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Cyprus House Prices Still Not Realistic

21st August 2009 | back to article listings BACK    print this article PRINT

I saw a report today talking about the Cyprus property market and house builders have given up giving free furnishing packs and paying for purchase costs having come to the realisation they need to offer much better deals. Overseas purchasers have reduced to around 25% of the numbers that the country was used to prior to the credit crunch.

Cyprus property prices got carried away a few years ago and we moved away from the country for a while but things are now changing.

You have been able to get bargains from a resale perspective for over a year now but developers are particularly stubborn in Cyprus and the beginning of their getting real is now underway with and suggesting that 10% discounts are a superb buying opportunity. Hold out for 30% to 40% discounts as I'm sure we going to be seeing those at some point over the next 12 months otherwise many of the developers could well be going bust as they are significantly leveraged in many cases.

In many ways it's not much different to here in the UK and they're going to have to do the same things that UK developers have done so anybody looking at a holiday home or an investment in Cyprus is going to find some good buying opportunities over the next year and Assetz will no doubt become active in this area again in due course.

This news story has come from the property investment blog by Stuart Law, CEO Assetz plc.

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