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Economic concerns for Cyprus could emerge
Country: Cyprus; Southern Cyprus
18 September 2008 The Central Bank has urged Cyprus to avoid complacency, in order to avoid any chance of falling into recession, as a consequence of the crisis in the US banking sector. Although Cypriot banks and the country’s economy had not so far been directly affected by the collapse of high profile firms such as Lehman Brothers, the Central Bank said it was watching the situation closely. The Bank feels that it could only be a matter of time until the global economic downturn adversely affects Cyprus. It points to the fact that the country’s property sector, which is crucial to the economy, has slowed considerably over the past few months. State revenue generated from the country’s property sector has already fallen by around £43.2m, following an annual 42% drop in capital gains tax in August. Furthermore, the volume of building permits, which is an indication of future construction activity, has also fallen, down by an average 14%. “The biggest sector of the economy is real estate and that’s where you would expect to see the greatest effects and the more prolonged the global crisis is the more affected it will be,” said economist Symeon Matsis. “The property lending sector is drying up somewhat. Things are slowing down so we have to be alert and be careful to whom we lend and for what.” Although British demand for Cyprus property for sale in has fallen of late, greater international interest from Russia has shored up the market, which is keeping the Cypriot economy steady. Matsis added: “Up to now there has been a flow of funds from abroad, especially from Russia into the property sector. This has helped to steady the economy.” Despite the economic concerns, the Cypriot economy continues to grow, appreciating at a rate of 3.8% in Q2 2008, while unemployment levels remain amongst the lowest in Europe. Matsis concluded: “We are not likely to go into a recession any time soon but if things turn worse globally it might happen in 2009. It all depends on the actions of the policy makers.”
Browse other Cyprus property news stories and read the Homes Overseas Guide to investing and buying property in Cyprus.
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