How do you see the Cyprus real estate market performing in the future?

[totallyproperty]

The Cyprus real estate market is often associated with the Greece when in reality they are two very different markets. How do you feel the real estate market in Cyprus will perform in the short, medium and longer term?

 

[bendybunny]

I personally don't feel it has hit rock bottom at the moment, just wait for the Banks to repossess homes that have been built on land mortgaged by the developers, not declared at the point of sale.

 

[David C]

Property investment Future in Cyprus

For now it seems that the Passport by investment and category f residency visas have made a positive difference in the market in terms of property sales. However, some houses must still be cleaned. The old guard should really accept that if Cyprus wishes to perform well in terms of real estate sales and development then transparency and fairness must be embraced fully.

With regards to another barrier, if a nation chooses to join the EU, once the decision has been made, then the principles of said union should be adhered to. Trying to monopolise the property market and exclude foreign nationals is not only adverse to free trade policies but will eventually result in legal victory for those who are currently fighting this ruling. In the mean time, how can one weigh up the adverse publicity and damage to the market that some of these issues are causing.

 

[Veronica]

But there are no barriers to EU nationals buying property here so I am not sure what you are trying to say:hmmmm2:

 

[David C]

Dear Veronica,

Apologies for the vagueness. Usually the category F residency or passport applications are by non EU nationals.

In addition as you probably know the Cyprus property market is not without its difficulties however it is not always wise to spell this out.

 

[nadin]

i have a small budget 60.000 euro and would like to buy a small apartment in Larnaca. can you please advice when it's the best time to buy? is it now or i shall wait till the Banks to repossess homes that have been built on land mortgaged by the developers, not declared at the point of sale, as said before. when would be that period?
thank you for your help..

 

[Cyprus Property Buyer]

Over the next 12 months property prices in Cyprus should fall further when the banks start to sell off properties at auction. I believe after advertising the properties at 80% of market value for 3 months they are then able to sell them at auction at 50% of market value. Nobody is likely to buy at 80% when they can wait a few months and buy at 50%.

 

[nmb]

"Over the next 12 months property prices in Cyprus should fall further when the banks start to sell off properties at auction. I believe after advertising the properties at 80% of market value for 3 months they are then able to sell them at auction at 50% of market value. Nobody is likely to buy at 80% when they can wait a few months and buy at 50%."

As we are approaching nine months since your comment about banks selling off their unwanted properties in Cyprus, I was wondering about the current situation. Do you believe that the banks have now sold off the majority of their unwanted properties?

 

[Veronica]

"Over the next 12 months property prices in Cyprus should fall further when the banks start to sell off properties at auction. I believe after advertising the properties at 80% of market value for 3 months they are then able to sell them at auction at 50% of market value. Nobody is likely to buy at 80% when they can wait a few months and buy at 50%."

As we are approaching nine months since your comment about banks selling off their unwanted properties in Cyprus, I was wondering about the current situation. Do you believe that the banks have now sold off the majority of their unwanted properties?

Nothing has changed in the past few months, no sign yet of the banks selling off properties.

 

[nmb]

I would guess this will keep Cyprus property prices subdued for the foreseeable future? With a cloud of unwanted properties overhanging the market it is difficult to see any short-term pickup in prices?