RICS: Cyprus commercial real estate showing stability signs.
Commercial real estate in Cyprus is showing some signs of stability, according to RICS.
The latest RICS Global Commercial Property Monitor shows that investment surges in Europe for commercial property and that investment activity is improving markedly in several cities within the euro area.
According to Jennifer Petridou Sharpe, MRICS, member of RICS Cyprus’ Board: “Commercial real estate in Cyprus has seen a slight increase in capital values and rental values, showing some signs of stability, while the effects of NPL’s and the Foreclosures’ Law are yet to be determined.”
Significantly, she adds, “Banks are still very strict about lending money and thus restricting investment.”
She says that interest for commercial real estate investment is primarily from institutional investors and from (non-European) wealthy individuals for Cyprus Passports, through investment.
“Investment interest is expected to improve in 2016 given the two Government Tax Incentives for reduced transfer fees (50%) and the exemption from any future Capital Gains Tax for any property bought by December 31, 2016,” she notes.
Source: Sigma Life
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