Cyprus-Forum.com

[Jerry]

We looked at an apartment 4 months ago and agreed a price with the developer (nothing in writing at this stage). Unfortunately when we returned to UK our house sale had stalled so we put off the purchase hoping it could still be available later. The agent has now told us that the asking price has gone up by 10%. Do these people live in the real world? Are property prices still rocketing in Cyprus. I am of the opinion that the slow down in UK market and the strength of Euro could have serious consequences for Cyprus property prices, we live in hope.

[Nikitas]

Look around. There is plenty of property for sale.

It is indicative that every time I do a net search for any place name in Cyprus the first returns are for property for sale. Obviously there are many sellers and from what I gather not enough buyers.

If and when we settle this Cyprus problem thing and Famagusta is opened the property market will take a dive. Famagusta housed 40 000 people. With reconstruction and higher buildings it will house an estimated 60 000, and they will come from the ret of the island thus lowering demand for Limassol, Larnaca and Paphos.

[Jerry]

Look around. There is plenty of property for sale.

It is indicative that every time I do a net search for any place name in Cyprus the first returns are for property for sale. Obviously there are many sellers and from what I gather not enough buyers.

If and when we settle this Cyprus problem thing and Famagusta is opened the property market will take a dive. Famagusta housed 40 000 people. With reconstruction and higher buildings it will house an estimated 60 000, and they will come from the ret of the island thus lowering demand for Limassol, Larnaca and Paphos.

Yes plenty for sale but there does not appear to be any pressure on the developers to take their profits (cheap loans). I hear what you say about Famagusta but even if we get it back tomorrow it will be uninhabitable for several years so the effect on prices would be some way off.

[Cheshire Cat]

Hi Jerry,

Sounds like a try on to me. If you threaten to change your mind he will probably change his tune. Why not look at some resales, they are probably cheaper and someone else has had the teething problems, we had our a house built for us and I would not like to do that again, too stressful.

[phoenix]

The best advice I was ever given about property purchases some 25 years ago and have had no reason to regret adhering to was: "buy the best you can afford, as soon as you can afford it".

It works whether you are buying a home or an investment . . . and then it's just a matter of picking the right time to sell again.

Any blips have only ever lasted 3 years at most, but when things take off you could lose thousands whilst trying to get your finances together . . . so buy when you can, no matter.

[Niki]

It seems that property prices are increasing but there are a huge number of properties that aren't selling. A home is only worth what people are prepared to pay.

I think some predict there will be an increase because the Euro will make properties more attractive to International buyers as they can see a like for like price. Not too sure about this myself!

I think your seller is trying it on but has probably been advised by his estate agent so talk to him directly and be adamant. I really don't believe he would have buyers queuing up, the property would have been sold if he had!

[Cheshire Cat]

I agree with Niki, Also when we were selling our house in Cyprus, the estate agent told us quite bluntly that they (the estate agent business) were not interested in selling resale homes as they recieved a higher percentage from developers and that is what they are interested in

It is a strange thing but, we sold our house through advertising it in the local press and we by-passed estate agents, we decided after our encounter that they really could not give a fig for buyer or seller.

[phoenix]

I think the crucial bit of the advice I was given, was to buy the "best" . . .

Too many people have bought cheap tat because they couldn't really afford to buy and were out to buy something/anything just so that they can say they had a property.

Capitalism is a powerful drug . . .

[Cheshire Cat]

This is always what we were told and what I believe, by the best of what you can afford. But I would be wary of builders pushing "extras" on you that you are not really interested in. They soon add up.

[EasyE]

Prices have shot up over the last 12 months and they will probably keep going up for the next 12!