Real Estate Measures To Counteract The Impact Of Covid-19 In Cyprus
The Cyprus real estate market is held hostage by the coronavirus, and its performance is going to get worse before it gets better. The effects on real estate will vary and the extent of the effects will depend upon the duration of the virus, the development of the vaccine, and how quickly we apply real estate measures.
When it comes to the Cypriot real estate, most local experts they do reassure the public opinion that the real estate market will rebound by 2021. However, without the provision of property measures this scenario does not seem realistic.
To date, the only real-estate oriented measure that has been launched by the government is the 4-year subsidy of the interest rate (up to 1.5%) for housing loans with a loan value of up to €300,000. To this end, the fact that this measure is applied only for owner occupancy and up to the threshold of €300,000 spark concerns as to its potential effectiveness. Moreover, for boosting the confidence in an industry a combination of measures needs to be launched. For this purpose, we propose five measures that if launched by the government within 2020, they will provide grounds for the rebound of the real estate market by 2021 – 2022. […]
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