Property prices in Cyprus expected to fall further

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A recent poll by a leading Cypriot property magazine suggests that people within the sector believe property prices will continue to fall in the country throughout 2012.

70% of those polled said they cannot see prices doing anything other than falling, in contrast to just 11% who felt they would increase.

The news follows a stream of negative reports about the property market within the country, once a haven for British property investors.

There were recent reports that overseas property investors are abandoning Cyprus as an area for investment.

The nation fell five places in a respected list of popular countries to invest in recently.

The data was generated from an analysis on online searches and queries relating to property investments for different countries and was conducted by TheMoveChannel.com.

This data was used to create a list of the 40 most popular areas for investment, dubbed “Top of the Props”.

For December, this saw Cyprus placed at fourteenth position, five places lower than it had previously attained.

Ivan Radford from The Move Channel commented that “the end of 2011 [...] saw a last-minute rush of attention for Barbados and Morocco” and explained that these newcomers “[moved] Cyprus and Greece [to] the bottom of the table”.

Cyprus has, therefore, become one of a few countries which has lost some of its popularity with investors.

The destination was beaten by a number of countries, including Spain, Portugal, France, Brazil Turkey and the USA, with Spain featuring as the most popular destination overall.

Transfer Money to Cyprus

If you are thinking about investing in Cyprus, it is definitely a good idea to consider the logistics of transferring money abroad. Foreign currency exchange rates quoted by banks are usually worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to Cyprus (which is inevitable if you are looking to make a property investment) be sure to compare the market before you buy your overseas currency.

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Property prices in Cyprus expected to fall further

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