Cyprus-Forum.com

[Tim Drayton]

Russian money is boosting the market in unrealistic terms. At present the money is free flowing but only in certain areas (seafront, seaviews, prime land).
As in the 90s it boosted property rises across the board and then the money stopped, and the Ex Pats took over the reigns. Now it is back but for how long ? and the Ex Pats are not arriving in the numbers they once were, what happens to the market then, is Cyprus left with a glut of properties over priced and vacant ?

I ask myself the same question as I keep witnessing the Limassol urban sprawl gradually encroach on the countryside in the area where I live. Either the developers are just hoping that the party will never end, or they know what they are doing.

[Nikitas]

Purdey said:

"what happens to the market then, is Cyprus left with a glut of properties over priced and vacant ?"

You aint seen nothing yet! Wait till Famagusta is rebuilt and re inhabited and then you will see property woes like never before. In 1974 Famagusta was home to 45000 people. Rebuilding at a higher coverage factor will mean even more people moving there. The project will generated revenue for the economy in general but will mean bad news for property elsewhere on the island. Perhaps they should start a land rehabilitation plan and find ways to bring the countryside back to the towns. It would be a chance for Cypriot architects and town planners to show some innovation.

In any case it is about time that Cypriot property dealers realize that you cannot want more money per square meter in Paphos than in the south of France.

[greek.god]

I can't wait till these good for nothing gangsta developers get what's coming to them. I hope they all rot in hell and go bust...I've been looking for a used mercedes or BMW.

What goes around comes around...for those of us wise enough to stay liquid...there will be bargains galore.

[EPSILON]

I have asked this kind of question before, I know, but how come I see building work continuing at a frenetic pace in the area in which I live, including brand new sites being prepared?

Do not worry , you are just a witness of future backrupt people.
the banks will take the houses, nobody will buy from banks, banks will backrupt- conclusion - lent as much money as you can from the banks. Do not pay afterwards- Nobody will be there to ask the money!!!

[Z4]

Mr J&J/Handcream

You know how to cheer people up don't you, hey!

What you mentioned had to happen and I think prices needed to come down. On my complex a two bedroom apartment is about the same price as my 3 bed semi in UK, which is crazy! These apartments have not been sold and should they get purchased the buyer is even more crazy!!!

One thing I have noticed is a big slow down in new projects 'popping up' and new builds appearing. The credit crunch appears to now be in Cyprus. This is a good thing in many ways, 1st it will help take away the cowboys in development and 2nd it will help keep Cyprus natural and beautiful

[Tim Drayton]

[...]
One thing I have noticed is a big slow down in new projects 'popping up' and new builds appearing.
[...]

I am curious where you live in Cyprus. I would love to see building activity come to a halt in the area where I live. There are still plots of open ground sprinkled among the buildings, and I would love it to stay that way. However, the bulldozers relentlessly flatten down new sites for development, and contrary to where you live, I see no slow down whatsoever.

[Z4]

[...]
One thing I have noticed is a big slow down in new projects 'popping up' and new builds appearing.
[...]

I am curious where you live in Cyprus. I would love to see building activity come to a halt in the area where I live. There are still plots of open ground sprinkled among the buildings, and I would love it to stay that way. However, the bulldozers relentlessly flatten down new sites for development, and contrary to where you live, I see no slow down whatsoever.

Hi Tim, I have a place in Pissouri

[cyprusgrump]

Mr J&J/Handcream

One thing I have noticed is a big slow down in new projects 'popping up' and new builds appearing. The credit crunch appears to now be in Cyprus. This is a good thing in many ways, 1st it will help take away the cowboys in development and 2nd it will help keep Cyprus natural and beautiful

It is amazing how many Brits buy a property that has been built on a green-field site and then believe there shouldn't be any more development...

You should join the Pissouri Residents Association - that appears to be one of their main aims...

[Oracle]

Mr J&J/Handcream

One thing I have noticed is a big slow down in new projects 'popping up' and new builds appearing. The credit crunch appears to now be in Cyprus. This is a good thing in many ways, 1st it will help take away the cowboys in development and 2nd it will help keep Cyprus natural and beautiful

It is amazing how many Brits buy a property that has been built on a green-field site and then believe there shouldn't be any more development...

You should join the Pissouri Residents Association - that appears to be one of their main aims...

Hi CG

Maybe there's a local Pissouri forum that can rally people together for a common goal. But I guess the Admin would have to be a foresighted sort of person (as ours is by allowing us so much freedom of expression ).

[Tim Drayton]

It is amazing how many Brits buy a property that has been built on a green-field site and then believe there shouldn't be any more development...

I wasn't so naive as to think that the bits of green around me wouldn't eventually disappear. However, when I first heard news of the global property crash, I couldn't help hoping that development in my area would stop. So far I have been disappointed.