Cyprus property market

[dplees]

Hi,

I have been looking at google news and searching for the cypriot property market. The results I find give conflicting reports, some say that the economy is doing well and the property market is pretty much untouched, however others say that it is being hard hit.
I'm hoping that a one bed apartment that I bought in 2006 for 115,000 CYP hasn't lost too much of its value. I was also recently told by a property investor that it could take 10 years to get my money back.

Rgds

[BabsM]

From my experience the property market in Cyprus has been hit badly whilst the economy is holding up ....this week! Who knows what will happen next week, next month, next year. In this area some owners are trying to sell properties very cheaply because they need to get rid of them whilst others are not reducing their prices... however there are only a few buyers out there and many of those who are, are looking for a bargain. The Cyprus government has recognised that there is a problem and is trying to stimulate the housing market by offering cheap loans (first 2yrs interest free) to Cypriots and EU immigrants. They wouldn't do that if the market was unaffected.

Some developers have not sold a property for over a year and ours is reducing his prices because he wants to give his team some work to do. He is a small developer. Other bigger developers aren't so concerned and are continuing to build. What with the property already on the market, the properties being built and the lack of buyers, not forgetting the reticence of banks to lend, it is reasonable to believe that there will be a glut of properties on the market for some years. Thus it will be a buyers market for some years and prices will be down as a result.

We have discussed the price of your one bed apartment on here before, at length. I would be surprised if you were to get anything like €200k for a one bed apartment at the moment when there are so many other, cheaper properties available, unless its something really special.

A property investor wants to make a profit by buying cheap

[Veronica]

I agree with everything that Babs has said.
We have one bedroom apartments on our books for as little as 110.000 euros and 2 bedroom apartments for less than your one bedroom apartment was.
I do think though that 10 years is a bit of a pessimistic view. However you do need to accept that you will not make a quick killing and it may even be some years before you would be able to sell for as much as you bought for.
As Babs says we have gone over all this before.

Veronica

[Paul Wood]

Originally Posted by dplees

Hi,

I have been looking at google news and searching for the cypriot property market. The results I find give conflicting reports, some say that the economy is doing well and the property market is pretty much untouched, however others say that it is being hard hit.
I'm hoping that a one bed apartment that I bought in 2006 for 115,000 CYP hasn't lost too much of its value. I was also recently told by a property investor that it could take 10 years to get my money back.

Rgds

Hi

Prices of property are only worth want someone wants to buy at, and today there are fewer buyers. However, when you buy property you have to look longer term, and Cyprus is riding the recession better than most as it is attractive to many different countries (Uk, Ireland, Russia, North Africa) thus the overseas price is holding up, but you can always buy a bargain, and in these times you will only hear about bad news, and bad prices.

Your 1 bed apartment at £115,00 cyp has converted to €190,000 which depending where it is and how big it is, looks high.

The best thing to do if you can afford it is "ride the storm" and wait for things in the UK to improve, by renting out.

Don't look at values unless you are realy going to sell.