Advise on selling a property in Cyprus

[Curley]

Hi all,

I am new to this forum and joined in the hope i can gather some information on the property market and going about selling a property i purchased.

Due to the current economic situation, i am forced to look at selling our first holiday home that i my partner and i purchased. The excitement of having a holiday home did not last too long!!!

We have a one bed apartment in the Tersefanou area. It is due to be completed at the end of November and everything is on schedule.

If there is any one with some advise on how to go about selling it, it would be much appreciated.

[BabsM]

Hi Curly, we live right by Tersafanou and know it well.

As I am sure you are aware there is a lot of development going on in Tersafanou because of the forthcoming golf course. As a result there are going to be a lot more apartments coming onto the market in the near future. The market for property sales is EXTREMELY quiet, if not dead in this area. What sells is cheap properties because the buyers are out looking for bargains so if you feel you can, pricing it cheaply will help to sell it. I don't know if you were aware when you bought, but there wasn't much of a resale market in Cyprus before the financial crisis started, let alone now!

We were trying to sell our apartment in Oroklini but gave up and decided to do short term lets for the summer and try to sell later in the year. The long-term rental market is still good in this area so, if your circumstances permit, perhaps you could consider renting it out?

On the plus side, the fact your apartment is still new is good, so is its position because apartments close to a new golf course will have a market.

If it were me, I would try to rent it out for a bit and wait for the market to recover. If you can't do that I suggest you speak to your developer and ask if he will take it back. If that isn't possible then I would put it with a couple of bigger agents... but do be aware, their commission rates are negotiable and higher than in the UK!

[Curley]

Hi BabsM,

than k you very much for your advise. Looking at the current situation and from what you have said, maybe it is best to ride it out too the situation recovers.
Dp you know when the Golf course will be completed? I heard that there are some delays?

As fo rlong term letting, is the market still strong? Is it a monthly /weekly rental over there?
What would be the average rent for a one bed aparement furnished or unfurnished?