Cyprus-Forum.com

[kiwi]

Good morning all, I have a studio apartment within a complex being built in Pyla Village. I haven't actually been to Cyprus yet and after all the worldwide research I did Cyprus seemed to be the best place to invest in property. Thats what I thought anyway!!

Is anyone actually in Cyprus able to comment on exactly what is happening to the property market? Due to financial restraints I may need to sell on completion next March and I'm obviously a little concerned.

Cheers in advance, kiwi

[DT.]

prices holding but very little transactions.

[Z4]

You bought property without visiting the country?

One word for you my friend!

[cyprusgeoff]

Please visit this site.

http://www.news.cyprus-property-buyers.com/

Sign up for their free e-mail news letter and you will plainly see what is going on in the Cyprus property market.

If you don't get title deeds (and it can and will take years) the chances of selling are slim. Don't assume that the devloper will be interested in any buy back scheme.

I would ask if any helpful soul on this forum could check if the work on the complex you're interested in is actually happening as a lot of building work has stopped due to lack of buyers, put on hold if you prefer until better times come around again. If they ever do!

[Peterc]

let me know which development, and ill let you know how its going.

[kiwi]

Thanks all for your replies. For those peoples concerns I researched for 18 months literally worldwide before investing in Cyprus and you don't need to visit a country to do so. Also, the complex is being built through a well established Cypriot contractor and I have purchased through property investors BMS Homes.

I hear media talk of the downturn in Cyprus but I would like to know the reality and anyone's first hand recent experiences not speculation or conjecture.

[kiwi]

Thanks Peterc,

Pyla Gardens

www.bmshomes.co.uk/our-projects

[Svetlana]

I cannot speak for the Larnaca area, but the Pafos property market is in freefall. At the last 2 property Auctions, NO properties were sold as far as I am aware. Even long standing Estate Agencies are struggling and developers going bancrupt....the END is nigh.


Lana

[purdey]

Sell, sell, sell, while you can. Or buy in Nicosia !!

[cyprusgeoff]

From http://www.news.cyprus-property-buyers. ... /id=001720

ON MANY occasions successive governments have ‘promised’ to clean up the property industry, but to date, these promises have proved to be no more than hot air.

In October 2005, the Cyprus Government said it was going to plug loopholes in the law, introduce fines, and provide property buyers what it called ‘an arsenal of weapons against unscrupulous property developers.


In September 2007, the Government said it was going to look at providing greater security to homebuyers by enabling their Contracts of Sale to take precedence over the developers’ mortgages.


In June 2008, Interior Minister Neoclis Sylikiotis assured property buyers that newly proposed legislation to resolve problems in the property sector could be implemented by the end of the year.


In January 2009, the Interior Ministry gave its assurances to the British High Commissioner that it intended to introduce a Bill to address the Title Deed issue.


In April 2009, Interior Minister Neoclis Sylikiotis qualified his earlier assurances to the British High Commissioner by saying that the Bill will only apply to future cases.