Cyprus-Forum.com

[georgios100]

With austerity measures looming over the Cypriot economy thanks to the EU bailout memorandum, I am wondering what side effects might ripple into the real estate market? After the bubble burst back in 2009, Larnaca and Famagusta regions experienced up to 40% decrease in value. Can it get worse?

Would people with cash in hand take advantage of desperate real estate owners and buy them out at rock bottom prices?

[wyoming cowboy]

Would people with cash in hand take advantage of desperate real estate owners and buy them out at rock bottom prices?

why wouldnt they? Cyprus is in the Eu, has a highly educated workforce, an efficient bureaucracy and is sitting on top of one the largest unexplored hydrocarbon deposits in the world. what more would you like to hear?

[CBBB]

Would people with cash in hand take advantage of desperate real estate owners and buy them out at rock bottom prices?

why wouldnt they? Cyprus is in the Eu, has a highly educated workforce, an efficient bureaucracy and is sitting on top of one the largest unexplored hydrocarbon deposits in the world. what more would you like to hear?

What idiot have you been listening to?

[GreekIslandGirl]

With austerity measures looming over the Cypriot economy thanks to the EU bailout memorandum, I am wondering what side effects might ripple into the real estate market? After the bubble burst back in 2009, Larnaca and Famagusta regions experienced up to 40% decrease in value. Can it get worse?

Would people with cash in hand take advantage of desperate real estate owners and buy them out at rock bottom prices?

I don't know where these 'rock bottom' priced properties are? Sure, there are plenty of Brit-owned cheap 'town houses' or flats - but who wants any of those at any time? The ex-Pat Brits are the most cash-strapped because of problems in the UK. So, they might be desperate enough (although I suspect they know they should hold onto them until better times globally). But, the good Cyprus properties are still among the most pricey in Europe.

If you can, Georgios, you should buy in Cyprus - if only to stop non-Cypriot-friendly foreigners from acquiring yet more property in Cyprus simply to cure their arthritis or as an investment. If you can - buy in Greece too! Again, good properties there are still pricey - but more Greek/Cypriots should be doing their bit to hang onto these assets especially since we all know of the Oil/Gas finds in the Aegean, as well as around Cyprus. Cyprus and Greece are the most beautiful spots in the Med, and the most southerly, and will always be desirable.

[Get Real!]

Would people with cash in hand take advantage of desperate real estate owners and buy them out at rock bottom prices?

This may well be a good time to set up a Mortgage Rescue Group in Cyprus as a long term investment which should see a good return in 5-10 years if you've got the capital.

[georgios100]

There is no doubt about the "quality" of existing homes or the ideal climate in Cyprus. Homeowners know better, to try and hang on to their investments while waiting for better times in the future. The problem is how/why to hang on, for how long and with what funds, if any. Some may feel, better to cut their losses and sell now, in case prices fall even deeper in the years to come.

I know of 3 families that emigrated to Toronto in the last few months. The move was strictly attributed in search for a better future, better working conditions and opportunities of prosperity. These 3 families were living at some of the Athens suburbs (Marathon, Ayia Paraskevi and Filothei). They tried to sell their homes for the past 2-3 years with no success (no buyers or way too low offers). One of the families have abandoned their home due a high first mortgage. The other two are contemplating of either doing the same or try to rent the homes...

These kind of phenomena is typically observed when a country is in turbulent economic waters, no surprise here. I would love to buy a property in Cyprus. Been following the market for some time now. Unfortunately, I still think most properties are overpriced, further "correction" is imminent. Especially high are the building lots inside build-up areas. As any investor, I can wait to see when this market will bottom out so I can make my move. Obviously, most other investors think just like me. They are waiting...

[GreekIslandGirl]

Well, my wise mum always used to say, "the best time to buy is when you can afford it".

[georgios100]

Would people with cash in hand take advantage of desperate real estate owners and buy them out at rock bottom prices?

This may well be a good time to set up a Mortgage Rescue Group in Cyprus as a long term investment which should see a good return in 5-10 years if you've got the capital.

Don't have this kind of cash to set up a Mortgage Rescue Group but others do. Black market or money launderers will step in... seen that before.
Even people with cash in the mattress might jump on the band wagon. Russians definitely will snatch properties next to nothing. Already seen some loan sharks that got caught in Limassol ripping off shopkeepers and small business owners.

Seriously, my brother told me "ta oikopeda epetisan" 4-5 years ago. Reckon he is right!

[Get Real!]

Would people with cash in hand take advantage of desperate real estate owners and buy them out at rock bottom prices?

This may well be a good time to set up a Mortgage Rescue Group in Cyprus as a long term investment which should see a good return in 5-10 years if you've got the capital.

Don't have this kind of cash to set up a Mortgage Rescue Group but others do. Black market or money launderers will step in... seen that before.
Even people with cash in the mattress might jump on the band wagon. Russians definitely will snatch properties next to nothing. Already seen some loan sharks that got caught in Limassol ripping off shopkeepers and small business owners.

Seriously, my brother told me "ta oikopeda epetisan" 4-5 years ago. Reckon he is right!

I thought that’s what you were hinting at…

But anyway, I suspect the most important change as a result of the mess they’ve created on Cyprus is not the slump in the housing market which does occur "naturally" every 5-10 years, but an increased capital gains tax which will stick forever!

So even when the economy finally recovers they won’t set the CGT back to what it used to be unfortunately!

[georgios100]

We can forget the way Cyprus was before... we are in the EU now... easier and legit for external housing investments (Brit expats) creating bubbles in housing.
With progress come problems. Blame it on the Brits? Don't know if we should. On the other hand, where the Brits stuck their finger, mess is on the menu.

Big Cypriot housing development construction firms aided the situation. Blame them too?

In the end, a typical Cypriot upcoming family is faced with high real estate prices, almost out of reach...

Who can we blame... Us?