Cyprus-Forum.com

[craigbeck]

The UK economy is struggling and english house prices have dropped for the third month in a row. Has this impacted on the massive amount of building work going on in Cyprus. In theory it should have as less and less brits have the money to invest abroad??????

[Nurgary]

The UK economy is struggling and english house prices have dropped for the third month in a row. Has this impacted on the massive amount of building work going on in Cyprus. In theory it should have as less and less brits have the money to invest abroad??????

Yes - I have picked up some great bargains for cash. They will be hard faced saying that's the price and look all hurt - But next day on phone saying yes.

[simonwjones]

Yes and no

The Cyprus market now appeals to the Germans, Swiss, French and Russians so I don' t think you should worry.

[purdey]

Yes building work has slowed by 20%, (for private dwellings). I have just returned from Cyprus and there is a downturn. There is again more investment from Russia but France and Germany is very limited. The UK investment in property is down 65 % as opposed to 6 years ago.
New builds are expected to see a slowdown with limited growth over the next five years, period property is gaining in demand.

[Tim Drayton]

I live on the edge of the Limassol urban sprawl and see no signs of any slowdown here. I have noticed two or three sites where building has just started over the past few days on my regular walks around the neighbourhood. I don't know how typical this is of Cyprus as a whole.

[Nikitas]

You stand still long enough and GC and Greek contractors will cement you too! There is a mania with concrete in these parts of the world. Even if the building industry went totally bust I think they would build concrete boxes just for fun!

In the writings of a Dutch lady traveler circa 1900 there is the observation that Cypriots eat like they will die tomorrow and build like they are going to live for a thousand years. We have not changed, have we!

[purdey]

I think you will find Tim the emphasis has shifted from foreign purchase to Cypriot and business purchase.
I was there for a few days last week and the big 5 (building contractors) have all seen a large drop in holiday or ex pat builds.
A noticible change has also been the lack of up front investement (cash) with heavy borrowing (in some cases) 150% on assets, due to price of land.Example 4000 sq mt just off Ayia Fila roundabout, asking price £390,000 went for £610,000 after a bidding war.Bought by a film company from Kiev.

[Tim Drayton]

I think you will find Tim the emphasis has shifted from foreign purchase to Cypriot and business purchase.
I was there for a few days last week and the big 5 (building contractors) have all seen a large drop in holiday or ex pat builds.
A noticible change has also been the lack of up front investement (cash) with heavy borrowing (in some cases) 150% on assets, due to price of land.Example 4000 sq mt just off Ayia Fila roundabout, asking price £390,000 went for £610,000 after a bidding war.Bought by a film company from Kiev.

That could be so. The area in which I live is mainly Cypriot.

[Tim Drayton]

Today is a public holiday in Cyprus. I have just taken a walk around my local neighbourhood - where there are a great many building sites - and I would say that work is going on at most if not all of these today, albeit with fewer workers than usual. I imagine that work on public holidays attracts a bonus, so employers would not ask people to come in today unless they were in a hurry to get finished. More anecdotal evidence, I think, that building work has not yet slowed down in Cyprus.

[purdey]

Again, unless you have the details of the property been built and where the funding is coming from I am still sceptical. Tourist property is down, the lowest in twelve years. I sat in three meeting last week and there was panick, and talk of moving moneys into the commercial sector.
Again borrowing 150 % on the price of a build does seem excessive, or fool hardy. Time will tell, boom or bust the true figures will be identified before too long.