Nicolas Lemonaris is the honorary president of the World Federation for mortgage Professions.
The current situation in property is being driven from bad to worse day by the day, said Mr. Lemonaris and estimated that nobody knows when exactly the recovery will begin so that everybody involved will free themselves and see better days.
‘Regarding the real estate agency, we are paying today for the errors and omissions of the past,’ he said, adding that it was our duty and responsibility to support healthy land transactions and treasure them, since we left with nothing else and since ” the only land transactions and tourism in recent years, were working and progressing upward, supporting the entire Cypriot people and the state. »
He also added that as a change, Cyprus should regain investor’s confidence and our credibility in the eyes of foreigners and local buyers to circulate money in the market with low interest rate no more than 3 % and also the guilty ones should be punished.
Regarding the situation in the property market today, Mr. Lemonaris said that a price drop of the class of 50% is observed in almost all categories of property, stating that the first affected were Paphos and Larnaca, and consequently as a chain reaction all cities were affected.
The Honorary President of FIABCI expressed his concern about the fact that there are many places, especially in Paphos where there are endless constructions and many others that are finished, and yet empty for long periods.
The whole picture, he remarked, is not pleasant at all, since due to the financial situation there is clutter and ugliness that are easily understood by the residents of the area and passers-by.
Regarding the disposal of property, Mr. Lemonaris said “we see this just like a sleeping giant, that when he wakes up and activated will manage to knock thousands of households, banker’s institutions, but also the state itself as a chain reaction.”
At the end, he told buyers to be more cautious, to prefer dealing with licensed real estate agents and knowing that nowadays there are several opportunities for both investment and owner-occupied housing.
