# Property price forecast during 2009



## LBCyprus (Jan 25, 2009)

Hello,

I am looking towards buying a property in Cyprus and moving there soon for my
retirement.
For some years now I have felt that property prices in Cyprus were much too high,
indeed the same could be said for the UK.
Given that UK property prices are falling markedly can we expect the same trend
in the Cyprus.
Your views would be appreciated.

Thanks,

Leslie.


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## Veronica (Apr 5, 2008)

LBCyprus said:


> Hello,
> 
> I am looking towards buying a property in Cyprus and moving there soon for my
> retirement.
> ...


Hi Leslie, Welcome to the forum,

We are beginning to see a few signs that some developers are dropping prices in the case of properties they are finding hard to sell. In the case of completed complexes they are reducing the prices of the ones they have left but of course these are left because they are the least desirable for one reason or another.
However in the past the developers were reluctant to even reduce these to sell them so maybe its a good sign.
However there are now some bargains to be had in the resale market where Brits are wanting to return to the UK. With the weak sterling against the euro they know that they can get more for their money back in the UK so are willing to take less for their properties here.


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## LBCyprus (Jan 25, 2009)

Veronica said:


> Hi Leslie, Welcome to the forum,
> 
> We are beginning to see a few signs that some developers are dropping prices in the case of properties they are finding hard to sell. In the case of completed complexes they are reducing the prices of the ones they have left but of course these are left because they are the least desirable for one reason or another.
> However in the past the developers were reluctant to even reduce these to sell them so maybe its a good sign.
> However there are now some bargains to be had in the resale market where Brits are wanting to return to the UK. With the weak sterling against the euro they know that they can get more for their money back in the UK so are willing to take less for their properties here.


Many thanks Veronica for your kind reply, please keep me posted on future
trends in the property market in Cyprus.

Best regards,

Leslie.


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## Veronica (Apr 5, 2008)

LBCyprus said:


> Many thanks Veronica for your kind reply, please keep me posted on future
> trends in the property market in Cyprus.
> 
> Best regards,
> ...



My pleasure Leslie,
If there are any other questions I can answer feel free to ask.

Regards Veronica


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## grumpy (Nov 10, 2007)

Leslie, I would have to echo Veronicas overview of the current market place, do remember however that developers here (contrary to common belief) are not stupid, and the properties to be reduced first are normally those with least selling/desirability potential.

Great deals can be had by looking outwith the tourist areas and spreading a wide net over a catchment area.


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## grumpy (Nov 10, 2007)

Veronicas generalisations of the polarity in the new/developed properties and the resale market is correct. However some of the smaller more forward thinking ones are changing their attitude and adopting more flexible approaches to marketing. We have one for instance who will allow a customer to rent a property, and allow them to purchase within a timescale with the rent being deducted from the selling pirce.

Drag ourselves back 2 years and it would have been unthinkable for a developer to even contemplate such flexibility. However I do get a little wary when a developer offers cash back, or a new car etc. i would rather the asking price be reduced.


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## Veronica (Apr 5, 2008)

grumpy said:


> Veronicas generalisations of the polarity in the new/developed properties and the resale market is correct. However some of the smaller more forward thinking ones are changing their attitude and adopting more flexible approaches to marketing. We have one for instance who will allow a customer to rent a property, and allow them to purchase within a timescale with the rent being deducted from the selling pirce.
> 
> Drag ourselves back 2 years and it would have been unthinkable for a developer to even contemplate such flexibility. However I do get a little wary when a developer offers cash back, or a new car etc. i would rather the asking price be reduced.



I agree Doug, why offer silly extras when what buyers really want is a price reduction.
More and more developers will start to follow this trend of part exing and rentals, in fact we are seeing more developers starting to put properties which they cannot sell onto the rental market.


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## LBCyprus (Jan 25, 2009)

Veronica said:


> The developers are still being very stubborn about reducing prices, preferring to hang on in the hope that the market will come back strong again. However the banks are making things more difficult by being reluctant to give mortgages at the moment unless the potential buyer has a very very good income.
> However anyone who has cash can now pick up a bargain in the resale market and there is one developer that we work with who is now actually offering to take Uk properties in part ex. This would have been unheard of in the past so it shows that they are starting to panic a little.
> 
> Veronica


Hi Veronica - and indeed all others,

As always many thanks for the feedback.

I reckon that as the year progresses Cyprus property prices will become more
stressed resulting in a rightful downward correction in property prices ; 
this pattern will mirror the global picture.

When my wife and I re-visit Cyprus later in the year to progress our property
search prices will hopefully have fallen somewhat.

Please keep up the good work on the forum, and keep me posted on fresh
news.

Sincere regards,

Leslie.


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## Paul Wood (Feb 18, 2009)

Leslie

Another point for you to consider is the UK market. 
If the money flow improves (which it seems to be ) then the demand in Cyprus will rise, also as more UK home owners find they have more money in there pockets then they will not be so desperate in selling. certainly within apartments in larnaca we are seeing less desperate sellers.
regards
Paul


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## Cleo Shahateet (Feb 23, 2009)

I know that prices are dropping and that they will continue to do so for some time. The answer to how much, will depend on how much research you do, who is working with you and how tough a negotiator you are. It is a strong buyers market and all the chips are on your side.


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