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Cyprus to discuss property market measures

Issues affecting the Cypriot property market and suggestions of measures to solve these problems are expected to be discussed at a meeting today (April 23rd).

The Cyprus Land & Building Developers Association will be holding its annual general meeting at 12:30 local time in Nicosia, Cyprus Property News reported.

Minister of the interior Eleni Mavrou will be present, with difficulties such as low demand for real estate, falling property prices and high unemployment on the meeting's agenda.

According to the news provider, the president of the association Lakis Tofarides will make a series of suggestions about how to kick-start the country's real estate sector, as well as detail proposals to boost government funding in the industry and create new jobs.

Earlier this month, the publication highlighted a report by Leaf Research into the state of Larnaca's property market, which revealed the number of apartment sales in the city fell by 86 per cent between 2007 and 2011, while transactions involving other types of residential real estate slid by around 60 per cent.

In addition, the value of apartments and houses declined by 20 per cent and 11 per cent respectively since their peak in 2008.

Article by +Peter Mindenhall on behalf of