The exogenous demand is what mainly pushes real estate prices up, however this is not something we should demonize, as foreign investors come to the island, jobs are created, unemployment decreases and foreign exchange enters the economy.
Speaking to Sigma and the show Mesimeri and Kati, the president of the association of appraisers, Polys Kourousidis, noted, among other things, that it is good to have stabilization in prices. To add saying that as long as Cypriots can go shopping this is positive. After all, as he said, the majority of purchases, around 60%, are made by Cypriots. With €200 thousand someone can find an apartment and €250-300 thousand a house, he said. There are opportunities and this can be seen from the purchase and sale documents concerning Cypriot buyers, he added. It is in no one's interest for prices to fall, as when values fall bad loans increase and banks need recapitalization.
Asked about the reduced VAT rate of 5% on real estate, Mr. Kourousidis noted that it is positive that it seems to be accepted that there is no separation between apartments and houses.
