Overseas buyers continue to shun Cyprus property markets, latest figures show

[Nicholas Wallwork]

The property market in Cyprus is still failing to attract foreign buyers with even price cuts of*up to 30% being offered by some developers failing to result in sales to overseas customers.

The latest figures from the Department of Lands and Surveys show that 146 property contracts for*foreign buyers were deposited last month compared with 160 a year ago. Foreign sales in February*were down 9% on the same period in 2009.

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[Lysos]

When properties are overpriced by 50% to start with, a 30% reduction isn't going to achieve much, especially when those properties don't have title deeds. Was over in Paphos last week; construction work on what I would term bog standard holiday developments is at a standstill, and I heard a rumour that VAT will go up to 20%.

 

[AnaritaHolidayHomeOwner]

I've bought in Cyprus and I am more than happy with the property. I bought through Pafilia and they have been emailing me regular pictures of the build progress which is moving along very well. I think the main problem is that Cyprus government seem to be disorganised and unable to mangage the countries economics efficiently. The banks in Cyprus seem to make things up as they go along, the latest thing I have been told by my bank is that they are going to charge me everytime I ask them something about my account?!I think it's the governments responsibility to step in and sort it out but they haven't yet. I've heard of many home owners who are unable to repay their mortgage because the bank has increased their own bank margins despite libor and Euribor being at an all time low. It's a shame because if they hadn't increased their margin purchasers might actually be able to start repaying their mortgages but instead there is just going to be a lot of repossesions which surely doesn't help anyone - bank or owner?! As part of the EU the Cypriot government should be controlling this. Also who is control of the marketing of the country, don't they want tourists? It is such a stunning country and they could do so well but flights are so expensive. Yes I know airlines have to use more fuel to get there then spain, france, etc but Ryanair have stated they won't fly in because of the airport taxes are too high for them to pay. I thought the government were going to be lowering this or have they done this now? Sorry to rant and moan but I find it so frustrating. I know it's not as easy as ABC but come on it's a country that should be thriving surely instead of digging itself into a HUGE hole!

 

[Lysos]

AHHO,

Welcome to the Cypriot mindset !. Their reaction to fewer tourists is - put the pices up !. On my latest trip on Easyjet the flights were full both ways, as they are half the price of BA & Cyprus Airways. Ryanair wouldn't be interested in the route as they don't want passengers with hold baggage, and it's more cost effective to have sector legs of say 2, 2 & 1/2 hours. If EJ ever pull out then the tourist industry will be in even deeper doodoo.

Out of curiosity, which development have you bought on ?. Interesting that you 'are more than happy' with your purchase. The true test is down the line with snagging, service charges, provision of promised facilities (or not) etc.