12 November 2008
12 November 2008 “round table” dedicated to the issues in capital appreciation saving in the global financial crisis. Discussion was between Odessa and Odessa region leading businessmen, foreign businessmen and investors. Participants of the “round table” were analyzing changes in profitability of capital growth on the most popular property markets before and after beginning of crisis.
George Georghiou, partner of Feod Group, who has a 25 years experience in legal support of agreements in property markets of UK and Cyprus, has given priority to Cyprus:
«…Despite the global credit crunch, where it has been seen international banks cringing and laying off bank staff, Cyprus, on the other hand has not been so badly hit, accordingly, Cyprus is beating the credit crunch due to a high level of continued interest in the property market.
There are fundamental reasons why Cyprus will remain a popular choice with people seeking a move overseas to enjoy the perfect blend of sunshine and financial savings – which is why we think the property market in Cyprus will avoid the worst of the credit crunch fallout and only decline a little rather than crash completely
The fact that the Cypriot government is extending the 2 international airports already servicing the island and indeed have launched tenders for building 3 brand new, multi-million euro marinas and golf-club on the island, all of which can only impact positively on property prices in the future
Interestingly, Cyprus is one of only three countries in the world to be experiencing positive capital appreciation on properties and from January to August 2008 the average rate of growth was 8%. Taking into consideration those countries on the continent, some of which have seen property prices fall by as much as 40%.
The diversity of people investing in Cyprus provides a level of security; it ensures that Cyprus’s property market is not detrimentally tied to the fortunes of any other national economy.
Indeed, Cyprus property sales continue to be bouyant with investors and lifestyle purchasers attracted to the safer choice of this jewel in the mediterannean.
Further, annual capital growth and readily available credit facilities really do prove that it is still possible to reap returns on property investments during the credit crunch.”
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