Real Estate Crisis in Cyprus

We are amidst the worst financial crisis from the 1930s. From some points of view, it resembles other crises that have occurred over the last twenty years, however there are profound differences. The periodic crises were part of a larger process of anode - fall; the current crisis is the culmination of an excessive process of downfall and increase that lasted for more than twenty-five years. Authorities , though seem slow to realize the magnitude of the crisis ,   have not left and not going to let the banking system collapse as they did in 1932 , because its crash caused the Great Depression (Clayton et al,2008) .
This thesis discusses the current situation of the real estate market of Cyprus in both housing and commercial spaces. It is an attempt to understand the factors that influence and determine eventually the market of those properties not so much in relation to the particular characteristics of the property or the neighbourhood thereof but in relation to the overall economic situation in the country and on the international stage.  
The current crisis is not limited to a particular company or in a particular sector of the financial system; it has led the whole system to collapse and be «retained «with great difficulty . The negative effects are important for the global economy, and especially the real estate sector.
Cyprus seemed to avoid the first years of the crisis, however, there were signs that it would reach it as well, despite the traditionally strong economy. The impact and differences of this global crisis have proven too strong. The first element that differentiates the current crisis than that of 1929 is the economic policy applied (Clayton et al,2008). From the reactions of the monetary and fiscal authorities worldwide it seems that the lesson of the crisis of 1929 was well understood by the fact that there is a worldwide coordinated response of economic policies (Baum and Grosby, 2008)
The second element that indicates the great...