Cyprus Property Plagued by Oversupply Problems

The rapid drop in sales of Cyprus property has left a severe oversupply of property in the country. The problem was revealed yesterday at a government meeting on the property situation within the country, including the problems over buyers not receiving their deeds, and how to bring property buyers back into the country.

The meeting heard that sales falling so quickly had left over 20,000 Cyprus properties unsold, and hundreds more unfinished.

Chairman of Leptos Group, Michael Leptos, told the meeting that 20,000 people employed in the construction industry had already received their dismissal notices, and that a recent survey of 90 companies had found 3000 more will be dismissed by June.

The figure of 20,000 unsold apartments in Cyprus also came from Leptos, though he didn't give a source for the figure. Leptos also urged the government to conduct a study into the extent of the problem in the hope of ascertaining how much money the state is losing from unsold holiday homes.M

All attendees agreed that the government must enact as soon as possible, their proposals for strengthening the construction sector, and that tax incentives must be offered to avoid a deepening of the crisis.

According to the editor of Cyprus property news magazine