Cyprus-Forum.com

[dplees9]

Does anyone think that within the next 2 years paphos house prices will return to the level that they were at in 2007?

[suegwyn]

I think you've asked this question before if anyone did know the answer they could make themselves a fortune playing the property market!
Who knows, anyone can predict that they will, doesn't mean it's gonna happen

[Z4]

dplees9, we are not fortune tellers on here, I'm sorry......you sound concerned??

[dplees9]

Yeh extremely concerned. I bought a 1 bed off plan apartment in tremithousa paphos for 170000k (euros). Its a very large development with lots of a facilities (completion date is mid 2011), however i am worried that properties at that price will never sell. One good thing is that 400 properties on the development sold within a few weeks. I bought the property back in 2006 and really dont know the market in that region well at all - i guess it was a bit of a gamble! I understand the property market in the UK fairly well and am confident that within 2 years it will recover - im just desperate to guage what peoples opinions of the cyprus economy are and if it is likely that i will ever get out of this mess (and im not even sure that im in a mess)
Sorry for polluting this forum with my rubbish!
Kind regards
dpees
PS I thought i might find atleast one fortune teller here

[CBBB]

I expect your property is not completed yet, which should worry you even more than the value of it. There are distinct possibilites of developers going tits-up in the current economic climate, with the banks having first dibs on any developments!

[Svetlana]

Hi dplees

For various reasons, I have been with a number of well informed property 'experts' recently - and there is little selling in Pafos currently. There are so many 'investment' apartments available that there will be a surfeit for 2 or 3 years to come. Many developments have stopped, mid -build, as there are no new buyers and Banks are being much more cautious about loans to developers and mortgages to buyers.

As far as I am aware, at the last 3 Property Auctions here, only one property has sold (maybe some sold outsdie the auction).

Still, the only way is up

Gulp! I have just realised that €170,000 is about 150,000 British £!

Lana

[CBBB]

But only 100,000 Cyprus £!

[Z4]

Hi dplees

Not going to beat around the bush here but you paid too much here for a one bedroom apartment.

£150 UK / 170K Euro is a very high price and I (personally) don't know when we will see these type of figures being mentioned again.....but I am no property expert. CBBB is right 2011 is a long time away and anything could happen with the developer.

Have the works started on this development and what money have you paid so far??

Lana, is also correct. There is one way now, which is up!

[Z4]

What is the name of the development???

[Sotos]

Property always goes up eventually. But nobody knows if this will happen in 2 years or in 5 years. Paphos was the area hit the most because it had a high percentage of British buyers who were affected by the crisis and stopped buying, and those who bought already panicked and started to sell. In other areas that the market is mostly Cypriots there is no such a big problem. For example in Nicosia the prices are stable and in some cases they even continue to grow!