Cyprus Property Market

January 5th seemed like the beginning of the new business year as all of a sudden we got an influx of potential buyers. After almost complete silence during the weeks leading up to Christmas and afterward, I was happy to start getting back into the swing of things again.  The business was not as slow as last year, but slow enough to make me consider how bad the housing crisis will affect Cyprus. All...

Builders and developers in Cyprus have been getting a bad press due to the “process” to acquire title deeds which can take up to 10 years or more! One would assume that anyone that pays for their property in full and upon completion of the property the title deeds would be issued. However, this is not the case and I will explain what can happen and how to safeguard your self when buying property in...

There are no “quick sales” in this market unless you are extremely lucky or give your property away.  A “quick sale” in this market is realistically around 6 months. Some homes have now been on the market for 3 years and more! There are ways to move your property in this market and there are ways to sabotage a sale – after you read this you can make the necessary changes or give your self a...

As Cyprus joins the United Kingdom and most of the world’s property and financial markets downward slide, we are beginning to experience the effect of the current crisis. The word in Cyprus until recently was that the problem will not have an effect or very minimal effect on Cyprus. People in the business of finance, property sales, developers and tourism - basically Cyprus’s whole economy - started to...

Why do sellers in Cyprus lower their prices and not tell all agents simultaneously? The question of why sellers price their homes way over what they are willing to accept seems obvious and I won't go into that now!  As an agent in Paphos, who charges a very low and competitive rate, I would assume that my sellers would want to ensure that their home is listed with me at the same price as all other...

I get phone calls and emails on regular basis from clients whose property I am listing to sell. They ask me if I think reducing the price of their home would help sell it faster. Of course the answer is yes, the lower the price, the more people that can afford it. I have had tremendous price decreases in the last month and if you are looking to purchase resale property this is a good time to find the...

The Cyprus news media just published the median house price figures for November 2007. The source of this information comes from one of the larger marketing companies that operate as an estate agency but are not a licensed estate agency. This company arrives at data from the houses they sold during this same period. There are numerous marketing agencies, developers and estate agents all selling homes so I...

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...