Cyprus Property Market – Is it Stabilizing? Is it the Time to Buy?
Have you been wanting to buy a property in Cyprus? If you have been waiting for the prices to bottom out before jumping in and getting yours, then I dare say that it’s time. Sure there may be a bit more to go in some areas or with some sellers who are still overpriced but these properties will not sell, not for the prices being asked. There are many more properties that are good prices and despite what happens in the housing market in Cyprus or globally they will not drop any further.
Cyprus is a special place in many different ways. One of the ways is the overall general population are very well off. With a population of less than 1 million, many Cypriot families owned land and have sold some or developed some to turn a profit selling to expatriates retiring or looking for holiday homes. Many of these properties were bought by well off individuals who can afford to relocate and in many cases still own another property or two somewhere. Both the Cypriots and the foreigner’s are in most cases not desperate to sell because they don’t really have to. The drop in prices are not necessarily a desperate move on their part but an adjustment to what they came to realize as a step involved with any market, it has it’s up and it’s downs. With the way prices skyrocketed in the first half of the decade, it is understandable that this balance must occur…what goes up must come down.
Four years ago many people complained that the young families could not afford to buy a property, prices were reaching outrageous levels and only the rich could buy. I heard many stories about how many were never going to be able to buy, especially if your family had no more land to sell or if you were without family support.
The recent slump of the housing market is the great equalizer of our time. It is a lesson that teaches to never say never and if you pay close attention you walk away with a very valuable lesson that can be worth much more than what you may have lost. There are many sellers today that bought at the wrong time, at the peak of the market and those people are taking a loss. There are buyers now that are getting back into the market, who made money during the boom years and got out in time to cash in. Now they know it’s a good time to get back in and these are some of the clients I come across now.
I learn a lot from my clients working in the Cyprus property market. The job gives me the opportunity to meet many well educated people that come from many backgrounds and have so much knowledge that it is always great when you meet someone with an understanding and wants to share their perspective on the market, Cyprus or life in general. The overall general consensus is that we are nearing the end of the price crash and things will be slowly but surely stabilize and some even think it is possible by the next season. This is something that I agree with. Share your thoughts on the Cyprus property market, we’d love to hear your opinions and value our readers feedback.