Is Supply In Excess Of Demand?

[austin]

Hi there,
new member here as I have only just found the site. So Hi to everyone.
I have read the post on Cyprus as I am currently considering purchasing a property over there. However having read the post I am now unsure as there are a lot of developments at the moment like people state.
Do you guys think it is a worthwhile investment at the moment or will the market crash. I thought with BuySellCyprus launching on TV prices would increase further, however now I am unsure!
Also what will happen to prices if Cyprus were to join the Euro in 2008?
With all the developments now, is Supply due to be in excess of demand?
Thanks for your advice
Austin

 

[benjamin]

Hi Austin,
Developers have a complex in Limassol behind the seafront Mcdonalds -about 22 detached villas with pools - only 3 sold. They have been on the market for over 18 months with very little interest. Am trying to find a web link to this development but no luck so far. Anyway its easy to find. In the same area is the big Athanasiou complex which I suspect is also undersold- although I have no proof. It just always looks empty.
Galaxia Estates also have an unsold complex of apartments and villason the seafront next to Molly Malones - about 10 sold out of 30 I think. Call them up - I know the owner, I spoke to her recently and she was telling me how nothing is selling and how they are experiencing cashflow problems. Might be worth a look.
I think we are on the cusp of a crash but nobody I speak to agrees - they think prices will stagnate and maybe even rise further. Maybe I am wrong but I don?t think so... we had a massive stock market bubble here in 1999-2000 which burst and took many people under, and this looks like it might go the same way.
At the end of the day, you pay your money and you take your chances
the east of the island suffers from chronic seasonality. ayia napa/ protaras/ paralimni are empty during the winter months. better for investment might be Limassol and Paphos as they have activity year-round ...?
Regards
Benjamin

 

[bennett]

Hi Austin,
I am not only buying for investment, Morocco is a 3 hour flight and the beaches are vast unspoiled playgrounds, not too mention all the exotic Moorish culture!
I will use year round given the unbelievable facilities and mild winter climate.
Low cost airlines are clamouring for the routes. I think Ryan Air start flights to Oudja (closest airport to Saidia) this summer.
Current transfer time is 35 mins but the Yanks are building a new highway so transfer time is to be cut to c23 minutes.
Again Saidia is an up - market 'total resort' not to be compared with other current Moroccan developments.
Some big name retailers and hoteliers have bought space on the resort, and they will have done their homework.
Keep in touch
Bennett