Cyprus property market hits 'slump'

Cyprus' largest homebuilder has recorded a 41 per cent fall in sales for the first ten months of 2008.

Aristo noted that a drop in demand from British investors has contributed to the decline, with the number of Britons enquiring about homes in the country falling by 75 per cent, Bloomberg reports.

And many of Cyprus' real estate firms have been impacted by the property slump, with Michael Cartwright of Leptos Estates explaining that the company has had to lower its prices and scale back development since the onset of the economic downturn.

"Business isn't good, but we're surviving," he told the news source, adding: "The biggest problem is the value of the pound and the weak UK housing market."

The UN recently stated that talks taking place on the island in an attempt to unify the Greek and Turkish Cypriots have been going well, with discussions regarding property rights described as "substantive".

Like this? Then share with your friends and colleagues!