Is there a market?

Discussion in 'Cyprus Property' started by mslambs, Nov 8, 2009.

  1. mslambs

    mslambs New Member

    Hello,

    Hoping for some advice.

    We completed on a new apartment in Peyia Chorio 2 this year but like many people have been impacted by currency fluctuations and our monthly mortgage is now quite high.

    We have a baby on the way and woud really like to see so ease the finances.

    Is there a market to sell or is it still quite? We have someone in the apartment renting so we are finding it fairly easy to rent the apartment but I dont know what the resale market is like.

    anyone got any tips or possible estate agents they recommend?

    Thanks
     
  2. Lysos

    Lysos New Member

    The market is dead in the water, especially for apartments. To have a realistic chance of selling you would have to take a big loss. However, that may be an option to consider. Tourist numbers are way down, and with airfares going up and the £ on a virtual par with the €, British visitor numbers will steadily decline (& don't believe the myth that they will be replaced by Russians, who prefer all inclusive hotels in Turkey).

    I don't see the tourist market ever returning to its' peak levels, and there is a vast over-supply of holiday rental accommodation.

    Was last there in Jume & going back over on Tuesday, & I doubt the situation has got any better in the meantime.
     
  3. Nukumai

    Nukumai New Member

    Lysos - I, for one, would be grateful if you would share your first-hand insights/observations when you return from your trip.

    I was in lovely Paphos recently and could not work out why the backside has not more obviously fallen out of the property market there. With many British ex-pats taking a hit on their pensions, and UK-domiciled property-owners faced with a hike in their funding costs due to a strong EUR, I wonder if they can hold out to the point where an eventually weakened EUR (against GBP) would entice buyers back into the market...

    And I see that property sales to all non-Cypriots are down 75% in 2009 to date, as compared to 2008 (according to Land Registry figures). Interestingly, they refer to "unrealistic asking prices" as being a main contributor to this...hence my comments above.
     
  4. Lysos

    Lysos New Member

    Just back, & the situation is worse than I feared, certainly in the Paphos District, and I have no reason to suppose it is any different elsewhere. Many more hotels than usual are closed/closing for the winter, & if it wasn't for hotels being booked en bloc for R&R for NATO & other forces from Afghanistan the number would be higher. Well established tourist shops and bars/restaurants aren't just closed, they've been stripped of fittings and are up for sale or rent.

    The prestigious Amphora Resort project on the sea front, next to The Alexander The Great Hotel, has been idle for over a year now (apparently the developers have major problems after Russian backers pulled out). Reliable sources tell me a number of small builders have gone under & at least one big name is in big trouble.

    Every development I saw was 'on hold'; the only building going on was on individual projects and government infrastructure projects; numerous major roadworks in Paphos and I suspect these projects (funded by EU money) have been brought forward to help the construction industry.

    To see the latest on the timebomb ticking under banks & developers check out the CPAG site.

    Only bright spots: the weather !. (Clear skies 23c.)

    Looks like the Paphos - Polis Highway will start next year, and basic design work has started on the Banana Bay marina project. However, neither of these will have any noticeable impact on the tourist industry for a long, long time.

    New golf course near the airport due to open anytime soon, though the clubhouse is far from complete. It is going to be 'pay & play' though they need to think carefully about green fees if it is to be successful.

    Ground work has started on the new course in Argaka, due to open in @5 years.

    Bottom line, people who bought property looking for rental returns/capital growth, particularly in the mass market apartment & townhouse developments are facing a bleak future.

    If you are looking to buy for 'lifestyle' then now is a good time for resales (with title deeds, of course !). Lots of desperate sellers, but looking at properties being offered for sale on here, vendors are still asking totally unrealistic prices.
     
  5. Journals009

    Journals009 New Member

    Property In CYPRUS

    I have a doubt. People say when the market is in boom there is a good chance.
    But is there a case where the market is steady and people know how to buy and sell.
     
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