# House prices & Rentals



## gloucester_geezer (May 5, 2008)

Hello all,

Could I ask if there has been any effect on property prices and/or villa rental prices as a result of the recent financial problems and bailout etc.?

I am considering a permanent move so would like to know but will probably do a 6 month rental first to confirm it is right etc. before taking the step properly. I am retired and want to be somewhere relatively quiet but within easy reach of shops, bars, restaurants etc. by car I mean. I have only ever lived down near Dhekelia, during my RAF time, and don't know the other end of the island very well, so some advice/opinion on the best areas would be good too.

Thanks in advance

Paul


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## PeteandSylv (Sep 24, 2008)

The area in which you choose to live is entirely personal preference. In our case we toured the island and it became immediately obvious that we preferred the western side with its hills, rich growth and trees to the eastern side which we found rather barren and boring.

Your approach seems sensible and similar to ours. We rented our villa before purchasing. I would however suggest a visit to investigate different areas staying in a cheap hotel of which there are plenty. You can then decide whether you want to be in town, in a more densely populated area, near lots of ex-pats or, as we chose, further out and up in the hills.

Pete


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## gloucester_geezer (May 5, 2008)

Thanks again Pete.

I am inclined to follow the path you have already obviously trodden... I will take time to have a good look around at the different areas. I want to be near enough to be able to go out to places where people gather... social events etc. but I am also quite happy to be a little 'out of the way'.


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## buster12 (Oct 9, 2012)

Hi Paul,,

I would reiterate Pete's as always excellent advice, being in the process at present of deciding final venue for home having moved here last month. We have similar needs and wants as you have described and are currently renting in one of the wine villages above Limassol, in the Troodos foothills. Seems to fit most parameters but may be a bit far out, 30 minutes to Limassol town centre for example.

Like Pete we have found we prefer the Western end, particularly the foothills where it is always greener and fresher.

Rent is very competitive at the moment, depending on what type of property you want and is better found when you get here than trying to do this in advance over Internet. You will have a better idea of location and be able to do a better deal. Sort out a short term rent to start and look around for a 6-12 month rent when you are here.

Buying - we haven't noticed a great reduction following the bail out in what is already a depressed and stagnant market, but more desirable and mainly older properties seem to be moving, if priced reasonably, now. If you want a modern apartment or villa in ex-pat land there are thousands avaible, none of which seem to be selling much! Prices of these are slowly reducing in places. I think that this will accelerate as the impact of the bail-out results starts to take effect.

Your timing is good, approach sensible - go for it and we will see you when you get here! We are loving after our first month.

Good luck and best wishes,

David


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## Patg (Jul 19, 2012)

Native Cypriots are very rarely willing to sell for less than what they think the property is worth, regardless of the economy.

Look for ex-pats who are leaving/have left Cyprus, two benefits from this, you will be able to negotiate a better price and you can pay in the UK thus avoiding exchange rates and charges.


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## gloucester_geezer (May 5, 2008)

*Thanks*

Thanks to all for your replies... good advice that will certainly be factored in.


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## kempo23 (Apr 27, 2012)

Patg said:


> Native Cypriots are very rarely willing to sell for less than what they think the property is worth, regardless of the economy.
> 
> Look for ex-pats who are leaving/have left Cyprus, two benefits from this, you will be able to negotiate a better price and you can pay in the UK thus avoiding exchange rates and charges.


I have been watching property prices for the past 18 months and have seen hardly any change in the 'advertised' prices. It seems you have to be 'on the ground' and 'in the know' to get a potential bargain. Most buyers expect prices to fall once the full impact of austerity measures comes into effect, as happened in Spain. This is causing a stand off between buyers and sellers, but in the absence of available loans there can only be one winner.


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## 5Stingray5 (Dec 21, 2012)

Property prices have to drop from the fantasy land prices pre 2008/9.
Two friends of ours left Cyprus in the last two years, the first took a drop from 393k euros to 250k euros in 2011 from a 2006 valuation, the second took a 60k drop from 150k euros to 90k euros in 2012.
It's a buyers and renters market out there with massive amounts of rentals and for sales


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