Overseas buyers showing increased interest in bargain prices in Cyprus

[Nicholas Wallwork]

Cyprus has become more popular with would be overseas buyers searching for property at a time when prices are expected to fall considerably due to the Mediterranean island’s deteriorating economic outlook. ‘The recent news coverage of the economic woes in Cyprus led to an increase in searches for the island, overtaking Ireland as our seventh [...]

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[Veronica]

People are just looking at listings for Cyprus hoping to get bargains now. However if they are looking at off plan with developers they will have a shock as the developers have put their prices up aimed at the Chinese market. Chinese agents are demanding 10% and as there is often more than one agent involved and they all want their 10% and on top of that the developers want more for themselves it means that prices of new properties are considerably higher than 6 months ago.
Also some of the developers are approaching owners of properties they have built offering to sell them to the Chinese and again they are putting prices up by as much as 100% to accommodate everyones greed.
The only way that indivduals will get a bargain is by staying well clear of developers whether they are selling new or resale. Unfortunately there are also some agents who have got on the bandwagon, working with these developers and with Chinese agents and they are putting prices up as well when advertising them in China.
Yes, it may be true that there are more people looking at Cyprus properties on right move but that does not mean that they are actually coming here.

 

[Nigel Howarth]

Chinese agents are demanding 10% and as there is often more than one agent involved and they all want their 10% and on top of that the developers want more for themselves it means that prices of new properties are considerably higher than 6 months ago.

There's a report (in Greek) in InBusiness at Ακίνητα: Στο -45% το Ï„Ïίμηνο | News that talks about agents receiving 30% commission on sales to Chinese buyers.

Rough translation:

"In various property reports, Chinese buyers slandered Cyprus considered that those who bought real estate prices were overblown. Cause as reported by the great commission given to various agencies operating in between calling the end to pay the buyers. In some cases, they have affirmed that the commission can be as high as 30%."

 

[Charles Gibbs]

Well I was thinking about Cyprus.