Weather in Larnaca PROPERTY OF THE MONTH UNIQUE OPPORTUNITY TO PURCHASE YOUR HOLIDAY APARTMENT IN PYLA, LARNACA ONE AND TWO BEDROOM DELUXE APARTMENTS STARTING PRICES 12O000 EUROS FOR ONE BEDROOMS 180000 EUROS FOR TWO BEDROOMS
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Cyprus is part of the European family since May 2004. So how did this affect the prices of properties in Cyprus.
The answers are very clear and can be seen in the price indices from may 2004 up to date. The prices have risen by more than 75% since may 2004 in total. The reasons are due to the following facts:
1. Construction costs have risen.
2. Cost of land has increased by more than 30% as a result of increased demand
3. The demand of properties by foreign investors has increased since it is a safe long tern investment
4. Demand by other buyers has increased as a result of a 'catching the train' thinking , before prices get too high
Due to the combination of the above reasons, prices of properties in general have risen. It is furthermore expected that prices will rise by another 50% by mid 2005. Then it is estimated that there would be a period where the price increase will stabilise since supply will be very high and then the cycle will continue with increaseings on the prices again
by Livadiotis Paris BSc (Quantity Surveying) MSc (Construction Management)
