Cyprus Property Appraisal Dilemme
Cyprus property appraisers were forced to stop their activity – due to the critical economy situation there is a high possibility of the slump. Some forecasts say property can go down 40%.
Head of the real estate appraisers Association Haralambos Petridis in the interview to Reuters said that last week Association members were advised to refrain from any assessments for banks or individuals until the final conditions of the Cyprus’ financial bailout will be known.
Back in February this same association cut to peices PIMCO’s report in which the company indicated a possible property a 30-40% price drop this year.
Russian investors may loose around 2 billion euro with Cyprus property, said in an interview to Moscow Times Constantine Popov, head of “INKOM” construction and development company.