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Cyprus Property News
Irresistible buying opportunity in Cyprus as sterling heads towards 1.40 against the Euro.
As prices of properties in Cyprus have suffered due to the persistent financial crisis now comes a time when the bottom of the market is apparent.
And of course the perfect time to buy a property is now.
Those who follow the exchange rate of Sterling vs Euro must have noticed that it has practically approached 1.40 ratio. Sterling being well over a 7-year high against the euro makes us often do a double take at the current property prices in GBP. Great 2 bedroom flats from around 65,000 Sterling are hard to resist for the UK buyer, but crucially make selling for the British owners all the harder. The inevitable result will be a restriction of supply and stabilization of prices, especially of those in desirable projects with title deeds.
The other side of this currency coin is the depreciation of the Russian Ruble. At one point it hit a scarcely believable 100 RUB to the Euro rate as panic selling set in. If you were brave enough to buy at this point you would currently be sitting on a 32% profit as the Ruble has staged a recovery to sit at 68 RUB to the Euro. Russians are nothing if not resilient and although a weak Ruble has hampered their buying, the weak national currency encourages many Russians to sell their properties in Cyprus and invest in Russia. At the same time many Russian buyers are still active in the Cyprus property market due to its timeless benefits, unbeatable weather and convenient geographical location. We confidently foresee their return on mass at a better rate of exchange RUB vs Euro.
As sheer economics takes its toll on prices and exchange rate movements turn in favor of the international buyers, now is the ideal time to buy your dream home in Cyprus at rock bottom prices.
