# Buyers market



## Baywatch (Mar 30, 2014)

Interesting article

Adding to these figures comes the properties that the bank can now start to sell after the laws are in place

50,000 properties in Cyprus "remain unsold" - InCyprus


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## Jean Baptiste (Mar 28, 2015)

Well that is why were renting. Makes more sense. I think that the UK expats who are holding onto property that is dead in the water from buying in an overpriced market should cut their losses and rent them out. At least get something from them. I cant justify picking up a property that has been overvalued, in most cases by 2 times its actual real worth. And then being stuck with it.


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## PeteandSylv (Sep 24, 2008)

The 50,000 figure is pure sensationalist reporting. The number of building permits issued does not relate to the number of existing buildings offered for sale. Particularly in Cyprus permits are issued, the building may or may not be commenced and if so may sit as a chunk of concrete for years. We all know of many places like this. Many of these were never for sale anyway but were family properties.

The article then suggests 18,000 properties when contracts and title deed precessing are taken into account. This is a far more meaningful figure so why did they use the irrelevant 50,000?

We all know there is little good news in the housing market so why did they feel the need to drag up statistics from the past? I see no point or value in this gutter journalism.

Pete


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## Veronica (Apr 5, 2008)

The article also talks about prices remaining inflated and this is because greedy developers are targeting Chinese buyers who buy to get their PR. These greedy companies work with Chinese agents who demand 20% commission in addition to the fee they charge their countrymen for 'acting on their behalf'. 
Unfortunately these greedy agents only use the developers who are charging inflated prices for their properties as it means more commission for them. 
There is one development in particular where the starting price for a 1 bedroom apartment was 330K. All of the properties on this development have been sold to 
Chinese.
Its a shame forum rules prevent me from naming and shaming the developer

It is this sort of practice that pushes the average price up to an artificially high level.

My advice to anyone who wants to buy is go for a resale with title deeds. Most resales are far more realistically priced these days and you have the comfort of knowing that with the title deeds in your name your home is safe from the risk of the developer going bankrupt and your home being in jeopardy.


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## Jean Baptiste (Mar 28, 2015)

I agree with you Veronica regarding the developers etc. However there are some areas such as Secret Valley and dont even go to Aphrodite Hills (Beverly Hills with twist it really aint) where the majority of re-sale figures are way overpriced. Ridiculously so!. Around double of their true value in todays market in Secret Valley and Beverly Hills has comical prices. 

I also feel it a great shame that on the forum we cannot name and shame greedy developers and dodgy agents. It defies logic in my book that we can name good english agents but cannot raise a flag to scrupulous ones.


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## Veronica (Apr 5, 2008)

There is one developer who is selling one bedroom apartments from 330K plus vat.
That is as much as more reputable developers that we work with ask for a 3 bedroom house with decent sized garden. Even that is more than many 3 bedroom resales. Unfortunately as the banks are still reluctant to lend money on resales without a very sizeable deposit anyone who needs a mortgage is often obliged to buy from developers.


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## PeteandSylv (Sep 24, 2008)

Veronica said:


> There is one developer who is selling one bedroom apartments from 330K plus vat.


Is he selling them or offering them?

I think anyone who buys at that price deserves what they'll get!

Pete


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## Veronica (Apr 5, 2008)

PeteandSylv said:


> Is he selling them or offering them?
> 
> I think anyone who buys at that price deserves what they'll get!
> 
> Pete


Apparently they are all sold. they were aimed at the Chinese market and probably through Chinese agents who are happy to rip off their countryman for 20% commission.


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## Baywatch (Mar 30, 2014)

Veronica said:


> Apparently they are all sold. they were aimed at the Chinese market and probably through Chinese agents who are happy to rip off their countryman for 20% commission.


Or just because they needed to come over 300 000 € for the residence permit


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## Veronica (Apr 5, 2008)

Baywatch said:


> Or just because they needed to come over 300 000 € for the residence permit


You miss my point Anders. For 300k they could get a nice villa but the developers and Chinese agents will sell them tiny apartments for that.


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## Jean Baptiste (Mar 28, 2015)

There are two types of Russians of course who want to get an EU passport or residence. The cheap ones who only have the money to get into the EU through buying an overvalued property in Cyprus for a steal and those who just move into Belgravia at a whim.

I assume the Chinese are the same....( i say cheap tongue in cheek lol!)..

Was the Cypriot government sleeping when they did not factor what adverse effect it would have on property values?. Obviously not somebody was on the gravy train who now has a home in Belgravia!!!!.


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## Baywatch (Mar 30, 2014)

Jean Baptiste said:


> There are two types of Russians of course who want to get an EU passport or residence. The cheap ones who only have the money to get into the EU through buying an overvalued property in Cyprus for a steal and those who just move into Belgravia at a whim.
> 
> I assume the Chinese are the same....( i say cheap tongue in cheek lol!)..
> 
> Was the Cypriot government sleeping when they did not factor what adverse effect it would have on property values?. Obviously not somebody was on the gravy train who now has a home in Belgravia!!!!.


I dont know if you are not aware of the rules around getting a residence permit by investing, but it is not that simple a investing 300000 and then you have it

From the governments rules

"Category F 6(2) - Expedited procedure
An expedited procedure which complements Category F enables the granting of an Immigration Permit to non-EU nationals who invest in Cyprus. These permits are granted on the basis of the following requirements. Applicants must have:
Purchased in Cyprus one or two new real estate properties with total purchase cost of at least €300,000 (excluding VAT). At least €200,000 of the purchase cost must be settled
A secure and steady annual income transferred on a regular basis from abroad to a bank operating in the country. The income should derive from sources other than employment in Cyprus
Funds transferred from abroad and deposited in a Bank operating in Cyprus in a 3-year Fixed Deposit Account
Applications are reviewed by the Civil Registry and Migration Department and the Minister of Interior grants final approval. Examination and processing of applications takes around 2-3 months. The Immigration Permit continues to be valid provided that the holder visits Cyprus at least once every two years.
The application package for the issue of an Immigration Permit under Procedure 6(2), includes (and is not limited to) a number of documents such as title deed or purchase agreement for residential property and receipts of payments, evidence of a secure annual income and bank certificates for deposits etc.."

And many countries has the same rules. Some of them with much lower investment


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## Baywatch (Mar 30, 2014)

Baywatch said:


> I dont know if you are not aware of the rules around getting a residence permit by investing, but it is not that simple a investing 300000 and then you have it
> 
> From the governments rules
> 
> ...


And it should not affect the resale market because it only apply on new-builds


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