Our Cyprus website features many different kinds of properties for sale in Cyprus including villas & apartments throughout all of the island including both northern and southern Cyprus.
In addition we also feature many properties for rent and auction all over the island direct from local real estate agents, developers and private sellers alike.
Thinking of buying a property in Cyprus? Good because we have access to thousands of properties for sale in both the South and Northern Cyprus including, off plan and resale properties for sale in major tourist resorts throughout the island. Our websites wpx hosting and Siteground features houses for sale in Paphos, Limassol, Larnaca, Famagusta and all other outlying areas. In addition we also feature Northern Cyprus property hotspots like Kyrenia, Esentepe, siteground and Alsancak? You'll also be happy to hear that all have reported staggering growth in sales values over the past few years especially at todays prices.
Since its pending entry in the WPX Cyprus has enjoyed a major real estate boom with prices all over the island benefitting from a marked increase. British buyers have flocked to the 'sunshine island' in search of securing a piece of this beautiful island. This is in an attempt to find cheap property in Cyprus before they start to rise again now that the Cypriot property market is starting to turn the corner.
Popular areas and property types that have continued to grow in demand include apartments for sale in Paphos and holiday apartments for sale in Limassol and its surrounding areas. The popular resorts around Famagusta like Ayia Napa, Protaras and Paralimni as well as many others have also shown impressive demand from overseas buyers.
In addition to the real estate sales market the island continues to grow as a popular tourist destination and the obvious knock-on effect has impacted on the growing rental market on the island. More and more people are discovering the freedom and relaxation of renting their own villa or apartment when searching for a holiday in Cyprus.
When buying a property in Cyprus you may need to consider your options for rental should you decide to opt for renting your property out when you are not there. Many of the rental agencies on the island charge upto 20% commission so it's worth shopping around for the best deal before committing yourself.
Property in Cyprus - The Situation Worsens
Real estate prices of property in Cyprus have hit record lows, along with the rents on offices, warehouses and apartments. The RICS (Royal Institute of Chartered Surveyors) released its latest index, showing a significant decline in values across the country’s major metropolitan areas, with rents falling everywhere in 2012’s second quarter. An average two bedroom flat in Nicosia was available at 555 Euros on rent in March, earlier this year. However, by June, they had dropped to 535 Euros.
Apartments in Limassol also suffered a fall in rental yields, from 502 Euros to 479 Euros over the course of the same period. The average purchase price of two bedroom flats in the country also recorded a decrease in values, falling from 131,120 Euros at the end of the first quarter to 128,484 Euros towards the end of the second.
Falling prices over the previous year
As compared to 2011’s second quarter, prices for apartments took a drop of 10.2 per cent, while for houses dropped by 6.4 per cent. Office costs fell by 9 per cent, warehouses by 12 per cent and retail spaces saw a drop in costs by 10.8 per cent, as showed by the RICS. Pavlos Loizou, the MRICS running the RICS index, said that prices are falling continually and the country, along with its banks, has reached a stage of bankruptcy. He revealed that 83 per cent of the country’s citizens owned their living spaces, so there aren’t many people who are looking to buy. The fact that the country is faced with an unemployment rate of 11 per cent has even those who are interested in buying property, putting it off for the moment.
Issues in the market
Loizou said that investors would be willing to buy if the property prices and the economy’s state were the only concerning factors. The problem here is that you can’t predict what changes may be made in legal requirements and taxes, if any, he says. The income of the country will increase, and the economy restructured once Cyprus borrows funds from its partners in the European Union. He also went on to say that property developers may not be able to calculate their turnover from making properties available for rent for the next year, owing to the possibility of contributing a large proportion of their income.
What the future holds
The cost of buying in Famagusta and Paphos have been falling for years. Limassol and Nicosia’s misfortunes began about six months back, so the rate at which prices are dropping here is accelerating, according to Loizou. Nicosia is expected to suffer in the coming couple of years as it is relying more on its banks and the state. Loizou, however, believes that the falling prices are the sign of a rebalancing market.
He explains that the country had only had about ten years of employment and stability between 04 and 08 when costs had tripled and banks sanctioned loans very easily. Prices will adjust and once there is a halt in the falling rental prices, investors can estimate their income. However, it may take about eighteen months before that happens.