Resale property in Cyprus

by John
(UK)

I have bought a flat, put a deposit down in Larnaca and start to pay in August. This is now hugely expensive for me now, partly due to devaluation. Can you tell me any reputable estate agents to sell and what is the market at this time? I am willing to take a hit to pull out but the company I bought with will not let me pull out of the deal . It is a British company.


John

Comments for Resale property in Cyprus

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Mar 05, 2009
Selling Property in Cyprus
by: Helen

Hi John

The property market in Cyprus has ground to a halt, despite what you may read in the press (these are positive stories paid for by developers!).

There has never been a good resale market on the island mainly as most people wanted to buy new and there is always something new being built.

Now that developers have thousands of part finished and finished properties that they cannot sell, the chances of reselling an existing property bought off plan are pretty slim. I could tell you of several estate agents but in all honesty none of them are selling anything, new or old.

Your best bet is to put it up for sale with the original developer and maybe one of the big firms like Buysell.com who have a big website and therefore more likely to be seen by any prospective buyers. Also consider private advertising eg in property magazines or even classifieds in major newspapers especially if you put a bargain price tag in the ad.

Dropping the price is a good idea as most people have paid significantly over the odds for a property over the last 2 years but even a 25% drop in price is probably only getting the price down to a "sensible" level. For example in Paphos developers have recently been dropping prices by up to 25% to sell apartments so prices are now around ? 120,000/CYP 70,000 for a 2 bedroom place versus former prices of ? 165,000/CYP 96,000.

Your only other option is to consider not making the payments which can lead to legal action - see this thread about property repossession on the site for people in a similar situation.

Sorry I can't give you any better news but the effects of the credit crunch are now hitting Cyprus mainly on the property and tourism sides so developers are unwilling to help when buyers can no longer afford to pay for properties.

Helen

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