World crisis undoubtedly had on the construction of the island of Cyprus and the real estate noticeable effect. The most affected districts of the republic – Paphos and Larnaca, in those areas of the affected segment – is mostly a resort property. To a lesser extent feel the negative impact of the global financial crisis, Limassol – business center and port – Nicosia – the capital of Cyprus. The market of Paphos was heavily influenced by falling purchasing power Britons after the onset of the global financial crisis. Britons have long been purchasers a relatively inexpensive real estate in Cyprus, and it turned out that due to the fall of their opportunities this market felt crisis the most, relatively inexpensive holiday properties in Cyprus, a popular British towns lost in the price. For reduced proceeded regular market recovery.
Also stimulate market recovery is also a fact that credit institutions do not have to tighten the process of granting loans, which prefers a considerable number of buyers and the global financial crisis. The real estate market was due to the financial crisis, a buyer's market. In an effort to increase the interest of buyers, some developers are somewhat reduced the down payment, which before the arrival of the crisis was 30%, remaining the same part of the sum can be made with the assistance of a mortgage credit. The most important reasons that Russians buy property in Cyprus, is the desire to own a vacation home in the resort, the intention to invest savings or a house or apartment to buy, if you move to Cyprus to live. Read more from Bill O’Grady to gain a more clear picture of the situation. Answers investors show that our compatriots choose local real estate, primarily in order to have a second home for himself for the rest of the sea at the popular resort to second place among the reasons are buying investments, in addition, there is a desire to buy apartments or villas in the case of moving into the republic to live permanently. In the second half year of crisis increased sales growth. Sales showed an increase up to the beginning of this year.
Further, this was followed by contraction of the market in April 2010. Greek crisis in April was a factor in the reduction of transactions in the Cyprus market: buyers looked on immediate future of the world economy in the black. Restoration of the property market of Cyprus took place and with the advent of the year, although in April the development has been suspended financial crisis in Greece, which caused a rollback on the market, however, as early as next month the market of Cyprus demonstrates continued demand growth and housing sales. If we compare the past and in May of this year, sales were up twenty-five percent – a convincing and demonstrates movement towards growth in the market of Cyprus. Foreigners coming to Cyprus, show more attention to the market of Cyprus is increasing demand. This year, Russian buyers continue to show their activity in market and continue to be major foreign buyers in Cyprus. Among Russians, the major market participants – from Moscow. The second position was fixed for the northern capital city and the Leningrad Oblast. Needs of our customers immovable property on the island in general have not changed. Acquire property on the island of Aphrodite, senior managers or owners of the business.