Pyla
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by Sotos » Sat Jun 13, 2009 7:05 pm
Paphos prices are dropping. The same with Famagusta district but not as much as Paphos. Larnaca is slightly lower. Limassol is stable and Nicosia might have a slight increase. But the demand is lower in general. The problem is in the areas that the demand was mostly from foreigners. The areas that the demand was always from Cypriots are not affected as much.
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Sotos - Leading Contributor
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by rotate » Tue Jun 16, 2009 2:43 am
Sold our old Nicosia house a couple of months ago, private sale after being approached by a developer who plans to build a block of six apartments. Price received reflected our own valuers estimation plus our tax liability legal representation and moving costs. Turned down the offer of an apartment within the proposed new block in exchange for a lower sale price on our lawyers advice and a gut feeling that if all was not well we might wait a long time to take delivery of the completed apartment.
With no requirement for more property in Cyprus we moved the money to the UK at a then very good exchange rate and purchased what was the stable block of a house that we already own. The house built in 1897 was originally Crown Property sold off in the 1960's when the stable block was converted into two cottages of two and three bedrooms and seperated from the main house which we later long term leased to a private medical facility. The larger of the two cottages will be kept vacant for whenever we wish to stay in the UK while the other has been leased to the same medical facility as staff accomodation.
Strange to think that the house in Nicosia which we purchased almost twenty years ago from a relative of my wife's at a knock down price will shortly be no more, we never lived there but always thought that perhaps one day we might perhaps not bargaining for five years of village life which rather spoils you from wanting to live anwhere else.
Apart from our house in Famagusta and my wifes own property there and of course not seen since 74 we have never lost money on property in Cyprus or for that matter the UK, but never for one moment would I have imagined that the chance purchase of the old Nicosia house would enable us to do what we have done now.
With no requirement for more property in Cyprus we moved the money to the UK at a then very good exchange rate and purchased what was the stable block of a house that we already own. The house built in 1897 was originally Crown Property sold off in the 1960's when the stable block was converted into two cottages of two and three bedrooms and seperated from the main house which we later long term leased to a private medical facility. The larger of the two cottages will be kept vacant for whenever we wish to stay in the UK while the other has been leased to the same medical facility as staff accomodation.
Strange to think that the house in Nicosia which we purchased almost twenty years ago from a relative of my wife's at a knock down price will shortly be no more, we never lived there but always thought that perhaps one day we might perhaps not bargaining for five years of village life which rather spoils you from wanting to live anwhere else.
Apart from our house in Famagusta and my wifes own property there and of course not seen since 74 we have never lost money on property in Cyprus or for that matter the UK, but never for one moment would I have imagined that the chance purchase of the old Nicosia house would enable us to do what we have done now.
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