Would you buy a home in Cyprus!!

[Gammon]

Well if things could not get worse they have with the dodgy accounts and the black economy, it looks like the national past time of fleecing the holiday makers and property buyers is going to blow the lid off this corrupt Island. What next I wonder a Russian leader!! or some Bod called Andreas.:banghead:

 

[aaronlove]

I really want to buy house in Cyprus. But under the condition of the economy is so bad you know I wish it is difficult to achieve. I don't know which to put money in.

 

[aaronlove]

I really want to buy a house there. But the economy is so bad, I should leave money life. People sometimes really very helpless.

 

[RainerR]

great climate

We love the climate in Cyprus, and always wanted to buy.

It looks as if people are dumping their 2nd homes as hot potatoes.
Of course we ask them why, as some are sold well under new-construction prices.
Their usual reply is that the market is flooded with empty properties, the Owners Associations are broke and unable to maintain the apartments, ghost towns have become dangerous as only 10-20% of the apartments are occupied all year around, increased government taxes, high unemployment creating increased crime, xenophobia, etc.
Renting seems a much better option, as it gives you freedom to leave when the local problems become worse.

Well if things could not get worse they have with the dodgy accounts and the black economy, it looks like the national past time of fleecing the holiday makers and property buyers is going to blow the lid off this corrupt Island. What next I wonder a Russian leader!! or some Bod called Andreas.:banghead:

 

[Veronica]

We love the climate in Cyprus, and always wanted to buy.

It looks as if people are dumping their 2nd homes as hot potatoes.
Of course we ask them why, as some are sold well under new-construction prices.
Their usual reply is that the market is flooded with empty properties, the Owners Associations are broke and unable to maintain the apartments, ghost towns have become dangerous as only 10-20% of the apartments are occupied all year around, increased government taxes, high unemployment creating increased crime, xenophobia, etc.
Renting seems a much better option, as it gives you freedom to leave when the local problems become worse.

The large complexes of apartments have the same problems as similar complexes in places like Spain, Turkey, Dubai etc.
After a few years they start to look tatty and as often many owners refuse to pay their communal fees there is never enough money in the communal pot to tidy the complex properly.
The only type of property to buy is a resale detached villa with title deeds. This gives complete protection for the buyer.

Rainer is correct that there are many resales on the market well below the price of new properties.