If you are waiting for the right time to buy and expecting prices to plunge even further you should be wary about waiting too long. There are opportunities not to be missed. In my opinion, there is no better time to buy property in Cyprus than now! You should at least begin the search!
There are a number of factors that support my opinion that you should consider buying very soon. The first reason is that as the housing market weakens the number of new properties being built is reduced drastically and the available supply of properties decreases. Many builders around the islands have laid off many workers in anticipation of the slow down that has already began.
Property owners and especially those of resale properties in Cyprus have been in a losing battle competing with developers for buyers. Developers have held the advantage as they often sought potential buyers overseas through exhibitions where commitments are guaranteed before the buyer even travels to Cyprus. When the developer finally brings the buyers here, they don’t let them out of their sight until the deal is done. Many of the agencies representing the individual sellers actually work for the developers as they often get up to 10 % commission when they bring their clients to them. As the builders and developers close more and more shops and lay off more people their ability to drown out the individual sellers becomes harder to accomplish. Thus, a buyer can actually find these properties.
The strength of the Euro makes many sellers accept offers that they never would have in the past. In addition, the length of time most resale properties have been on the market makes it an ideal time for negotiating a great deal.