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Reduction of prices on the Cyprus property can continue

21.12.2009
Homesoverseas.ru editorial office
35
Chairman of the Cyprus Association of Developers Lakis Tofarides said during the annual general meeting of the Association, in 2010, property prices remain at the same level as in 2009. "Real estate prices have fallen to the limit. In Nicosia and Limassol, they fell by 5-10%, while in coastal areas up to 30%. Now on the market price stabilizirovilis at 2007 levels, "- he said. "However, given the fact that 40% of the selling price of real estate is the cost of the land, and another 27% is spent on taxes, the limit for the further reduction of prices does not exist. Consequently, a significant price growth in the sector is not expected ", - he stressed. In addition, Tofarides doubt that government measures regarding the additional floors in urban buildings, will help to improve the situation as "the price of real estate is not formed on the basis of the actual cost of the facilities, and on the basis of current market prices." On this Site www.news.cyprus-property-buyers.com
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