Cyprus-Forum.com

[Tuberider]

Svetlana

Superior have also closed their Yermasoyia branch in Limassol (the one near Hagen Daaz, unless I am mistaken)

A friend of mine was made redundant in the process. Do you have a job going for him ? He is very clever !

He told me yesterday that the company is in pretty bad shape.

They had not made a sale in weeks.

Tick tock tick tock tick tock....

[Svetlana]

Hi tuberider

Thanks for the info; I see the company has reduced the number of its offices from 10 (I think) to 5 and the Limassol office (In Sun Court, near TGIF) is now run by Louis Estates - described rather coyly as 'associates'.

Maybe the franchising excercise did not work, except in Limassol.

When I next see HP, the owner, I will ask him what is happening

Lana

[Tuberider]

Sure, ask him, I would be interested to hear why they have taken such drastic measures if the market really is set for 'further growth' as you say.

Another thing:

I noticed yesterday while out walking that ECR have also closed down a big branch in the Limassol tourist area.

Coincidence ?

[Svetlana]

Hi Tuberider

I have pm-ed you, have you received it?

Lana

[Tuberider]

Forgive me Svetlana but I do not kow what that means.

Kindly clarify,

[Svetlana]

Hi Tuberider

It is possible to send Forum Members pms (Private Messages), you will see a box marked 'pm' under Forum members' names. Usually, this facility is disabled for new members until they have sent a number of 'quality posts'!

I sent you a pm today, I just wondered if you had received it; in the Cypur- Forum banner banner at the head of the page it will say 'You have 1 new message', a reminder is also sent ot your Email address.

Lana

[Tuberider]

For those interested in the UK property market, check out this graph:



Doesn't take a genius to figure out what happens next...

[Oneness]

I think the Cyprus property boom can be seen as part of a larger, global property boom. The USA started the 20+% gains then it spread everywhere. There is not a place in Europe where you do not hear of prices having gone up like rockets. It is no coincidence that generally everywhere prices stabilized the last couple of years and are now showing signs of pciking up again. True, inevitably some places will do better than others. But I think Cyprus is not immune to the global trends and short of a disaster, it will probably be international and not local factors if a crash is to take place. If anything, local factors favour Cyprus ; there is a big property ownership culture here and people want to pass property through the family rather than to sell in case of a crash. That approach has paid off for most people.

I heard Nicosia is top for capital gains now, followed by Larnaca and land more than houses.

[Bluejay]

Euro entry in 2008 will drive up prices, although those selling to move abroad at that stage will find that the devaluation of the Cypriot £ will offset those gains.

Lana

Lana,
So if I were buying now (against the advice of some), and got a CYP mortgage would I benefit from the increased prices and paying less on my loan after devaluation. Or am I just seeing this wrong.

Your thoughts would be appreciated. We'd be buying a holiday home and have been advised to leave it 12-18 months, but not too sure we want to wait. We are looking at Limassol.

[Svetlana]

Hi Bluejay

It's a bit of Yes and No!

IMO, buyers buying with any currency but CY£ will achieve a lower price, in real terms, immediately post Cyprus' Euro entry, as they will enjoy much better exchange rates. Particularly, those buying with £Sterling because I believe UK interest rates will rise later this year as the property market in the UK continues to strengthen.

However, prices of property in Cyprus will rise as the exchange rate becomes more attractive and prices, for foreigners buyers will be lower.
It will make it even harder for young people here to afford a home, which is a very sad situation.

I hope I have made myself clear

However, if you want to buy now, why not do it; life is not about money but about JOY!

Lana