Property News - July 2008
Welcome to our property investment newsletter, the aim of which is to keep you up to date and informed as to the most recent property trends.
With global house price inflation in Q1 2008 at 6.1% compared to 9.2% in Q4 2007 we are seeing a marked slowdown in the international property markets. For the inside track on what’s happening with house price inflation around the world, we have included in this month’s newsletter the Knight Frank global house price index. (See article 3)
As we now enter a buyers market, with limited access to finance as a result of the “credit crunch” there is no better time to be buying off plan with a long completion date. Please see our featured development of the month. This is excellent value for money and when the market turns you should realise some solid capital growth on your investment.
The seller usually appoints a Conveyancer to attend to the transfer of fixed property, although this, like other aspects of a sale agreement, can be varied by negotiation between the parties.
A report (‘Eco-homes, economically sustainable?’) published by Knight Frank LLP and EC Harris LLP reveals an optimistic assessment of attitudes towards eco-home development in the UK. Recognising that although the Code for Sustainable Homes (CSH) is voluntary at present it is already having a positive impact on attitudes towards property development and purchase.
Residential property price inflation continued to slow in the first quarter of 2008, falling to 6.1%, compared to the 9.2% recorded the previous quarter and 9.8% over the 12 months to Q1 2007. The number of markets where prices have fallen has increased, and although there are still locations where price growth is in double figures, at the moment they are the exception rather than the rule.
This article forms part of a 5 part series which covers the basics of living and investing in Cyprus property. This, the second month in the series, covers the Cyprus legal system, education system and tax system as well as a section on safety and shopping in Cyprus.
Based on the latest Absa House Price Index, house price growth dropped further to a nominal 4,3% year-on-year (y/y) in the middle segment of the market in May this year, down from a revised 5,5% in April.