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Cyprus Property News

Banking crisis in Cyprus doesn’t scare away property buyers and tourists.

Date: 25/03/13

Widely covered crisis of banking system in Cyprus in reality had very little effect on ordinary tourists and average investors in the housing market of the island.

And this is not surprising, if you take a pause for thought. Our average tourist who later becomes a property purchaser comes to Cyprus for very simple reasons: wonderful weather, abundance of sunshine, healthy Mediterranean cuisine and peaceful life.  Restructuring of Marfin Laiki and partial losses of large deposits of over 100.000 euro in the Bank of Cyprus have no effect of lives and conditions of stay for ordinary tourists and guest of Cyprus. Financial turmoil concerns only large depositors in two separate financial institutions, with other banks not being affected.

Moreover if we can predict any outcome it will be a favorable one. As you can see from the video reports of international media Cyprus has already welcomed a swimming season while the rest of Europe is covered with snow.  If you are coming to Cyprus don’t forget to pack your hat and sunglasses! As for the atmosphere on the streets it is extremely relaxing. Apart from an insignificant group of protestors by in from of the Parliament in Nicosia the streets of coastal towns are full of holiday makers and residents, taking leisurely strolls along the coast. As for the local Cypriots, they are taking the changes very philosophically. The President of the island has declared new policy of creating new jobs by working harder to develop country’s infrastructure and improving the quality of service for tourists. The country in on the road of building new hotels, developing beaches and making price more competitive.

And the main question for us as estate agents – what will happen to the property market in Cyprus? The answer to this question promptly presented itself. Property in Cyprus as an option for an investment has become even more economically viable. With financial system being under pressure investors are known to turn to traditional option among which property inevitably takes leading positions. Crucially the main change lies with banking system itself. After the 14 months of no finance on the property purchase in Cyprus the coming recapitalization is long overdue. Once it is implemented our clients once again will be able to secure a bank loan for their new home in Cyprus. 

You can put 2 and 2 together! Just want to remind you that the resale market always presents the most financially attractive options as well as secure  purchase supported by absolute ownership or title deeds.

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