Cyprus-Forum.com

[Nikitas]

Simple arithmetic, you do not need mathematics, to figure out that all over the Mediterranean there was a excess property becoming available simultaneously, from Spain, onto France's Roussillion region, through Italy, the Dalmatian coast, Greece, Turkey, Cyprus and Malta. There were just TOO MANY properties for not so many clients.

There was no need for bad governance. It was just stupidity and mental inertia. Other than becoming a "DEVELOPPPPER" (the ppp heavily pronounced) people could not think of any other business to start to make money. The collapse was inevitable.

Spain recently announced incentives to demolish brand new housing units, to limit supply and thus drive prices up.

Cyprus should be thinking along similar lines. There is just too much property available and no clients and the situation is not going to change.