Cyprus-Forum.com

[Spetz]

Hey guys,
I had a good offer on a house.
I am unsure if I should sell or not.

The offer was good, and I realise housing prices are going to drop soon
However with the economic crisis is it safe to hold a significant amount of money in the bank?
The interest on the amount will be quite substantial but what I am worried about is that I know banks in Cyprus don't have that much money and that they in fact take loans from other banks in other countries and just charge a higher interest rate for whoever borrows money from the banks here.
Also taking into account that if the bank goes bust I will never see that money

So, what do people think? Is it a good time to sell and keep the money in the bank or not?

[purdey]

You have done the difficult part and you seem to be very happy with the offer, so the obvious answer would be sell. Where to put your money is a difficult one, maybe the likes of DT may advise.

[Niki]

Sell and then do your research for the best place for your money - which is not Cyprus!! Many banks have Euro savings accounts with much higher interest rates.

Research yourself or discuss this with a currency company.

[loving it]

If the purpose of selling is to move home then I'd say sell and buy another. But if it is not your main home then I'd say keep hold of it. You could rent it out to make from it and when the market recovers (which it will) you will have made a good money from the rent and still have a property to sell. This I think would be a safer and more prosperous option then having it in any bank or bonds etc.

[CBBB]

British news this morning said there had been a huge increase in the sale of home safes and intimated from this that people are deciding to keep all their money at home!!

Could be the way to go.