# Property costs



## hotshop (Aug 4, 2008)

Hi guys

Firstly, thanks for all your responses on living costs etc - this has proved very useful

Secondly, is it as cold in Cyprus as it is in the UK - for goodness sake, we have the heating on in April - Spring should have sprung lol!

Now down to the serious business

With the current 'worldwide' recesseion, we are finding it difficult to sell or even get a decent offer for our property, even though the price has been reduced by some 19%

Has anybody in Cyprus noticed any real price reductions in the Cypriot property market, and if so what is the perceived/real level of reduction?

Obviously if there was a balance, we can continue to make our plans to move

Regards

hotshop


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## Veronica (Apr 5, 2008)

hotshop said:


> Hi guys
> 
> Firstly, thanks for all your responses on living costs etc - this has proved very useful
> 
> ...


Hiya,
The sun is shining and we are going out shortly for lunch at Riccos beach
We have hardly had any heating on this winter at all and certainly nothing for a few weeks.
As for prices, yes there has been a reduction in property prices. Some developers are heaviuly discounting ready to move into properties, often by as much as 30%.
They need to move stock which has not been sold before they can start on any new developments. Wiuth resale we have many vendors who are fed up with waiting for a buyer and are therefore telling us to reduce the prices of their properties and often even the reduced price is open to negotiation, especially for cash buyers.
We recently sold a house which was advertised for 499.000 and the buyer offered 400.000 and it was accepted. Typically we are seeing offers of around 20% below asking price being accepted.

Veronica


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## hotshop (Aug 4, 2008)

*property*



Veronica said:


> Hiya,
> The sun is shining and we are going out shortly for lunch at Riccos beach
> We have hardly had any heating on this winter at all and certainly nothing for a few weeks.
> As for prices, yes there has been a reduction in property prices. Some developers are heaviuly discounting ready to move into properties, often by as much as 30%.
> ...



Hi hun

Great! thanks

It sounds like buying/selling is not an issue for us, however, as the advice remains that we rent initially for say 12 months, is the same decline as noticeable in the long term rental market 

Also if you are feeling particularly generous today, prior to your walk in the sun, whilst we are shivering in 3 degrees, are you aware of any short term rentals i.e. 1 month to base ourselves for that period whilst we find an appropriate long term rental. Again, general advice is leading us to the Paphos area

Regards

hotshop


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## Veronica (Apr 5, 2008)

hotshop said:


> Hi hun
> 
> Great! thanks
> 
> ...


I would recommend a holiday let for 2 weeks which will give you plenty of time to find a long term rental property.
There is plenty of stuff out there and as with sales many landlords will give you a good deal, especially if you are willing to pay a few months rent up front.
Veronica


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## Cleo Shahateet (Feb 23, 2009)

I agree with Veronica that prices have dropped a lot by individual sellers and developers. We have had a seller reduce by over 50%. Several years ago his home was valued at 1.4 million Euros which we advised was too high to list for in this market. He slowly decreased the price to 650,000 Euros. He has now had 2 offers and once the kinks are worked out it should sell for between 500 - 550,000 Euros depending on who gets the house. Good luck with your move!


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