Experts of the Cyprus real estate market have given their forecasts of the development of the situation specifically for the portal HomesOverseas.ru .
Andreas Huloudis, Sales Director of the development company D.Zavos Group
"It's hard to say what will happen to the real estate market, but most likely we will see a surge in sales in the next 2-3 months, as people lose confidence in banks, the state will limit the export of capital from the country, and therefore investing in real estate will be the most affordable tool for saving capital."
Yulia Titova, Director of the international real estate agency Rentsale:
"This is a great damage to the reputation of Cyprus as a stable investment destination. The demand for real estate in Cyprus may now fall, and with it, housing prices. There is a possibility of a second wave of investors willing to take risks."
Dmitry Yakushev, partner of the Cyprus agency INTO Properties Ltd:
"Some experts say that real estate prices will fall even further and will be equal to the Turkish side of the island, while others predict that many will want to invest money in real estate so as not to keep it in the bank - this is a more likely scenario. But no one knows what will happen in reality yet. I am sure that an island with a history dating back several thousand years will be able to resist this time and quickly recover in spite of detractors from Europe."
Paul Hann, owner and manager of Sunshine Luxury Villas Ltd. and Rent Your Cyprus Property:
"It is likely that after reports of the crisis situation in Cyprus, property owners will start to panic and put their properties up for sale at low prices, so that in the next few months there may be excellent opportunities to buy housing in Cyprus at discounted prices."
Read the details in the article "Cyprus. Banking crisis and real estate market. What should we wait for?"
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