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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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