with foreigners (Limassol) saw sales fall by 50%. Meanwhile sales in Larnaca and Famagusta fell by 10% and 9% respectively. Although sales in Nicosia, the capital, rose by 6%.

The coronavirus epidemic is most likely to affect elite housing developers who are targeting foreign investors.

The most significant reduction in real estate sales in Cyprus falls on exclusive real estate, in areas that are most popular with foreign buyers.

It is not excluded, that the turmoil in the Cyprus property market could lead to the bankruptcy of some developers and have serious negative consequences for the country's GDP growth this year.

Source : news.cyprus-property-buyers

Kirill Ravchenko
Kirill Ravchenko
8 April 2020 14:30
Now there are a huge number of people who want to arrange the purchase and sale of real estate in Cyprus and renew the title of the owner, but the big problem is that the Land Departments of Cyprus practically do not work, they only certify documents, and they have not been able to get through to them for the third week, they do not answer the phones, the doors are closed. Therefore, this is a temporary fall, then there will be a rise.
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