Interview about Property Investment
A while back I was interviewed by an internet TV station about Cyprus as an investment opportunity in the property market. Who was to know back then what has happened lately here in Cyprus. Wow! talk about a nutty turn around in the market.
The property prices in Cyprus this year 2013 must have ensured a fall and loss of probably around 40%.
A house you bought some years ago for around 500K is probably worth around 300K now and the flats are even worse as there are so many of them.
However its light in the horizon as Cyprus now soon will stabilise after the financial crash and focus on the development of the oil and gas they have found just off the island. It is said to be one of the biggest gas reserves found in the world and companies from all over the world is flocking around to get their piece of it.
In Larnaca where I have lived the last years we see that the oil and gas storage points that was placed by the seafront is now going to be moved to another place (have no idea where) and Larnaca will develop a brand new port area. With about 350 days of sun per year Cyprus is still a great place to live, chill or have fun.
For you that has not invested in Cyprus yet, this is the time to look at good projects. You may have to have all the funding though because the banks are still very tight with the cash. But pretty soon that will change too.
Come on down and have a look:-)