Cyprus property market limps towards recovery
Cyprus enjoyed a three-year housing boom until 2008. Then the market began to fall, mainly because of lower demand from British buyers, who comprise around 70% of all foreign buyers in Cyprus. The UK recession, and the weakening of the pound against the euro, prompted British buyers to look for non-Euro destinations.
Residential property prices have fallen by as much as 20% and 30% in the past three years, with the most affected being Paphos, Sotira and other areas popular with foreign holidaymakers and retirees, according to real estate valuer Anthonis Loizou. There are as yet no long-term house price statistics, though the Royal Institution of Chartered Surveyors (RICS-Cyprus) released its first Property Price Index for Cyprus in Q1 2010
