Cyprus-Forum.com

[Park]

This is good time to buy as the market is dead. Advertised properties here earlier have been increased by the agents about 10 % making it even hard to sell !! This forum is a good place to sell & buy so good luck to all[/b]

[Svetlana]

Common practice in Paphos is for Agents to charge 5%, which can then be set against the owner's Capital Gains Tax liability, making it, effectively, 4%. I have never heard anyone charging 10% for resale properties; whereabouts on the island does this happen?

Lana

[dolmadis]

I think that Park is saying that despite the market conditions agents are marking property prices up by 10%. Hyping up a dead market to maintain a myth? Or stop a bubble bursting?

[Svetlana]

Most Agents sell at realistic prices, 5% of an extra £10,000 of a possible sale is much less attractive than a certain sale at the lesser price. (if that makes sense!).

ie 5% of a realistically priced £100,000 which will sell is a better proposition than 5% of a speculatively priced £110,000 which might sell.

Lana

[dolmadis]

Agents seem to think that unless they can say that prices are increasing then the property is less attractive. Off course that is a sure way to actually dampen the market as each years progressive +10% makes cyprus property less competitive than other countries. If there is a bubble to burst that is the way it was created and it will definitely burst very soon.