On the Cyprus property market foreseen the fall. 10.11.2008
According to the foreseen of EU Economic Forecast 2008, Cyprus property market, is waiting to decrease the tempos of growth in nearest future. General economic growth is slowing down, as financing crunch brought to decreasing the tempos of economic growth in Euro Union.
According to the experts, in 2009 economic activity in region will continue to decrease. The level of private use will not decrease, provided by growth of incomes, low level of employment and effect from tax reform.
The level of private use will decrease a bit in comparison with near past as debt load of mortgage credits will increase and not stable economic situation is supported by the ongoing financial crunch.
Because of decreased level of quest for property, from the side of foreign investors, the level of investments in property will decrease. As a result, prices for property in coast regions will be corrected.