Is it a buyers market in Cyprus?
This decade Cyprus has experienced a tremendous growth in the building industry. As you travel around the island you will see that the developers are still building all over the island. If you are in the property business you will also know that the developers are also buying all the prime locations that they can find. You can still find a nice plot howeever if you would like to build your dream home, but if the builders own the land then they will have to build it. If you find a plot owned by an individual then the views may not be as good and possibly more expensive to build on because water and electricity must be established at the plot.
The indication you might get especially by the number of "For Sale" boards placed on properties throughout Cyprus is that the market is flooded with properties and that they should stop building but the fact is that allthough this is corect there are lots of properties available, the building boom will and should continue because as soon as the US and then the UK get over their banking and housing market problems, which have effected Cyprus but not in what I would call a bad way. There are many properties for sale, both new build from developers, small construction companies as well as many families building on their own land, just about everyone in Cyprus is in the property business. There is also a huge amount of resales on the market with properties being on the market for some cases over a year. The main reason fot the large amount of resales is that the home owners don't have anyone to sell their property. They list the home with the estate agents or marketing company but most of these agents are also working for the builders and will earn much more, perhaps double, than if they sell a resale. I have spoken to many clients who have actually relied on the builders to sell their homes. The developers have a strong network that is designed to sell thew new home of your dream, searching for the potential buyers in many markets accross europe, the middle east and russia. and unlike the previous years their nets are not so full and foir the smart and savy shopper there are many good deals to have, but before you reach, do your homework and you can find a bargain with many good developers.
The real bargains you will find are in resales and the way you will find them in Cyprus is not the way you hear about like foreclosures, bank reposessions or people strugling to pay off their bank mortgage, so they have to sell. The majority of the resales are new homes that are owned by expats who are well off and own other property. They can choose the price they want to sell at and wait, even if it takes years, some paid too much when they purchased the property and they deny it to themselves. There are many that are now are starting to realize that if they would of origanally priced corect they would of had a much bettert chance to sell. The price adjustments are being made daily and for the wise home buyer, there is not a better time than now to find the dream home in the sun that you allways dreamed about. The resales are complete packages and in many cases all the way down to the spoons and knives with very high quality furniture and fixtures, with resales you can make instant profit if you find the right property from an owner who just wants to get rid of something that he has held on longer than they like.
A common message I hear is we don't want to give it away but I know first hand that they will because it's a buyers market.