There is one clear message that I am getting from all my new and informed clients – it’s a buyers market in Cyprus! Many of my clients have recently experienced being the buyer in a sellers market thus paying premium prices for their property. The people who want or need to sell these homes within a year or two of purchasing are the hardest hit. They have purchased at the height of the market, paid top price and now think they can sell shortly after and make a profit. I’m sorry to say that it will probably not happen now. What happened in the US is now happening in the UK which is slowly also effecting Cyprus since there are strong ties between the two countries.
Many of my new clients have had their property listed with other agents for long periods and have not sold. Of course, that makes my job easier to get new listings and takes off some of the pressure of high expectations for a fast sale. Although my own expectations are high and I put plenty of my own pressure on to make up for the slow market. I do get the occasional client that thinks that his property is anyones dream and has no idea that the market has slowed and expects his home to be sold in a couple of weeks which is highly unlikely.
I personally experienced being on the wrong end of the market when I sold my home in the US before I moved to Cyprus in early 2006. I was lucky to find a buyer in a short time – two months. That was much longer than any of the previous homes took to sell in that neighborhood. Now, two months is a great time frame considering that I still see the same homes listed more than a year later.
The good news is that Cyprus is a fairly new member of the EU and has great weather, it is not over-populated, has a low crime rate and lower cost of living than many other EU countries making it a perfect place for anyone looking to find either a holiday home or escape the crowds, traffic & pollution of big cities. Even though it has been affected by outside influences it still has unique strengths to maintain a great quality of life for locals and new EU residents. As technology creates a more open world community so Cyprus will overcome the down trend in the housing market and bounce back to normal as it claims the title as Europe’s vacation destination. Cyprus is still a place where you can purchase a quality vacation home in a great location with a sea view at a very reasonable price.