2017 in general was noted as a year of growth, during which the recovery of Cyprus economy had a positive impact on the property market. Cyprus real estate prices are continuing their upward trend beginning from the third quarter of 2016 according to Central Bank of Cyprus report.
In general, prices on property in the last quarter of 2017 increased by 1,5%, whereby prices are higher by 1,6% than in 2016, but 29,4% lower than in 2008, when the real estate market had its peak.
The most significant rise of 2,9% was recorded in Limassol. The minimum indicators were achieved in Larnaca, only 0,5%. Real estate market in Limassol has grown both due to the sale of elite properties popular with foreigners who want to obtain citizenship or residence permit for investment, and thanks to the demand for affordable housing. .
However, despite the property market continuous recovery, the question of non-performing loans still remains a big barrier. As per Central Bank of Cyprus, 2/3 of loans are problematic. With the reference to CBC, StockWatch portal reported that the majority of unpaid loans is on construction companies.
In this situation our company Harakis proudly stands out. We continue to work timely performing all our obligations to financial structures and our customers. Already this summer our new luxury project Hara Elite Home will be completed, which was constructed with no bank loans involved.
News’ source “Successful Business”