Cyprus-Forum.com

[Paphitis]

Construction in the south has collapsed.

No it hasn't.

Foreigners are just not buying property in the south any more.

How badly does the south need Varosha now, and would they be prepared to allow free trade to the north for it?

Unlike the illegal, morally and financially corrupt “TRNC”, the RoC doesn’t rely on just one or two industries to make 25b p/annum!

Antonis Loizou reproduced some quite scary figures recently in his regular column about the property market in the Cyprus Weekly showing that, for example, property sales this year in Pahos are down by about 2/3 and in Limassol by 1/2 compared to last year, and that sales to foreigners have tanked. In recent years property sales to foreigners have picked up the slack left by the drop in tourism, so I think this is a cause for concern.

First of all, it’s not in ANY country’s interest to sell off its land/properties to foreigners, so if such sales have dropped then it’s a BLESSING not a curse!

Second, during 2007 and 2008, construction experienced a unprecedented surge to the point where buying or building a home became an impossibility for the middle class even! So, if construction has now dropped by 20-30% even, it simply means that things such as price (laws of demand & supply) have gone back to normal as they should… if homes are to remain affordable for the average couple/family!

Finally, when a government announces a decreased growth rate it doesn’t mean that the country is now bankrupt and that everyone should run, but that it has made less profit than it was expecting to compared to either last year or whatever else, so there’s no need to panic because whether Cyprus makes 25b or 23.6b for the year doesn’t really mater that much!

Great news for Paphitis.....

Methinks it is nearly time to strike, because this foreigner is in the market.

More fool you if you listen to the siren song of GR !

" Foreigners are nothing compared to the young newly married Cypriot couples looking for a first home."
really? i havnt seen any young or old newly married Cypriots moving into the rabbit hutch estates that have been built for foreigners stupid enough to buy them...especially now the market has caught a cold over title deed problems.

Sadly Varosha is nothing but an area waiting to be demolised. 35 years of neglect and decay have seen to that. rusting steelwork, degrading concrete and the erosion of service units such as sewerage and water pipes, electricity cables and tree root damage mean it will be useless.

tell the growing lines of unemployed that its a "blessing" and that 90% of business in Cyprus isnt hiring right now- as for no country selling land to foreigners, where would all the Cypriots abroad live then? all those proud little house owners??? It wasnt the Buyers that set the prices on the houses, and it wasnt them that kept trying to squeeze more profit out of the market. and prices certainly havnt "gone back" to previous levels.

You may be right about a decreased growth not bothering the government as they are doing ok - if it did they would certainly be clawing back the money outstanding owed to them by such things as the title deed fiasco, unpaid fines, etc etc

I happen to agree with GR!.

Foreign investment into Cypriot real estate has not exactly been a very good thing. Whilst land owners have gotten richer over the years, the price of real estate has increased to unsustainable levels thus precluding or making it more difficult for newlyweds to buy their first home. So this foreign investment has not been such a good thing for young Cypriots.

A 20-30% correction is overdue, and would be very welcome to countless Cypriot first home buyers. And once this investment dries up and a real estate correction occurs, you will find that Cypriot first home buyers will be the ones to fuel the next boom, and that's the way it should be.

Furthermore, I am not exactly a foreigner in Cyprus. I am a full RoC citizen.

[Milo]

http://www.news.cyprus-property-buyers. ... /id=002924


I,m sure the Developers, Lawyers,Estate Agents, Construction Industry, electricians, plumbers, carpenters, cement factories, double glazing industry, bathroom fittings, kitchen suppliers, furniture stores, tilers, stamped concrete suppliers and now garden centres are all deleriously happy that building has virtually stopped as they were all far too busy Many of the above being in business for years and now zilch. Has anyone been down to the social centres recently and looked at the growing lines of people? How can you dismiss those workers so easily.

The prices were set by the sellers i.e Developers and what nationality were they? If you want to look for blame then I would turn your attention to the price hike THEY sustained.

Apart from the obvious global recession stopping the madness that became the over Development of Cyprus the Title Deed problem and now the fact that Developers are unable to service their loans totalling approx €6 billion is the next hidden danger.

In other words the total collapse if there is one, is more that foriegn buyers have scarpered and now buyers total just local buying. I have to agree with GR on that. But its a fact that locals do NOT move house as much as many EU citizens do, which could mean the prices staying as they are or dropping considerably more. This means that any stock now has become worth a lot less than was paid for it.

A South African buyer was here recently he had googled buying in Cyprus and by just doing that found out about the Title Deed fiasco plus was concerned about the O,Dwyer case. Many foriegn buyers just use the net for their info. He was dubious and ended up not buying. Cyprus is a small country and for me was getting way over developed BUT buyers even from many years ago, will be hard pressed to gain any real profit for some time. So you could call that a 'collapse'.

Developers are activally STILL looking for buyers outside of Cyprus even one I know of in China!!!! Why is that? because the local market is,nt enough for them do you think......

My opinion is IF the Title Deed problem is properly sorted very very soon and includes past buyers in its re-think and the peace negotiations produce the correct answer for the RoC that will again give a boost to the serious flagging in the construction industry. On top of that would be resonable prices once more.

I have,nt included the north in my opinion as buying there is illegal but I do know of an interest from buyers both here and abroad, all waiting on the result of the talks. Fact

[Tim Drayton]

also semi confirmed by Tim.

On a purely anecdotal level, I can confirm that about four years ago when I moved into this area, which is on the outer fringes of the Limassol urban sprawl, new building sites were springing up like mushrooms all over the place. However, I have not seen a new building site appear in this area in the past two years.

[YFred]

also semi confirmed by Tim.

On a purely anecdotal level, I can confirm that about four years ago when I moved into this area, which is on the outer fringes of the Limassol urban sprawl, new building sites were springing up like mushrooms all over the place. However, I have not seen a new building site appear in this area in the past two years.

That is not anecdotal Tim, it is further real unadjusted, uncensored evidence of what my friend told me. Construction has collapsed, which in itself may cause irreparable damage in that the first people to be made redundant will be the TC workers, and what would the effect of that be in the next vote, I dread to think. We are back in 63 where if a doctor was appointed,it was a GC and if a toilet attendant was appointed, it was a TC. We can never hide reality in a society that is institutionally racist and sick and has never been allowed to come to the surface never mind being addressed. Which way will the TCs turn to roc or Turkey.
GR thinks its a bit of joke, but it has a very serious problem for the peace process. The concern for the TCs well being was not mine, it was my GC friend's. There more GCs out there which care for the well being of TCs than we realise. GR can go and take jump.

[boomerang]

also semi confirmed by Tim.

On a purely anecdotal level, I can confirm that about four years ago when I moved into this area, which is on the outer fringes of the Limassol urban sprawl, new building sites were springing up like mushrooms all over the place. However, I have not seen a new building site appear in this area in the past two years.

That is not anecdotal Tim, it is further real unadjusted, uncensored evidence of what my friend told me. Construction has collapsed, which in itself may cause irreparable damage in that the first people to be made redundant will be the TC workers, and what would the effect of that be in the next vote, I dread to think. We are back in 63 where if a doctor was appointed,it was a GC and if a toilet attendant was appointed, it was a TC. We can never hide reality in a society that is institutionally racist and sick and has never been allowed to come to the surface never mind being addressed. Which way will the TCs turn to roc or Turkey.
GR thinks its a bit of joke, but it has a very serious problem for the peace process. The concern for the TCs well being was not mine, it was my GC friend's. There more GCs out there which care for the well being of TCs than we realise. GR can go and take jump.

what comment by our resident knucklehead...if there is a slow down the tcs should be kept employed even if there is no work...wow, why didn't anyne think of this...

soon our resident knucklehead would blame the US banking system collapse on the gcs...

listen knucklehead the banking system collapsed around the world, people ain't buying...people are tighting their belts...

[YFred]

also semi confirmed by Tim.

On a purely anecdotal level, I can confirm that about four years ago when I moved into this area, which is on the outer fringes of the Limassol urban sprawl, new building sites were springing up like mushrooms all over the place. However, I have not seen a new building site appear in this area in the past two years.

That is not anecdotal Tim, it is further real unadjusted, uncensored evidence of what my friend told me. Construction has collapsed, which in itself may cause irreparable damage in that the first people to be made redundant will be the TC workers, and what would the effect of that be in the next vote, I dread to think. We are back in 63 where if a doctor was appointed,it was a GC and if a toilet attendant was appointed, it was a TC. We can never hide reality in a society that is institutionally racist and sick and has never been allowed to come to the surface never mind being addressed. Which way will the TCs turn to roc or Turkey.
GR thinks its a bit of joke, but it has a very serious problem for the peace process. The concern for the TCs well being was not mine, it was my GC friend's. There more GCs out there which care for the well being of TCs than we realise. GR can go and take jump.

what comment by our resident knucklehead...if there is a slow down the tcs should be kept employed even if there is no work...wow, why didn't anyne think of this...

soon our resident knucklehead would blame the US banking system collapse on the gcs...

listen knucklehead the banking system collapsed around the world, people ain't buying...people are tighting their belts...

Bumbo, Happy Bayram.

[boomerang]

also semi confirmed by Tim.

On a purely anecdotal level, I can confirm that about four years ago when I moved into this area, which is on the outer fringes of the Limassol urban sprawl, new building sites were springing up like mushrooms all over the place. However, I have not seen a new building site appear in this area in the past two years.

That is not anecdotal Tim, it is further real unadjusted, uncensored evidence of what my friend told me. Construction has collapsed, which in itself may cause irreparable damage in that the first people to be made redundant will be the TC workers, and what would the effect of that be in the next vote, I dread to think. We are back in 63 where if a doctor was appointed,it was a GC and if a toilet attendant was appointed, it was a TC. We can never hide reality in a society that is institutionally racist and sick and has never been allowed to come to the surface never mind being addressed. Which way will the TCs turn to roc or Turkey.
GR thinks its a bit of joke, but it has a very serious problem for the peace process. The concern for the TCs well being was not mine, it was my GC friend's. There more GCs out there which care for the well being of TCs than we realise. GR can go and take jump.

what comment by our resident knucklehead...if there is a slow down the tcs should be kept employed even if there is no work...wow, why didn't anyne think of this...

soon our resident knucklehead would blame the US banking system collapse on the gcs...

listen knucklehead the banking system collapsed around the world, people ain't buying...people are tighting their belts...

Bumbo, Happy Bayram.

is it any wonder I call you the knucklehead of the forum?...

[Hermes]

Construction has collapsed, which in itself may cause irreparable damage in that the first people to be made redundant will be the TC workers, and what would the effect of that be in the next vote, I dread to think. We are back in 63 where if a doctor was appointed,it was a GC and if a toilet attendant was appointed, it was a TC. We can never hide reality in a society that is institutionally racist and sick and has never been allowed to come to the surface never mind being addressed. Which way will the TCs turn to roc or Turkey.

In case you've forgotten Cyprus is an EU member and there are laws about the free movement of workers and discrimination in employment. But there are no laws requiring a state to employ Anatolian shepherds as doctors. It takes discipline, qualifications and years of study. As far as I know even Talat is not asking that in a future settlement we employ your ill-educated, lazy, spoilt brethren beyond their capabilities.

[Kikapu]

Then again no deal yet again, Maraş will only be handed back on the basis there are direct flights and free trade, if they are willing to operate the GC ports jointly with us then they are more than welcome to come give us a hand.

As I've said, Verosa at the present time in my opinion, is worthless to the RoC since it requires a lot of investment to rebuild it. Why do all that when the Cyprus problem is not solved yet. The north needs free trade and direct flights far more urgently than the RoC needs Verosa back at this point in time, so they will continue to let the north be what the UN labelled it as, an illegal entity that it should not be recognised by it's members. So far that remains to be the case without any sign of changing, so the RoC will get Verosa back in a settlement in a Unified Cyprus under True Federation which will be still part of Cyprus for all Cypriot to enjoy rather than risk losing half the country by allowing free trade and direct flights prematurely. It's going to be all or nothing for all around and since the RoC has the legality and the recognition and in the EU, they can afford to wait for the right settlement that is in line with the EU Principles. The only thing the north has on it side that keeps the isolation ongoing, is the Turkish Army and the no settlement, because if Turkey does not want a settlement, there won't be a settlement no matter what the TCs say, so what good is it to get Verosa back when the Turkish Army is right next to it as an occupying force. Rome wasn't built in a day, and neither will Verosa.!

So the GCs would be denying 40.000 refugees the right to return.

Deny them what exactly. Where will these 40 thousand sleep, shop, conduct business, go to hospital, schools and so on. The place is a dump. But I liked your first idea better. Let the "trnc" rebuild Verosa and then ask the 40,000 GCs to come and live in the north, rent free of course, since the land belong to them already.!

[Kikapu]

You want to talk about excess property overload and collapse of the construction industry, you should go and see all the empty building in Ankara which I was these in October, houses and apartments empty left and right with major loss of value on property. It’s a problem all over. Dubai is sinking under it's own financial debt, despite all that Arab oil money. I made the prediction 2 years ago that this global financial vows will last for 10 years, which leaves another 8 years to go no matter what all these politicians and all the talking heads on the TV says. They are just trying to talk up the market without any substance to support such a recovery. First you need to get the millions unemployed back to work. Then you need to get all the part time workers who needs full time work to survive back to full time work. Then you will need to get all these people a better paying jobs than they were making before the financial collapse before you can ever try to go back to the same level to property market as the case was 2 years ago. That is one tough order to fill in my opinion.

I hate to tell you the bad news people, but many people could not afford the houses they bought 2 years ago at those inflated prices with the earnings they were making back then, therefore they need to earn much higher salaries to even try and qualify for a mortgage for such inflated house prices again, assuming they can managed to put down 20% as a down payment, which will not be the case for many. Bottom line is, the market needs to make a correction between 30%-50% before the property market becomes normal again. The bubble has been truly busted in the property market as well as in the financial market 8 years after the stock market bubble burst. I hate to think what will happen if the commercial market and the credit card market goes really bad. So far they have managed to swim along with the currents, but if they end up swimming against the current, things will get much worse before getting better. So it's no point pointing fingers to the RoC’s construction market being bad, because it is global. Job loses will effect everyone.!