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Ricky Hatton Buys Villa in Turkey
August 2010
Ricky “The Hitman” Hatton could still knock you over with sheer enthusiasm for his latest property venture....

US Property Sales Down but Repossessed Property still Popular
August 2010
The National Association of Realtors said existing home sales fell 27% in july but distressed and repossessed properties remain popular with foreigners...

Turkey and Hurghada to Benefit from European Decline
August 2010
Turkey and Hurghada are set to benefit from the plight of Europe's leading economies...

German Property Sees Surge in Interest as Stability Reigns
August 2010
The long-running stability of Germany is finally paying dividends as Rightmove reports searches up 32% compared to during the boom...

Cyprus Property Could Lose Saviouresque Qatari Development
August 2010
The much reveered multi million euro development by the Qatari government in Nicosia is in jeapordy, and could spell more doom for Cyprus property...

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Seaview Paradise No Money Down Investment!!

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Key Ready Property!! We are delighted to bring you Sea View Paradise in Akbuk. This spectacular NO MONEY DOWN deal of ...

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Cyprus Property Index from RICS to Increase Trust in the Market

Posted On: 21/01/2010

The Royal Institute of Chartered Surveyors has announced that it expects to release the first data from its Cyprus property index at the end of this month.

The new RICS index, in 'cooperation with Association of Quantity Surveyors and Construction Economists (SEEOKK), will cover apartments, homes, offices, commercial and industrial properties. The academics are currently just putting the finishing touches to the methodology and deciding exactly what properties and portfolios to include in the measurements.

"The transparency that the Cyprus Property Index can offer, is a shield for the avoidance of economic crises like the one the world is currently facing," said SEEOKK president Leda Philippidou.

"The Cyprus real estate sector cannot bounce back unless the basic parameters, upon which it functions, remain unsatisfactory," added RICS Cyprus executive board member Pavlos Loizou MRICS, of Antonis Loizou & Associates. Loizou added that the question of trust in the real estate sector must be the primary concern to all those involved. “Of course, trust without strict rules and transparency cannot exist. The creation of the RICS Cyprus Property Index will provide the necessary transparency that the market needs, so that buyers and investors can regain their trust.”

One must inject a bit of caution into the statements made by the two bodies. It will take a lot more to win back people's trust in Cyprus than a transparent property price index, although this will be a vital part of people's research if indeed it can be proven impartial. One thing is certain: with just over 1000 Cyprus properties sold to foreigners last year, something is badly needed. However, it is likely that the new government legislation on property title deeds will have the biggest influence on the market in 2010.

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