Time To Buy Sell Cyprus Property? Bargains Are To Be Found.
British people are the main focus for Cyprus property developers and have probably accounted for more than three quarters of Cyprus property in recent years. There has been a marked slow-down in the market since the beginning of 2008, when Cyprus formally adopted the Euro and the housing crisis almost simultaneously seemed to start to affect everybody around the world. Cyprus developers had hoped that the adoption of the Euro would make the island a more attractive option for citizens of other EU member countries, but the whole world seems to have become nervous about financial issues and there has been no sign of increased interest from that quarter.
While the UK has not slid into the financial mess that is evident in the USA and it would seem that the exposure of most British banks is not as serious as some of their American rivals, there has been a sea change in UK banks’ willingness to lend money. Many financial products have been withdrawn and there are now no 100% mortgage deals available. Even people with a good financial history and incomes that could support mortgages, are finding it tough to find a lender who will make a reasonable fixed term offer. Some of this seems like common sense returning to the market, surely people should have SOME cash to put down as a deposit on such a major purchase?
This should be a good time to negotiate HARD with Cyprus property developers who have had it all their way in recent years and many developers/owners have stretched themselves by borrowing heavily, based on the expectation of easy sales … now they are becoming worried, have payments to meet and should prove very flexible on price and other aspects of any deal. When it comes to looking at Cyprus property it’s now time to knock down the asking prices and simultaneously ask for things like air conditioning to be included. Remember to insist on the dual function type of unit (called a heat pump) that provides warm air in winter and cool air in summer. These are commonly available and actually cost only marginally more than the cool-only type. Wall-mounted units free up space for furniture, unless traditional radiators.
The property boom will definitely slow and whether you are looking to either buy sell Cyprus property, you will find the prices have already hit their peak and should remain steady for some time to come. If anything, the current mood makes buy or sell Cyprus an even better bet than perhaps a year ago. The only other issue is the downturn in the exchange rate, there’s little one can do about that, other than use it as a bargaining chip when buying Cyprus property through estate agents, home owners or developers.