Cyprus-Forum.com

[Tim Drayton]

The property market in Limassol has been heating up over the past couple of years and I keep half seriously telling people I rub shoulders with that if somebody turns up and makes a good offer, i.e. somewhat above the fair market value, I can sell and move out in a couple of weeks. Well, an acquaintance of mine who is a respectable professional in a good job told me that his brother, who runs a financial and legal consultancy company for foreign investors in Cyprus, has apparently of late received many requests from Israelis who want to buy flats, not houses, in Limassol and will pay over the odds but need quick closure. I have spoken to him and he says he is confident he can find an Israeli buyer for my flat at the price I mentioned, or even higher. He also said that he could find a buyer for our entire apartment block at well above market rate if everyone agrees to sell. I have spoken to my neighbours and they are sceptical but are at least interested to know what price might be offered. They have told me that it sounds fishy, though, and there may be something illegal about it like it being a vehicle for money laundering. OK, it is no longer the buyer's market in Limassol that it was a few years ago, but it is odd that a potential buyer would offer more than the market price when they only have to research the market and inspect property that is up for sale then haggle and try to get the best deal/s, like most people do. However, this guy seems to be saying that they are very keen to do quick deals and that is why they will pay over the odds. I just wonder if anybody else has heard of Israelis currently so eager to buy flats in Limassol that they will pay above the market price for a fast deal? Or has anybody heard of some sort of confidence trick being played under this scenario? Thanks in advance for any insights you may have.

[Get Real!]

Good to see you again Tim… but what’s with the lack of line feeds?

Why do some of you seem to hate adding whitespace to your posts?

[Kikapu]

The property market in Limassol has been heating up over the past couple of years and I keep half seriously telling people I rub shoulders with that if somebody turns up and makes a good offer, i.e. somewhat above the fair market value, I can sell and move out in a couple of weeks. Well, an acquaintance of mine who is a respectable professional in a good job told me that his brother, who runs a financial and legal consultancy company for foreign investors in Cyprus, has apparently of late received many requests from Israelis who want to buy flats, not houses, in Limassol and will pay over the odds but need quick closure. I have spoken to him and he says he is confident he can find an Israeli buyer for my flat at the price I mentioned, or even higher. He also said that he could find a buyer for our entire apartment block at well above market rate if everyone agrees to sell. I have spoken to my neighbours and they are sceptical but are at least interested to know what price might be offered. They have told me that it sounds fishy, though, and there may be something illegal about it like it being a vehicle for money laundering. OK, it is no longer the buyer's market in Limassol that it was a few years ago, but it is odd that a potential buyer would offer more than the market price when they only have to research the market and inspect property that is up for sale then haggle and try to get the best deal/s, like most people do. However, this guy seems to be saying that they are very keen to do quick deals and that is why they will pay over the odds. I just wonder if anybody else has heard of Israelis currently so eager to buy flats in Limassol that they will pay above the market price for a fast deal? Or has anybody heard of some sort of confidence trick being played under this scenario? Thanks in advance for any insights you may have.

Hi Tim,

As the old adage goes, "if something is too good to be true, it often is"!

But then again, there are always exceptions to the above rule.

Good luck!

[Sotos]

Estate Agents will always try to sell something at the highest price possible so their commission is higher. Locals will obviously do their research and want the lowest price, but some foreigners are willing to pay for an all in one service and hassle free experience which could include paying the taxes, maintenance etc. Just look how much they charge for an apartment in the newly build towers. The real value of those apartments is at least 30% lower.

[Tim Drayton]

The property market in Limassol has been heating up over the past couple of years and I keep half seriously telling people I rub shoulders with that if somebody turns up and makes a good offer, i.e. somewhat above the fair market value, I can sell and move out in a couple of weeks. Well, an acquaintance of mine who is a respectable professional in a good job told me that his brother, who runs a financial and legal consultancy company for foreign investors in Cyprus, has apparently of late received many requests from Israelis who want to buy flats, not houses, in Limassol and will pay over the odds but need quick closure. I have spoken to him and he says he is confident he can find an Israeli buyer for my flat at the price I mentioned, or even higher. He also said that he could find a buyer for our entire apartment block at well above market rate if everyone agrees to sell. I have spoken to my neighbours and they are sceptical but are at least interested to know what price might be offered. They have told me that it sounds fishy, though, and there may be something illegal about it like it being a vehicle for money laundering. OK, it is no longer the buyer's market in Limassol that it was a few years ago, but it is odd that a potential buyer would offer more than the market price when they only have to research the market and inspect property that is up for sale then haggle and try to get the best deal/s, like most people do. However, this guy seems to be saying that they are very keen to do quick deals and that is why they will pay over the odds. I just wonder if anybody else has heard of Israelis currently so eager to buy flats in Limassol that they will pay above the market price for a fast deal? Or has anybody heard of some sort of confidence trick being played under this scenario? Thanks in advance for any insights you may have.

Hi Tim,

As the old adage goes, "if something is too good to be true, it often is"!

But then again, there are always exceptions to the above rule.

Good luck!

You have summed up my own conclusions to a tee! We'll see how this goes.

[Londonrake]

Welcome back Tim.

I have missed your posts. Particularly those which gave us an insight into events within Turkey, those beyond that available to most of us.

I absolutely promise - not to argue with you about Brexit again................... ever.

[Tim Drayton]

Going by the following, maybe flats in Limassol simply appear to be an excellent investment given the expectation that rents will continue to increase meteorically:

No end in sight to Limassol rent rises

https://cyprus-mail.com/2018/04/15/no-e ... ent-rises/

[Cap]

Tim, you and your 'old' folk followers... wow.
It's a spectacle to behold.
Dunno how else to explain it.... welcome to the 21'st century.

[repulsewarrior]

...sounds like the buyer is not really after a house per se; sounds like they're after a neighbourhood.

Yiasou Tim!

[miltiades]

Welcome back Tim