# Cyprus property market



## zeebo (Nov 15, 2009)

Hello all,

With many second homers forced to sell due to the recession in the UK and the strong Euro to the weaker pound do you think the cyprus property market may get affordable for normal people again? 

Im moving out anyway but was on the basis that i will rent for ever as cyprus is for rich retirees or wealthy secondhomers.. maybe there is a chance for normal working families like mine with no inheritance /nest egg to buy..

Also has the shockwaves from greece touched cyprus yet?

.... This is a gunuine question and not a chance for me to pretend to know economics so go easy on me!!


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## Veronica (Apr 5, 2008)

zeebo said:


> Hello all,
> 
> With many second homers forced to sell due to the recession in the UK and the strong Euro to the weaker pound do you think the cyprus property market may get affordable for normal people again?
> 
> ...


Prices are certainly dropping as far as resale properties are concerned.
However at the moment the banks are very reluctant to give mortgages on resales unless the property has title deeds. Even then you need to have a healthy deposit.
Some developers are still in a position to help buyers to secure mortgages on their properties, whether off plan or ready to move into. This depends to some extent on the developers relationship with the bank.
At this time you are probably wise to look at long term rental rather than buying.
Once you are here you are in a better position to look around on the chance you may get a bargain.

Veronica


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## BabsM (May 24, 2008)

zeebo said:


> Hello all,
> 
> Im moving out anyway but was on the basis that i will rent for ever as cyprus is for rich retirees or wealthy secondhomers.. maybe there is a chance for normal working families like mine with no inheritance /nest egg to buy..


I don't know where you got this impression from. We're not rich, we can't afford to live in England! You can get affordable homes over here. I think prices are better than the UK if you have reasonable expectations.


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## zeebo (Nov 15, 2009)

Just re-read my comments and they do make me sound like a bit of a chip on the shoulder / angryman ;-)

Ofcourse if you compare a 3 bed detatched with pool in CY and UK then yes your right it is reasonable. But if you need a mortgage and wage to support it blah blah they Cyprus seems more expensive. But I do agree, if you are able to buy outright then CY is much better value.


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