Cyprus Property Prices

Have any of you considered Italy ?

It's thought of as expensive, but outside of the tourist traps, like Sorrento and Positano, prices drop like a stone and food and wine are quite cheap, and they seem to be a lot more stable, in political terms.
 
Or the mayor was flexing his muscles prior to taking a government position?
I would imagine that the Church also had a say in it as they also like to exercise their power, just like with the Casino Licences being approved, it was the Church blocking it so one can only assume that their 'cut' was increased and that's what got the licences approved. Maybe the hotel developers didn't want to give the Church a bigger bung?
 
Have any of you considered Italy ?

It's thought of as expensive, but outside of the tourist traps, like Sorrento and Positano, prices drop like a stone and food and wine are quite cheap, and they seem to be a lot more stable, in political terms.
It certainly takes some beating .....for corruption and fascism.
 
Have any of you considered Italy ?

It's thought of as expensive, but outside of the tourist traps, like Sorrento and Positano, prices drop like a stone and food and wine are quite cheap, and they seem to be a lot more stable, in political terms.
You still get the Winter Fuel Allowance if you live there. So it's either not as warm as the other places or lots of MPs have holiday homes there.
 
We love Cyprus and bought a cottage in the Famagusta area at Protaras last year, on the hillside just outside the resort. It's easy walking distance to Fig Tree Bay and the fantastic beach plus the shops, bars and eateries. It's where we were on honeymoon mid-90s and we've been back both sides multiple times, so it made sense to buy. In this case it was a resale in an established area with about 50-50 Brits and other foreigners versus Cypriots. We very nearly bought a penthouse apartment up the road in Kapparis, fantastic views over the BZ to the Ghost Town and Turkish side, for the same price and thank god we didn't, as it's now being built in front of. The retired guy who sold to us turned out to be ex-RUC (with a couple of buddies also having bought nearby) and later disclosed he didn't want to sell to a Cypriot for sake of the neighbours, in case it was rented out to foreigners who would be disruptive.

Bills are much cheaper then UK and standing charges pretty modest. A retired Brit couple living nearby air the place when we're away. She cleans and he can do odd job, turn the water and power off at the meter point etc, and there's an English builder who's already re-sealed the roof for us and given us some tips. It's been a great holiday home for us so far, with kids and grandparents in tow on occasion and rented out to the same people who had an arrangement with the previous owner. I go out by myself a few times and it's a joy to sit the balcony in the warm with the Med and palms on one side and hillside on the other. Nipped across to Lebanon for about £60 (25 min flight from nearby Larnaca) and had a great time wandering about Beirut. The motorway network is good and rental cars can be cheap, so Nicosia both sides gets a visit, along with trips to Troodos. Plus they've just opened a new checkpoint at Dherinya, so I can be in Turkish Famagusta in 20 mins from the house. And the Efes is still cold and kebabs warm when I get back!

We bought through an estate agent, and as it was a resale (built in 92) with title deed we avoided the pitfalls of apartments or shared complexes bogged down in communal charge and tax disputes. But as I said earlier, that was a narrowly dodged bullet, as we'd more or less agreed on buying an apartment rather than a house. We also used a notary public who came recommended by Brits and locals, rather than a lawyer, to do the conveyancing for a set fee. But unless you're an old Cyprus hand, a solicitor is probably best. They at least have some kind of accountability, unlike the scoundrels practising/ripping off foreigners on the Turkish side. Speaking of which, so many people have been burned buying in the north. Not just with the title deed scandal also prevalent on the Greek side, but the fact that they are buying property seized from the legal owners or abandoned after the Turkish invasion. They get told they are buying an "exchange property" and are given bogus title deeds recognised only by Turkey, so only buy property on legal, pre-74 title deed, so caveat emptor writ large. It's cheap for a reason!

So in summary, Cyprus has worked for us in terms of investing in a holiday home we could retire to (maybe it'll be another 20 years if they keep hiking the pension age) or relocate to work, if it came to it. The food is fantastic and healthy, weather mostly sunny and warm, but of course extremes either way. Some things are dearer, some cheaper. Health insurance will be an issue in future depending on Brexit, but we're not too crumbly yet. The island is well located for flights to Istanbul, Middle East, Asia or further afield, it's very beneficial now to be able to drive across the CFL (long as it's a GC or TC-registered car, or a GC hire car) into the Turkish side and have lunch in the harbour at Kyrenia, Bogazi etc, get the barber experience, bring back some shopping (Dherinya checkpoint more advisable than the SBA at Ay Nic, wink) then chill on your veranda. I realise it hasn't or won't work for everybody but I think if all goes well with no hiccups, you get out what you put in. Quality of life is great, they drive on the left and mostly speak English, but speak a little Greek and Turkish to the locals, learn the real history they've gone through and they'll respect you for it, treat you better and give some good steers. And wear sunscreen!
 
We love Cyprus and bought a cottage in the Famagusta area at Protaras last year, on the hillside just outside the resort. It's easy walking distance to Fig Tree Bay and the fantastic beach plus the shops, bars and eateries. It's where we were on honeymoon mid-90s and we've been back both sides multiple times, so it made sense to buy. In this case it was a resale in an established area with about 50-50 Brits and other foreigners versus Cypriots. We very nearly bought a penthouse apartment up the road in Kapparis, fantastic views over the BZ to the Ghost Town and Turkish side, for the same price and thank god we didn't, as it's now being built in front of. The retired guy who sold to us turned out to be ex-RUC (with a couple of buddies also having bought nearby) and later disclosed he didn't want to sell to a Cypriot for sake of the neighbours, in case it was rented out to foreigners who would be disruptive.

Bills are much cheaper then UK and standing charges pretty modest. A retired Brit couple living nearby air the place when we're away. She cleans and he can do odd job, turn the water and power off at the meter point etc, and there's an English builder who's already re-sealed the roof for us and given us some tips. It's been a great holiday home for us so far, with kids and grandparents in tow on occasion and rented out to the same people who had an arrangement with the previous owner. I go out by myself a few times and it's a joy to sit the balcony in the warm with the Med and palms on one side and hillside on the other. Nipped across to Lebanon for about £60 (25 min flight from nearby Larnaca) and had a great time wandering about Beirut. The motorway network is good and rental cars can be cheap, so Nicosia both sides gets a visit, along with trips to Troodos. Plus they've just opened a new checkpoint at Dherinya, so I can be in Turkish Famagusta in 20 mins from the house. And the Efes is still cold and kebabs warm when I get back!

We bought through an estate agent, and as it was a resale (built in 92) with title deed we avoided the pitfalls of apartments or shared complexes bogged down in communal charge and tax disputes. But as I said earlier, that was a narrowly dodged bullet, as we'd more or less agreed on buying an apartment rather than a house. We also used a notary public who came recommended by Brits and locals, rather than a lawyer, to do the conveyancing for a set fee. But unless you're an old Cyprus hand, a solicitor is probably best. They at least have some kind of accountability, unlike the scoundrels practising/ripping off foreigners on the Turkish side. Speaking of which, so many people have been burned buying in the north. Not just with the title deed scandal also prevalent on the Greek side, but the fact that they are buying property seized from the legal owners or abandoned after the Turkish invasion. They get told they are buying an "exchange property" and are given bogus title deeds recognised only by Turkey, so only buy property on legal, pre-74 title deed, so caveat emptor writ large. It's cheap for a reason!

So in summary, Cyprus has worked for us in terms of investing in a holiday home we could retire to (maybe it'll be another 20 years if they keep hiking the pension age) or relocate to work, if it came to it. The food is fantastic and healthy, weather mostly sunny and warm, but of course extremes either way. Some things are dearer, some cheaper. Health insurance will be an issue in future depending on Brexit, but we're not too crumbly yet. The island is well located for flights to Istanbul, Middle East, Asia or further afield, it's very beneficial now to be able to drive across the CFL (long as it's a GC or TC-registered car, or a GC hire car) into the Turkish side and have lunch in the harbour at Kyrenia, Bogazi etc, get the barber experience, bring back some shopping (Dherinya checkpoint more advisable than the SBA at Ay Nic, wink) then chill on your veranda. I realise it hasn't or won't work for everybody but I think if all goes well with no hiccups, you get out what you put in. Quality of life is great, they drive on the left and mostly speak English, but speak a little Greek and Turkish to the locals, learn the real history they've gone through and they'll respect you for it, treat you better and give some good steers. And wear sunscreen!
So how long have you been trying to sell your place ?
 
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RRV8

GCM
This is a good article posted on 10-Oct-19 by Nigel Howarth, Cyprus Property Magazine:

PROPERTY sales in Cyprus have fallen by 6.6% since June following the introduction of stricter criteria for the Citizenship by Investment scheme, which critics claimed undermined the fight against corruption in Europe and increased the risk of money laundering.

Earlier this year property sales surged as foreign investors rushed to buy property in Cyprus before the government introduced stricter criteria. But now, following the reduction in sales, economists are sounding alarm bells over the real estate industry’s reliance of foreign investors seeking Cypriot passports.
According to reports, tens of passports have been issued since May compared to the hundreds issued earlier. (Cyprus has issued around 2,000 passports to foreign investors since the scheme was launched in 2013.)
Economist Marios Clerides told Stockwatch that the decline since May could be attributed to the tougher criteria as many foreigners wanting passports could no longer comply with the conditions necessary.
“The evidence shows that the real estate sector would be in trouble if not for the crutches provided by the passport scheme,” said Clerides.
He added “The industry is not viable without the investment scheme, and we have to be cautious as the EU and other institutions are keeping a close eye on the scheme.”
He also argued that the economy has to find real sources of revenue and growth rather than relying on “artificial and transient” sources of revenue.
 
It certainly takes some beating .....for corruption and fascism.
Do you live here cplDanjou ?

I have for 20 years, its great, corruption ? Like it never happens in the UK. Try that nice MP Abbot trying to gag the press as her son bites a policeman or any of the other MPs buying second homes and bloody duck houses for their ponds?

No country is clean, I have seen Italians helping illegal immigrants , OK a small proportion are left wing, right wing but I have seen the normal folk going out to help others that I have never seen in the UK.

Say if an African , illegal immigrant was standing outside Tesco's in the UK asking to help you with you shopping if he can have the coin in the trolly ? He would last about 3 mins until security or the plod turned up. Here it’s normal.

It’s great, food excellent, people helpful and friendly , weather great , today the 8th Dec it’s 20 C might go for a walk on the beach or maybe a walk in the hills ? Maybe just for lunch ?

Most pay to come on holiday . Living here it’s great.
 

RRV8

GCM
The 2013 Cypriot banking crash was a bit of a nightmare from what I've learned in my recent readings on the subject but what are people's opinions on the current health of the banks.

I've read most of the Cyprus Property Magazine articles for 2019 and I'm getting the distinct impression that the Cypriot banking system is teetering on going South once again. The huge drop in property sale values plus the loan/debt problems seem to be the contributing factor

Any thoughts guys?
 
The 2013 Cypriot banking crash was a bit of a nightmare from what I've learned in my recent readings on the subject but what are people's opinions on the current health of the banks.

I've read most of the Cyprus Property Magazine articles for 2019 and I'm getting the distinct impression that the Cypriot banking system is teetering on going South once again. The huge drop in property sale values plus the loan/debt problems seem to be the contributing factor

Any thoughts guys?
Don't put too much money into a Cypriot bank? The EU guarantees your first €100,000 is safe. The Cypriot banks took anything above that back in 2013 so those who had just sold or had money in the bank to purchase were the ones that took the hit.
Same here in Spain. They haven't done anything like the Cypriot banks did and merged several banks to meet the debts without touching any savings but I am very wary and only keep between 7 and 10 grand in my account.
Any big purchases I make (new car, new kitchen etc) gets paid by direct transfer from my UK bank to the company. Bit at the mercy of the exchange rates but no fees for transferring and no pushing up the money to levels above the EU guarantee.

If purchasing, try not to put the money into the bank but arrange direct payments with either the UK bank or Transferwise or Moneycorp or anything to avoid letting the foreign bank get hold of it.

Same as UK. I make sure the £80,000 limit (if it still applies in UK after Brexit) is split between me and the missus so we get £80,000 guarantee each. And remember it's no good having different accounts with the same bank as the guarantee may be per person but only with one provider. I have a Natwest account and a Halifax account (quite easy to keep a UK account if you live abroad but very difficult to open a new one after you've moved).
 
So how long have you been trying to sell your place ?
Ha! I know where you're coming from, but I'm not trying to sell. Ultimately it's for our kids to take on after us and luckily they love Cyprus; Napa's a 10 minute drive. All I was saying was it can work out OK and the place has so much to offer for quality of live. Due diligence and location for all buyers of course, but in our case a resale in an established area seemed a safe and good bet and so far has worked out great.
 
We love Cyprus and bought a cottage in the Famagusta area at Protaras last year, on the hillside just outside the resort. It's easy walking distance to Fig Tree Bay and the fantastic beach plus the shops, bars and eateries.
As odd as it sounds, but one of our favourite places to go and enjoy a breakfast with a glorious view is the canteen on the top floor of Metro Supermarket in Paralimni, whenever I post photos on FB people don;t believe me that it's from a Supermarket LOL, but also like to enjoy a lite bite and a coffee at Senso in the town centre.
 
Just to clarify a few points from the guys in the know:

1. If a property in Cyprus is advertised with its Title Deeds present (not absent or imminent), then is the purchaser 100% safe to purchase the property or can things still go tits-up during the purchase transaction?

2. We viewed four houses in the Polis/Argaka area (via the same agent) in one particular day of our trip. All were advertised between the €270K-€280K price range, all with Title Deeds present and all had been on the market for a minimum of 8-months with very little interest.

.................so what would be an acceptable offer for this type of price brand? (That said, one of the houses had received an offer of €230K about a month ago but it was rejected by its RSA owners).

3. I mentioned it in my first post but do the Arssers who live in Cyprus think, like me, that the house market is deflating and will continue to do so?
Serious question: Why would anyone ever buy anything that has been up for sale for over 8 months, especially a house?

All the houses I have fixed up and they generally sell within the first 10 days, the longest ever was 6 weeks and that was a house in Florida whilst the septics were still suffering from the last financial kicking. If houses are not flying off the books in an area then the area is not worth investing in. Suppose you suddenly need to move, can you afford to wait over 8 months to get your own capital back?
 
Serious question: Why would anyone ever buy anything that has been up for sale for over 8 months, especially a house?

All the houses I have fixed up and they generally sell within the first 10 days, the longest ever was 6 weeks and that was a house in Florida whilst the septics were still suffering from the last financial kicking. If houses are not flying off the books in an area then the area is not worth investing in. Suppose you suddenly need to move, can you afford to wait over 8 months to get your own capital back?
Depends. If something like the Cyprus 2013 happens again, loads of people stick their property on the market to return to UK causing a glut especially when the pound took such a kicking as well.

It happened here in Spain when the pound crashed about 10 years ago and there were so many properties on the market with pensioners (especially) going home that the number on the market was incredible. Prices dropped and people were offering 30 or 40 percent off the asking price. Loads wouldn't sell for those prices so property stayed on the market for quite some time.

Supply far exceeding demand at the time.

Rather changed now with the Scandinavians, especially, seeming to be buying bulk and property doesn't stay on the market very long especially when people realised they may have been losing out in euros but the low exchange rate gave them more pounds. Prices have only just got up (in euros) to what they were 12 years ago but place seem to have the sold sign up after just a couple of weeks on the market.
 

RRV8

GCM
Suppose you suddenly need to move, can you afford to wait over 8 months to get your own capital back?
Your whole post is very valid but an 8-month sales period in Cyprus seems currently to be at the good end of the sales spectrum, with some even going back to 2016 for routine sales.

What we did find when searching the on-line sales adds in Cyprus is that we should be using the web platforms such as Rightmove which often give a date stamp of when the property was first marketed (or when it was marketed by that particular agent).

In one example we saw a house in a street for sale and when we hit the search button to find its price, via the dealers board and web page, we found the price to be €460,000 which was massively outside our budget so we just walked away.

But when I began searching Rightmove that night for the same property I found three different entries:

1. €460,000 - advertised in 2017.
2. €420,000 - advertised in 2018.
3. €375,000 - advertised in June 2019.

The Sales board at the house referred to the first agent so it pays to do as much research as possible and on as many platforms as possible too.
 
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RRV8

GCM
Depends. If something like the Cyprus 2013 happens again, loads of people stick their property on the market to return to UK causing a glut especially when the pound took such a kicking as well.

It happened here in Spain when the pound crashed about 10 years ago and there were so many properties on the market with pensioners (especially) going home that the number on the market was incredible. Prices dropped and people were offering 30 or 40 percent off the asking price. Loads wouldn't sell for those prices so property stayed on the market for quite some time.

Supply far exceeding demand at the time.

Rather changed now with the Scandinavians, especially, seeming to be buying bulk and property doesn't stay on the market very long especially when people realised they may have been losing out in euros but the low exchange rate gave them more pounds. Prices have only just got up (in euros) to what they were 12 years ago but place seem to have the sold sign up after just a couple of weeks on the market.
exB, it seems to me as if Cyprus is very much on the verge of having its own mini housing market collapse in the next 6-12 months and this, ultimately, is the thing which has burst our own little bubble for moving out there.

Our favourite house (priced at €275,000 before any cheeky offers) is located near Polis and I'll admit to you now that we came incredibly close to offering on the property when we were there last week. It seemed to be the only house for sale on the 25-villa development so we were worried that if we snoozed on this one then we would also lose out.

This was not to be the case though. I've since done some internet research and found that there are three further houses for sale (via different agents and private sellers), with a further two more British owned villas coming up for sale over Xmas and the NY (We know this because we're keeping in touch with two of the Brit residents there).

If we do the maths on the residency levels for the 25-house estate:

1. 4 x Russian owned abandoned properties.

2. 6 x properties for sale by non-residents of Cyprus.

3. 5 x permanent residents (Yep, there's only 5 villas from 25 that are permanently occupied).

4. The rest are holiday/second homes or AirBnB rental investments......(and the Cypriot Govt has just began taxing the arse off AirBnB owners so that lucrative marketing platform has ground to a halt too).

..........which in all honesty doesn't serve well for a good community spirit.

This type of ratio seems to be the norm in every development we've looked at in Cyprus, i.e. a whole load of properties but no people to fill them.
 

Having read this thread, with much interest, I found the article above.

If the article can be believed and if what's being said by those with first hand knowledge on here is true, and I see no reason for it not to be, then it appears the Cyprus property market may be heading for a long overdue crash.
 
Your whole post is very valid but an 8-month sales period in Cyprus seems currently to be at the good end of the sales spectrum, with some even going back to 2016 for routine sales.

What we did find when searching the on-line sales adds in Cyprus is that we should be using the web platforms such as Rightmove which often give a date stamp of when the property was first marketed (or when it was marketed by that particular agent).

In one example we saw a house in a street for sale and when we hit the search button to find its price, via the dealers board and web page, we found the price to be €460,000 which was massively outside our budget so we just walked away.

But when I began searching Rightmove that night for the same property I found three different entries:

1. €460,000 - advertised in 2017.
2. €420,000 - advertised in 2018.
3. €375,000 - advertised in June 2019.

The Sales board at the house referred to the first agent so it pays to do as much research as possible and on as many platforms as possible too.
I`ve been involved in commerce in one shape or another for many years and one thing I have learnt is that if people dont want something then dropping the price will not change their mind.
 
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