Property Freezing Is Temporary

  Article By : Marinos Kineyirou|  Published at : Politis Newspaper| 21-04-2013

Marinos Kineyirou: President of the Cyprus Association of Estate Agent Entrepreneurs -President of the Real Estate Agent Entrepreneurs Association of Larnaca/ Famagusta and Property Auctioneer

Marinos Kineyirou Manager of Marinos Estate Agencies LTD

Marinos Kineyirou Manager of Marinos Kineyirou Estate Agencies LTD


Property Freezing Is Temporary

The new data in the banking system, the daily developments of the economy and the painful measures taken to rescue it, brought once again to the fore that the safest investment is the properties. Buying a property for sale such as Cyprus villas or apartments is a safe investment; especially in a market that is in recession and since traditional forms of investment (shares, savings, etc.) do not offer anything. The Cyprus Association of Estate Agents Entrepreneurs believes that investing in real estates, remains the safest choice and now is the right time for market research, taking advantage of the time with the restrictive measures of the banks and the reduction on prices of real estates for sale in Cyprus. The liberalization of the restrictive measures of banks in conjunction with the right research and price reductions on properties will find anyone who is interested ready for investment, because the land acquisition will never be reset or lose its value.

The Acquisition Of Land Will Never Be Reset Or Lose Its Value
Despite the problems which our economy is facing and by extension the real estate market, the Cyprus Association of Estate Agents Entrepreneurs stresses that there are prospects for development. The announcement for the reduction in the basic lending rates by the banks is a good start with great benefits for bank customers and the market. Positive messages for the Cypriot economy arise from the business conference held in Limassol with the Russian Business Community where it was stressed that Cyprus will recover quickly from the economic crisis and will continue to offer attractive packages of advantages to foreign investors. The permanent residency visa for Russians and Chinese investors was described as a positive development and the great interest of investors to have access to the European Union make Cyprus a dynamic market due to its geographical location too. The Association points out that the state must take action to promote the Cyprus property market and set a comprehensive plan for the proper coordination of investments in Cyprus with all the public services involved in this process. The Association asks once again, for the price differentiation in purchasing residence from the amount of 300,000 euros, the liberalization or at least the reduction of the price in order to boost the real estate market, turning words into action by the already increased interest of third countries. The price differentiation will put an end in the exploitation of foreign investors- mainly the Chinese who buy in unreasonably high prices- by some businessmen and real estate businesses. Presenting the correct price of the real estate will create the basis for a healthy competition. The lack of confidence in the banking sector by investors and the decline in deposit rates troubles any investor seeking new forms of investment. Buying a property after these developments, gives good opportunities for investment and the Cyprus Association of Estate Agents Entrepreneurs restores its suggestion for 0% transfer fees for all properties, not just those covered by VAT. (No discriminations). This change will help the market and create mobility in the industry. Also, this suggestion will bring increased revenues to the state through the reactivation of the construction industry from fees and taxes as well as big savings on unemployment benefits. The proposal of the association is about the stimulation of development and there should be a radical change in incentives in the construction sector and not any partial solutions. The intention of the Association is not the deprivation of revenue by the Government but measures to avoid our economy falling in further recession. New incentives for the Cyprus Property market will keep her alive and provide new jobs in the private sector. The problem of title deeds issuance should be addressed directly through legislation so as no such image of Cyprus appears again, which is vilified abroad as problematic market because it does not issue titles and traps the buyers. The great interest of Russian and Chinese investors, the gas, building casinos, the reduction of interest rates and prices on properties for sale in Cyprus in conjunction with a comprehensive legislative plan for the Cyprus Property market will bring a radical change and trigger its revival.

Use our comprehensive online Cyprus property finder service to find properties to buy, to rent or to sell. Also, we provide property management services and the latest Cyprus real estate news in the news section of the website. Marinos Kineyirou real estate agents, specialize in the Cyprus property market with exclusive properties in the cities of Limassol, Nicosia, Pafos, Larnaca, Famagusta, Protaras and Ayia Napa.

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