An article at assetz.news reported recently that property in Cyprus is overpriced - here is what they had to say:

I saw a report today talking about the Cyprus property market and house builders have given up giving free furnishing packs and paying for purchase costs having come to the realisation they need to offer much better deals. Overseas purchasers have reduced to around 25% of the numbers that the country was used to prior to the credit crunch.

Cyprus prices got carried away a few years ago and we moved away from the country for a while but things are now changing.

You have been able to get bargains from a resale perspective for over a year now but developers are particularly stubborn in Cyprus and the beginning of their getting real is now underway with and suggesting that 10% discounts are a superb buying opportunity. Hold out for 30% to 40% discounts as I’m sure we going to be seeing those at some point over the next 12 months otherwise many of the developers could well be going bust as they are significantly leveraged in many cases.

In many ways it’s not much different to here in the UK…

To read the full article click here

This entry was posted on Tuesday, October 20th, 2009 at 2:40 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.