Cyprus-Forum.com

[Tuberider]

I am convinced that Cyprus property prices are a bubble waiting to burst.

When they do I am certain they will take many people down with them, much like the CSE bubble in 1999.

I am basing my assumptions on historical evidence from other countries and financial markets. So far I have been unable to find much hard evidence or data from local sources, although I do have some. However there is plenty of anecdotal evidence around.

Surely I am not the only one who has noticed the glut of properties available to rent or buy, and the rows and rows of unsold villas, especially in Limassol ?

My feeling is that the small and medium sized developers will go to the wall first. We will see the greatest falls in the price of apartments, and the least falls in the price of land.

I think only a fool would invest in property now. Prices here seem to be overvalued by up to 50% and a correction is due.

Anyone care to comment or discuss ?

[andri_cy]

Thats good. I have property in Cyprus and want to keep it for my kid.
To the subject. It depends on what countries you are referring to. I suppose that in Cyprus a lot of people are buying homes to be vacation homes also no? That might be the part that saves us. I dont believe the prices will ever go to the wall but the might go down significantly to a real value.

[pumpernickle]

Tuberider,

thank god you've noticed this too, i thought i was the only bastion of common sense left in this bloody place.

seriously, i comletely agree with you, even taking into consideration those who buy holiday homes, mass development and building of new properties have VASTLY outstriped demand. So badly its untrue, there clearly are not the buyers there and will not be the buyers there to take on these places, freehold, lease or let.

The thing is, tuberider, since coming to cyprus i have noticed that normal laws of basic economics do not apply here. no economies of scale, no supply and demand economics, no common sense.

It doesnt matter if there is no demand for somthing - prices are kept artificially high and prices keep going up. Not down!
Look at cars. The country is awash with second hand car showrooms and dealerships. Its one giant carpark, more cars that carrots, its a joke. Everyone has about 3 cars each, and there are stll millions spare and unwanted. Yet car prices are a JOKE!! utterly unacceptably high.

I hope somehow, with the EU setting its laws down harder, things become more normal and realistic cos house prices and cost of living out here is blatantly on a par with countries like the UK, Spain, Italy and France.

[andri_cy]

and what is it that those countries have better, in a way that the cost of living in Cyprus should be lower than there? If UK was so cool the whole country of Britain wouldnt be trying to move to Cyprus. Cyprus is like Florida in the US. awsome climate good people.
If people dont like the way things are in Cyprus maybe they should stay in their countries. Otherwise stay in Cyprus and stop whining. The reason prices are like that, is because everyone decided that it is a nice place to live and they are moving there, then when prices go up cause of demand they just whine. People on here sometimes sound like all the immigrants that migrate to the US. They go to the US and then whine about the laws and the people and life. No one is making anyone be there. People choose to go there. If you make your bed you need to lie in it and stop talking about how bad things are. You have a choice, no?

[simonwjones]

Property doesnt go down in value. It may stead off but never does the price drop!

What price do you think I should pay for a new one bed apartment in Paphos?

[pumpernickle]

I can see where your vote went in 2004.

I suppose you sent Dick Cheney a consolation card personally after that awkward affair with the shotgun.

Nice anti immigration rant. But please, I'm not into listening to the pro-Bush /Republican rants of right winger from the States. Much less someone with precious little knowledge of the cypriot housing market, which is what this thread is about.

Sorry, but yu have jumped the gun Andri. I am not anti cyprus, or a moaner and groaner, i am merely pointing out the truth of the matter - prices are artificially kept aloft over here, because of the serious problem of greed...which has led to the laws of economics being bent.

This is what Cypriots tell me themselves all the time! never mind my own deductions on the affair.

The country is a ghost town, meanwhile all the tourists are going to places like Turkey and Thailand cos its cheaper / better value for money and all the best produce and goods go to the export/external markets....depriving the home market of a fair deal and decent standards.

All in the name of profit for the few.

It's simply capitalism gone mad. But then what the hell am I doing having this kind of conversation with a yank.

[Kenneth]

Property doesnt go down in value. It may stead off but never does the price drop!

you are joking right ?

[pumpernickle]

ha! yeah. like shares never go down on value, and all bets placed with william hill eventually come up trumps and pay out in silver dollars.

Boll. Locks.

[Agios Amvrosios]

Property doesnt go down in value. It may stead off but never does the price drop!

I have to disagree-

The bubble burst in Australia a few years after the Sydney Olympics and prices dipped by up to 20%.

Never by when the bubble is growing- wait for it to burst...my sister saved $50,000 off the price of a townhouse in the same complex as a lesser one she missed at an auction.

Investors are to fool hardy these days.

[andri_cy]

Pumpernickle the one that jumped the gun is you. I may not live in Cyprus as of right now but I lived there for 22 years and I have property there and people investing in property for me as we speak. I would ask you politely to not call me a yank or american or whatever else you have called me so far trying to be insulting as I am Greek and proud of it. I like how you complain about people attacking you personally while you do the same thing to other people. Using cusswords is not the only way to attack but I guess you know that as you are a master at the game. As far as you not being anti Cyprus well its just hard to figure it out since all you do is talk crap about us. So excuse me for not buying your little I am not anti Cyprus routine.