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house prices

Posted by cypssk - Created: 9 years ago
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10 replies (Showing replies: 1 to 10)

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Posted by Limassol T - 9 years ago

The best thing you can do, is look at exchanging a property- it will save you a lot of money on capital gains tax, and i am sure there are many out there, in similar predicaments, perhaps who would like to downsize.

I wish you all the luck my friend, and I am sure if you are patient for a while, you will manage to sell it, if exchanging doesnt work. If you are in ahurry, then sadly you may have to take some loss, but its the same all around the world at the moment- look at Dubai!?

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Posted by Antonis - 9 years ago

The percentage charged by estate agents is too high in this country. I always bargain down to 3 % or lower... 5%? Insane!

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Posted by andi-668571 - 9 years ago

I was just reading through all of this and have noticed how everyone is saying that the new flats are not built so well and title deeds are not in hand.

Why is it then that here in Cyprus no one wants to buy an older block lets say 15-30 yrs old even though these have title deeds, are built bigger and definatly stronnger with no problems of damp etc.

I find that strange that Cypriots think that a block of flats that are 30 yrs old are too old and they would rather buy some small hole, which is twice as expensive with no title deeds then full of damp 2 years down the line.

Ive rented many of these new flats, to be precise 3 and 1 new house in the last 5 yrs and all of them look fantastic when you move in then after a year or come winter the walls start going green near the ceiling and the walls are flaking away around the skirting boards due to rising damp.

I prefer the older buildings and would never buy something new and I believe in the near future more people will wake up and stop buyinmg these badly built buildings and will realise that the older propertise are actualy the best ones, like back home in uk.

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Posted by Nigel Howarth - 9 years ago

Hi Stephen,

I fail to see how a professional could possibly assess the market value of your property without looking at it.



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Posted by catmeister212 - 9 years ago

If someone want to buy an older property say 5-10 years old than most likely it will have gained a title, but you must check this to make sure.

Not all properties in Cyprus are title-less.

Cypssk, ask the agent to add their commission on top of what you want to receive instead.

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Posted by soudas - 9 years ago

The sad fact is that there is an over supply of property in Cyprus , just look at all of the 'skeleton' developments that are on hold , the banks are nervous and not approving loans, unemployment is on the increase,Cyprus is dependant on tourism and property sales - its too expensive on both counts . The sad fact is that property prices are falling and will fall further we have just sold a 245 sq.m penthouse in a good area for less than 205,000 euros and took a 30,000 euro loss in less than 2 years. Ex pats need to be aware of the changes - look at Dubai - over supply The title deed issue is very worrying , we paid for our apartment in cash but when we came to sell there was a mortgage on the land - we were very lucky the developer is still solvent and applied for tax clearance this was achieved otherwise our buyer would not have got his mortgage.

We can all live the dream - cyprus has a wonderful climate /people but we need to realise that we do not need to own a property, as soon as you buy a property your trapped and will struggle to get your money back . The build quality is very poor - renting is the best option and then you walk away. If you rent for 4/5 years for 700 euros per month that equates to the i.m.p.tax and transfer tax and interest lost on laying out on the cost to purchase.(depending on purchase price of course) What is the point in buying? after 5 years you cant get back the price you paid never mind the loss of interest your money would have earned in the bank.

Yes prices are falling you can either sit it out, or sit and watch it fall further don't expect top dollar you bought 5 yrs ago so you should be in a good position to be realistic,

Best of luck

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Posted by ade-661265 - 9 years ago

Hi Stephen you could try asking if anyone would do a exchange flat for house with some money thrown in ,22.000 does seem a big drop , good luck

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Posted by cypssk - 9 years ago

Hi Taurian 165 i have had the flat over 5 years an i have the title deeds i just want to sell the it an by a house thanks stephen

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Posted by taurian165 - 9 years ago

Hello cyssk,
Unfortunately things have become very different the last six months, so many people have bought properties at inflated prices due to the huge demand, without caring whether their property has got a title deed or not!
As a result those very same properties are thrown back in the market from "owners" (not sure how much they are due to the title deeds conflict) expecting not just to get their money back but make profit on top, which is perfectly logic in a normal situation, but in an abnormal situation like the one we are all facing now due to the recession: lack of title deeds, a market flooded with properties for sale and slow demand from buyers, we all have to adapt to the new situation.
Of course you can always stick to the 120.000 if you are ready to wait till you get your title deed(because no fool will buy without it, I guess by now everyone is aware of the consequences...), till the recession is over and till buyers become again enthusiastic about owning a property in the island of love!
And after all this is been achieved, the biggest question comes to the top, why would some one choose to buy my property? and not the other thousands available?
Is it because of it's competitive price?
Is it because of it's handy location and ample size(covered, uncovered,plot)
Is it because of it's low common expense?
Is it because it offers the buyer a potential good investment?
Is it because you will offer your used furniture as a bonus?
Of course on top of all the above lots of properties now a days are not build to a good specification standards for example:
How many properties you know are handed to "owners" without heating system which will cost a fortune to rectify (breaking tiles etc...) without shutters, pergolas, fences...adding these essential features to a property is another huge cost.
How many properties you know owners have trouble getting to their OWN roof top to fix whatever or to have the privilege of a roof garden, due to the greed of the developer who USED your eligible stair case to your property's roof!!!
Go ahead stick to your 120000, I wish you luck but obviously much more then luck is needed !!!

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Posted by cypssk - 9 years ago

hi nigel yes it was professional who valued it but without looking at it base on size location an property they got on there books in that area thanks stephen