Cyprus-Forum.com

[Freddy]

As the 'downturn' of living in Cyprus continues, the trickle of Brit ex-pats leaving Cyprus may well get much much worse during 2008.

During the past 12 months Sterling has fallen 14% against the Euro and with the Euro being the Cypriot currency, many thousands of retirees on fixed incomes are really feeling the pinch. Some of my younger friends are involved in the Cypriot property market and others in finance; these are the people who have quietly conveyed news that quite a number of
ex-pats have already sold up and returned to UK or gone elsewhere. These people sold whilst the market was tops, but there are many signs that during 2008 things will change, not for the better!

No-one likes the new Euro small coins so come February prices will without doubt be rounded up - the Govt watchdog has no powers, thus the cost of living will rise, adding to the already high local inflation!

With absolutely NO signs of rain predicted by any long range forecast service, drought is going to cause havoc. The water shortage has already made news in several European, making tourists aware - bookings will be down. Water cuts will become a daily headache - costs of bottled water will climb - swimming pools will be emptied - building programmes will be hit - crime involving water will be very profitable. I have heard that some villages have recently almost 'doubled' the cost of supplying the wet stuff!

Unemployment will climb in several sectors - it may well become too expensive for the poorly paid none Europeans to remain on-island which would cause all manner of problems for thousands of Cypriots!

Happy New Year!

[Cheshire Cat]

Freddy,
I have read you post with interest, being someone who left Cyprus 3 years ago on instinct I was wondering if you had hard proof of this impending crisis in Cyprus ?

[Kikapu]

As the 'downturn' of living in Cyprus continues, the trickle of Brit ex-pats leaving Cyprus may well get much much worse during 2008.

During the past 12 months Sterling has fallen 14% against the Euro and with the Euro being the Cypriot currency, many thousands of retirees on fixed incomes are really feeling the pinch. Some of my younger friends are involved in the Cypriot property market and others in finance; these are the people who have quietly conveyed news that quite a number of
ex-pats have already sold up and returned to UK or gone elsewhere. These people sold whilst the market was tops, but there are many signs that during 2008 things will change, not for the better!

No-one likes the new Euro small coins so come February prices will without doubt be rounded up - the Govt watchdog has no powers, thus the cost of living will rise, adding to the already high local inflation!

With absolutely NO signs of rain predicted by any long range forecast service, drought is going to cause havoc. The water shortage has already made news in several European, making tourists aware - bookings will be down. Water cuts will become a daily headache - costs of bottled water will climb - swimming pools will be emptied - building programmes will be hit - crime involving water will be very profitable. I have heard that some villages have recently almost 'doubled' the cost of supplying the wet stuff!

Unemployment will climb in several sectors - it may well become too expensive for the poorly paid none Europeans to remain on-island which would cause all manner of problems for thousands of Cypriots!

Happy New Year!

Talk about "Apocalypse Now". :lol:

When do we get the "good news".

[pantheman]

As the 'downturn' of living in Cyprus continues, the trickle of Brit ex-pats leaving Cyprus may well get much much worse during 2008.

During the past 12 months Sterling has fallen 14% against the Euro and with the Euro being the Cypriot currency, many thousands of retirees on fixed incomes are really feeling the pinch. Some of my younger friends are involved in the Cypriot property market and others in finance; these are the people who have quietly conveyed news that quite a number of
ex-pats have already sold up and returned to UK or gone elsewhere. These people sold whilst the market was tops, but there are many signs that during 2008 things will change, not for the better!

No-one likes the new Euro small coins so come February prices will without doubt be rounded up - the Govt watchdog has no powers, thus the cost of living will rise, adding to the already high local inflation!

With absolutely NO signs of rain predicted by any long range forecast service, drought is going to cause havoc. The water shortage has already made news in several European, making tourists aware - bookings will be down. Water cuts will become a daily headache - costs of bottled water will climb - swimming pools will be emptied - building programmes will be hit - crime involving water will be very profitable. I have heard that some villages have recently almost 'doubled' the cost of supplying the wet stuff!

Unemployment will climb in several sectors - it may well become too expensive for the poorly paid none Europeans to remain on-island which would cause all manner of problems for thousands of Cypriots!

Happy New Year!

Having read you post with interest, you are either a scare mongerer or a bullshitter.

Please then explain why 90%+ of the developments are sold out before they are even started. if the build industry is in such dire conditions. Admittedly, there is some sign of a slow down, but the way you say it, well, we may as well all go and commit suicide to save us the trouble.

Come on you must have something good to say ????

If not, just keep the rest to yourself, no one needs that shit right now, thanks.

[Noaxetogrind]

I believe 70% of Greek Cypriots think the euro will bring inflation but a much bigger problems could come from the fact that euro interest rates are set to favour the needs of the countries with large populations but in particular Germany and France. This could mean that interest rates in the south part of the island could be the exact opposite of what it needs and severely affect its economy.

I have been predicting property price falls in the UK for a couple of years, rather prematurely as it turns out, but they are now a matter of fact and if British residents can't sell their UK properties many will not be able to buy abroad and this will have an adverse effect on property sales and prices in the countries where they are big buyers. Others who manage to ell will be cautious in where they buy and look for better value countries. In small economies like Cyprus this together with the loss of money they spend in the economy will have a greater effect.

With the cost of living in both parts of the island now high, countries like Portugal with lower property prices (away from the Algarve) and a very much cheaper cost of living may attract them instead of Cyprus. The more adventurous are also looking, among other places, to the Caribbean where ex-patriates are encouraged by the lack of capital gains taxes, inheritance tax, no tax on overseas earnings, no tax on cars (saving thousands of pounds) special reductions on meals in restaurants, medical costs, utility charges etcetera. With the pound historically strong in the US$ region prices are good and property can be fantastic value. Cyprus is pleasant but the scenery there can be magnificent and beaches out of this world.

These are just factors which could all come into play. In the north it could be even worse with sky high rip-off prices in restaurants and shops, builders taking buyers for a ride, iffy conveyancers to say the least and the government either unwilling or lacking the ability to do anything constructive about it.

The media reporting violent anti-British protests calling them Nazis will not do the south any great favours either.

[norman347]

I have already replied about doom mongers on another site.
If people are returning to the UK because of the cost of living in Cyprus they are in for a surprise. The cost of essentials which are already far more expensive than in Cyprus are shooting up.
Council tax 14% electric 18% gas 20% petrol £1.05 per litre. The list continues.
I will be moving out to Cyprus when I retire in May and in spite of all the negatives, I feel I will have more money in my pocket than I would remaining in the UK.
Cheers Norman.

[pantheman]

I have already replied about doom mongers on another site.
If people are returning to the UK because of the cost of living in Cyprus they are in for a surprise. The cost of essentials which are already far more expensive than in Cyprus are shooting up.
Council tax 14% electric 18% gas 20% petrol £1.05 per litre. The list continues.
I will be moving out to Cyprus when I retire in May and in spite of all the negatives, I feel I will have more money in my pocket than I would remaining in the UK.
Cheers Norman.

Well said Norm,

And I hope your stay in cyprus is a grand one mate.

[Stout]

I have already replied about doom mongers on another site.
If people are returning to the UK because of the cost of living in Cyprus they are in for a surprise. The cost of essentials which are already far more expensive than in Cyprus are shooting up.
Council tax 14% electric 18% gas 20% petrol £1.05 per litre. The list continues.
I will be moving out to Cyprus when I retire in May and in spite of all the negatives, I feel I will have more money in my pocket than I would remaining in the UK.
Cheers Norman.

I make you right when it comes to the cost of living in the U.K. "norman347", whether or not things are different in Cyprus is a matter for those who have or are experiencing it.
As far as the apparent exodus from the U.K. is concerned, I think that has more to do with the decline in the society generally than the financial aspects, I would be prepared to suffer a rise in living costs if those rises were reflected in the standards of living.
Unfortunately they are not, the country seems to be gripped in a frenzy of political correctness and I do not blame anyone for getting out of it.
Good luck to anyone who does so in order to improve their lives.

[Sotos]

Everywhere there are ups and downs. I don't think there is any place which is constantly up. And prices are going up everywhere also. Introduction of Euro will bring some short term inflation due to roundup of prices but it will permanently make trade easier and therefore bring prices down in the long run.

[phoenix]

There's doom and gloom in the UK because people have been living on credit for the past ten years . . . and it's been raining so much (especially in the South-West ) that people are just sitting in front of their TVs loading up on junk food.

Still, that sort of existence suits some people, but not those who are more discerning.

Cyprus here I come