'Economist Marios Clerides said that that he too feared a possible drop in real estate prices.
“I am concerned about property prices because we have created artificial demand with the passport scheme and the sustainability in this area,” he said. “The real estate market in Cyprus is fragile”.
I cannot say I agree with him. The properties for passports is a completely different 'kettle of fish' compared to the day to day properties being sold.
They are in a different league and as such cannot be used to draw conclusions about the ongoing property price rises. They is certainly more demand, our office alone has seen an exponential rise is demand for property from as early as 2/1/18! With this increase in demand, there is low supply, not many if any developers are currently building in the Famagusta area that I know of (except the 2 larger ones building coastal high end properties). This in itself is going to fuel the price increase to the resale market.
Limassol, is also a different ball game, it is an extreme where other district cannot be compared to, just like the London property prices cannot be used as a yardstick for properties around the UK.
I don't doubt that there is a bubble forming in Limassol, but it is a bubble of high end properties not your average family home. IMHO, the reason for the greater sales in Limassol, is due to the prices falling initially and making them more affordable to the local population.
Anyway, that's my take on this time will tell.
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