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Opportunities at Protaras + Paphos?
Antonis Loizou, FRICS
Presumably this article should have been written with foreign potential residents in mind in the foreign press as opposed to a local newspaper. The drop in demand both by locals, as well as by the foreign market has started to have an effect on local property prices and in particular for apartments of the “routine” nature and with no special facilities and location. At the same time developers, who were used to speedy sales in numbers and as a result of vested speed, are still producing such apartments and now they have got the initial shock of the drop. Foreign agents who have the capability to sell units by the hundreds, are abandoning the island, [some of them have gone into voluntary liquidation in order to avoid numerous claims against them by their clients], whereas the greatest fear of the developers, the re-sales are increasing in numbers. There are now such good resales for sale that their prices are indeed competitive. As an indication and for routine projects, we have experienced a general drop of values as follows over the last 6 months.
29/07/2008
Interesting Statistics
Antonis Loizou, FRICS
We have collected several statistical information on the Cyprus real estate market in comparison to European data as these are published by foreign organizations. The statistics are shown here in a shortened version - More details can be found from our Real Estate Index (3rd edition) just published (given for free from all our offices). Mostly in Greek.
22/07/2008
A complete standstill - Building industry
Antonis Loizou, FRICS
We had high hopes that as a result of concerted efforts by various groups towards the Government to “do something” about the problems that the building industry is facing, that something would have been done so far. Alas, we are not informed of any pending measures that will be undertaken, neither there are any discussions going on, on the subject. This state of affairs, not only causes numerous social and economic problems, but it encourages illegalities, corruption and bad publicity of this country, especially abroad.
15/07/2008
Does Quality Pay?
Antonis Loizou, FRICS
We are very often faced with the question, whether by adding quality on a project/property it will make it pay. We can assure you that this is not an easy question to handle, since it depends amongst other things, what quality is.
06/07/2008
We told you So
Antonis Loizou, FRICS
The reduction in demand for real estate from abroad is a fact, that we have to take into account. Save Limassol and for quality projects in all other areas, the remaining projects are experiencing a reduced demand from abroad, the level of which depends on the quality of the projects and on the competitiveness of their location. For this reason mass produced apartment buildings of a large size and with little competitive edge against other market alternatives, are experiencing a reduction in demand and prices (the delays in sale in addition).
29/06/2008
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