Cyprus-Forum.com

[Mr. T]

Both sides of Cyprus are suffering from both a property slump and a drop in tourism. If the prediction in the following article is only half correct it seems inevitable that the situation in Cyprus will get much worse, with the present dearth of property buyers likely to seem like a relative boom in the not too distant future as buyers from the UK ,Ireland and some other countries all but disappear.
Tourist numbers coming from the UK will undoubtedly fall further too.
Grim news for those wishing to sell up and leave the island and also the Cyprus economies.



'March 12, 2009
House prices could fall a further 55%

by Gill Montia

Numis Securities, the investment banking and institutional stockbroking firm, has predicted the worst outcome yet for the UK property market.
Analysts at the firm suggest that house prices could slump by a further 55% as Britian faces a deep recession that could extend throughout 2010.
Already 21% below their 2007 peak, Numis estimates that UK property prices remain between 17% and 39% overvalued, based on a fair valuation.
However, the 1990’s housing market slump saw prices dip below fair valuation levels and the firm therefore reckons that a further 55% decline could occur.
Numis supports its argument with the expectation that house price falls will accelerate in the months ahead as amateur buy-to-let investors, some of whom have invest in over-priced city centre flats, sell their portfolios.
Should the collapse fulfill the firm’s predictions, the average UK house price will stand at £96,000, when bottomed out.'

[CBBB]

Good news for Cypriots wanting to buy a house that can't currently afford it!

[bill cobbett]

Good news for Cypriots wanting to buy a house that can't currently afford it!

IF developers drop their prices. Any evidence for this? I haven't seen any.

[CBBB]

Good news for Cypriots wanting to buy a house that can't currently afford it!

IF developers drop their prices. Any evidence for this? I haven't seen any.

The banks will be selling the properties soon, for whatever they can get!

[Jerry]

Unfortunately normal laws of supply and demand don't apply in Cyprus. Loss of profit resulting from a fall in demand is countered by putting up prices. Something called "the elasticity of supply and demand" seems to have escaped those who wish to sell property in Cyprus.

[Z4]

Both sides of Cyprus are suffering from both a property slump and a drop in tourism. If the prediction in the following article is only half correct it seems inevitable that the situation in Cyprus will get much worse, with the present dearth of property buyers likely to seem like a relative boom in the not too distant future as buyers from the UK ,Ireland and some other countries all but disappear.
Tourist numbers coming from the UK will undoubtedly fall further too.
Grim news for those wishing to sell up and leave the island and also the Cyprus economies.



'March 12, 2009
House prices could fall a further 55%

by Gill Montia

Numis Securities, the investment banking and institutional stockbroking firm, has predicted the worst outcome yet for the UK property market.
Analysts at the firm suggest that house prices could slump by a further 55% as Britian faces a deep recession that could extend throughout 2010.
Already 21% below their 2007 peak, Numis estimates that UK property prices remain between 17% and 39% overvalued, based on a fair valuation.
However, the 1990’s housing market slump saw prices dip below fair valuation levels and the firm therefore reckons that a further 55% decline could occur.
Numis supports its argument with the expectation that house price falls will accelerate in the months ahead as amateur buy-to-let investors, some of whom have invest in over-priced city centre flats, sell their portfolios.
Should the collapse fulfill the firm’s predictions, the average UK house price will stand at £96,000, when bottomed out.'

All pie in the sky in my opinion, especially when words such as predictions, estimates and could are used!

How's this.....my prediction is that the value of my house could rise by 10% this year, it has been estimated

[CBBB]

In Nicosia there is inelasticity of supply & demand as the sales are not to tourists/second home buyers, but to people who need to live in Nicosia.

[bill cobbett]

In Nicosia there is inelasticity of supply & demand as the sales are not to tourists/second home buyers, but to people who need to live in Nicosia.

So presumably prices in Nic are stable or even still rising?

[CBBB]

It was reported in the Cy Mail a few days ago that prices had gone up 4% in Nicosia this year, but I am not sure I believe that. Probably fairly stable at the moment.

[suegwyn]

Both sides of Cyprus are suffering from both a property slump and a drop in tourism. If the prediction in the following article is only half correct it seems inevitable that the situation in Cyprus will get much worse, with the present dearth of property buyers likely to seem like a relative boom in the not too distant future as buyers from the UK ,Ireland and some other countries all but disappear.
Tourist numbers coming from the UK will undoubtedly fall further too.
Grim news for those wishing to sell up and leave the island and also the Cyprus economies.



'March 12, 2009
House prices could fall a further 55%

by Gill Montia

Numis Securities, the investment banking and institutional stockbroking firm, has predicted the worst outcome yet for the UK property market.
Analysts at the firm suggest that house prices could slump by a further 55% as Britian faces a deep recession that could extend throughout 2010.
Already 21% below their 2007 peak, Numis estimates that UK property prices remain between 17% and 39% overvalued, based on a fair valuation.
However, the 1990’s housing market slump saw prices dip below fair valuation levels and the firm therefore reckons that a further 55% decline could occur.
Numis supports its argument with the expectation that house price falls will accelerate in the months ahead as amateur buy-to-let investors, some of whom have invest in over-priced city centre flats, sell their portfolios.
Should the collapse fulfill the firm’s predictions, the average UK house price will stand at £96,000, when bottomed out.'

All pie in the sky in my opinion, especially when words such as predictions, estimates and could are used!

How's this.....my prediction is that the value of my house could rise by 10% this year, it has been estimated

It is estimated that your prediction could be right!! [/b]