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Cyprus Property Blog by Cleo

Buying Property in Cyprus is a great investment choice and we discuss various aspects.

A look at the Brighter side in Cyprus

Cyprus has been in the international spotlight for the last few weeks. If you listen to or read all the news stories you will have a hard time finding a positive one. I know this because I have tried several times to find an uplifting piece to help me write an article about the brighter side of the recent Cyprus financial problems. I understand that if you stand to lose a major portion of your money there is nothing that seems bright about it but there must be positives that we need to point out. In my opinion if you care about Cyprus and wish for a rapid outcome then that is what everyone should do - look for the positives and see how they can contribute to a better Cyprus for all. 

Every analyst seems to paint a picture of doom and gloom and a long tough road ahead. Everyone has an opinion including some of the most respected economists from all corners of the globe and none mention any positives. You would think the bailout is a scheme put in place in to steal the new found gas deposits or to take away all government controlled businesses and destroy Cyprus. I understand how the public has reacted to the plan and especially because how things were handled at the beginning, reports of taxing all the bank deposits  even insured deposits was the biggest mistake, meanwhile closing of the banks for 13 days made the situation even worse. People everywhere thought if this can happen to a country in the EU then it can a happen anywhere. However, the actions taken were overdue and necessary in order to finally put the country on the right track, a place where Cyprus has never been.

If you look beyond the worst case scenarios and conspiracy theories, then you would see a Cyprus that has struggled with many issues since it's independence with struggles within it's own communities. When I decided to move to Cyprus in 2006, I felt I was placing myself in a place full of opportunity.  I felt that by Cyprus entering the EU there would be many changes to the system that would upgrade the countries ability in the global market and provide guidance and a road to success. This has not been the case and  I have been disappointed many times at how they have not been able to come to any solution to any of the major obstacles that have hurt Cyprus.  I was surprised when Cyprus voted against the Kofi Anan plan to reunite the island and I never expected that we would still not resolve the issues in 2013. The election of a Communist president was another surprise, something I did not expect from a new Eu member country. I have often heard how Cyprus is a country that never misses an opportunity to miss an opportunity and I am starting to see how that saying came about.

There is a desired outcome that the Cyprus government and the Troika (IMF,EU, Central bank of EU) hope to accomplish. This desired outcome should have been spelled out (Marketing Campaign) to the country before the plan was put in place. The way things were handled made things worse and that was admitted by the ECB president.

What happened in Cyprus changed things for the better in the long run. Cyprus does not have the luxury of missing anymore opportunities. The brighter side of things are broken and ignored needs will now be looked at and hopefully taken care of. Cyprus is Cyprus and it's not Greece. Cyprus must look at all it's resources and use them to it's peoples benefit. Turkey is too close of a neighbour to ignore. A water pipeline coming in from Turkey and a Gas pipeline to Turkey as well as talks over the disputed North should be on the top of the Cypriot government agenda.  The old days of getting things done because you know somebody and getting away with certain practices will no longer be tolerated. I think with the EU there will be much more transparency and accountability by everyone in Cyprus including businesses and government which to me is the only way to move forward.  And in order to move forward Cyprus needed to take a few steps back and now, we are able to go forward again. 

The last thing I would like to add is about Cyprus property. I read from the experts how we will struggle in Cyprus and how house prices are going to take a big dip. I don't see the prices going down much more than they currently are. There are properties that are priced high by the sellers and those should and will need to be reduced if the owners want to achieve a sale. The price of homes are dictated by the market's supply and demand and what buyers are willing to pay or what sellers are willing to accept. In my opinion for many of the people I know, it would be smarter for them to hold on to their homes than to reduce any further. At the height of the U.S. housing crisis, when there were an enormous number of vacant homes that were bank owned, there were only a few available for consumers to buy and that kept the prices more stable. This will happen here in Cyprus by sellers pulling out of the market. 

I believe Cyprus real estate is a great investment at the moment and has been for the last couple of years. Imagine if  those who had large bank deposits would have invested in property and how much better off they would be now. 

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Cyprus Property is Hot! Now more than ever. There are over 20 million northern Europeans (European baby boomers) that have retired in the last few years which is a great number and many will be British. Many have been waiting for the financial crisis to past before they make the move to Cyprus. With warm weather, low crime rate, low cost of living in Cyprus and English speaking population, do you think Cyprus will have enough properties for every one?