Cypriot property 'to bounce back'

The property market in Cyprus is set to bounce back, it has been predicted.

Chairman of the Association for the Promotion of Property Development George Mouskides acknowledged in an article for the Financial Mirror that there has been a major fall in prices and transactions during the world economic crisis.

However, he stated, matters should now improve in the coming months as the world economy begins to recover.

The British tourism sector is one such area Mr Mouskides pointed to, suggesting many who have held back from taking foreign holidays will now book last-minute breaks to the island.

Summarising the prospects for Cyprus, he concluded: "The situation in Cyprus will begin to become more positive and this, according to all visible signs, will first and foremost influence the property sector."

Last month, it was suggested by president of the Cyprus Land & Building Developers Association Lakis Tofarides that the Cypriot government should lower property taxes.

This will help increase transactions, he told the Cyprus Mail.

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