# Reading this a must for everyone!



## Guest (Sep 21, 2012)

This artickle from Cyprus Mail and all the comments should be read by everyone thinking of buying property on Cyprus, or want work in the industri.

Read and shiver....

Building sector hits rock bottom - Cyprus Mail

Anders


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## Veronica (Apr 5, 2008)

The building sector is stuggling because the vast majority of buyers are insisting on title deeds. This means that the main sales are resales and new builds are not selling except for a few individual builds where the buyer is able to get the title deeds for the land before construction starts.
Many developers bought a lot of land when things were buoyant and are now stuck with it because they can't build and no one is buying land. As a result developers are in debt to the banks because they borrowed heavily to buy the land.
I know of a few smaller developers who did not fall into that trap, who build only very small developments or indivdual houses and do not buy land they cannot afford. It is these smaller companies who are managing to weather the current storm while many of the big companies are likely to collapse due to their greed leaving home owners with massive problems.
I am constantly telling people to go for resale properties with full title deeds. This is the only sure way to protect your interests at this time.


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## Cleo Shahateet (Feb 23, 2009)

Yes, ditto exactly what Veronica says. Properties are selling, but the vast majority are very well priced resales with title deeds AND mainly to cash buyers.


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## Guest (Sep 21, 2012)

Cleo Shahateet said:


> Yes, ditto exactly what Veronica says. Properties are selling, but the vast majority are very well priced resales with title deeds AND mainly to cash buyers.


For me it is how a property market should work. When there is to much properties on the market, like now. Sell the resales first. Houses are not like cars that can be scrapped after 10 years.

Anders


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## Veronica (Apr 5, 2008)

I agree 100% Anders


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## virgil (May 3, 2012)

Vegaanders said:


> . Houses are not like cars that can be scrapped after 10 years.


Depends who built them


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## Guest (Sep 25, 2012)

Here comes a even more scary article to "enjoy". Not fresh but anyway. I think that the situation described can be the same in many countries today, like Spain or Greece.


Dreams of a home in Cyprus turn into a nightmare


This one gives some comfort though

New law boost for Cyprus property buyers


Anders


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## Veronica (Apr 5, 2008)

Unfortunately Alpha Panaretti are one of the developers who have given the Cyprus propery market market a bad name. To be fair though, just as much to blame are the UK based IFAs who pushed these propeerties to their clients as investments when in fact they were very much overpriced compared to similar properties in Paphos and also many of the clients didn't even bother to come to see the development, just reyling on the word of the IFAs so they must also take their share of responsibility.


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## jkelly (May 21, 2009)

*Jimbo*



Vegaanders said:


> This artickle from Cyprus Mail and all the comments should be read by everyone thinking of buying property on Cyprus, or want work in the industri.
> 
> Read and shiver....
> 
> ...


Thanks Anders! I was really looking forward to our intended move next year and after reading comments fromn your article I am well and truly depressed!
Not a positive comment about Cyprus!!
What the hell we are still comming and you can bet your bottom dollar we will want title deeds!!


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## Pam n Dave (Jun 11, 2007)

Don't let those problems put you off, rent instead as it's a lot safer. I was always an advocate of buying in the UK, my position has reversed out here.


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## Guest (Sep 28, 2012)

I am also for the rent model for a year or two to really be sure this is what I want. But ofc buying property now, with Title Deeds is hell of a bargin and will be for long time yet. I am sure that prices will go up again, and a lot. When the oil/gas pumps are in place and the well give what is expected, then Cyprus will be hot again. 

But in my opinion this is 10 years ahead

Anders


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## Veronica (Apr 5, 2008)

Anders is right. If you make sure you buy a property with title deeds it is perfectly safe here and cash buyers are in a good position to get great bargains now.

Apart from a very small handful of developers who I know are secure and reliable I would not advocate buying off plan these days as far too many developers are in a precarious position but buying a resale with title deeds can be a good investment in the long term. 
With the promise of the oil and gas Cyprus will once again become a desirable location in the coming years and property prices will go up again. Right now they are at a low with many sellers who bought at the height of the property boom having to take a loss but that will change once the oil and gas start flowing.


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