How is the housing market at the moment?

[Grockle]

I recently expressed an interest in looking at a couple of restoration projects near Kyrenia that I knew had been on the market for some time. I contacted the estate agents and they confirmed that they were still available. Meetings were arranged, then cancelled at the last minute and the properties withdrawn from sale.

Can anybody shed any light on why these owners would suddenly get twitchy, as I thought it was still a buyer's market out here?

Have property sales and values gone up recently?

Thanks in advance.

[Deniz1]

A friend working in an estate agent yesterday told me they were very busy prices have gone up a little. But with the exchange rate as it is paying in sterling may be a problem.

[kiplet]

Carringtons a very good reputable builder with an outstanding reputation have brand new penthouse apartments for sale at one hundred and fifty thousand pounds. I could not believe this price when we were looking at the housing market. However these properties are gaining healthy interest. Check out the website.
I do know people who have brought properties through Carringtons and are more than happy several years on.
So for this company property appears to be selling incredibly well.

[Hector]

I think that the property market is moribund both north and south of the island. The reputation of the TRNC in respect of property has spread via the internet and is not good. I don't think foreigners are buying property here or do so rarely. I look at the amount of multi storey apartments that are being built and then wonder if they will end up like the rows of empty shops.

[Hector]

It hasn't been helped by the rumour that the government was considering a 20% tax on the value of non Turkish Title property to help pay for the compensation by the IPC.

[tomsteel]

Anybody purchasing property in Cyprus has lost the plot. Both sides of the 'crossings' are ripping off buyers at every opportunity. Great place to live (TRNC) but rent, do not buy. I just wish I had heeded the advice given to me 6 years ago - had I done so, I would not be the subject of a property developer/advocate breach of contract scam/fraud, with little chance of justice in the TRNC court. Contract not worth the ink in the printer, stealth mortgage etc,etc, et al.

[ham on brown]

We've had loads of viewings.locals,Brits,Turkish,Russian,Australia

[PapaBravo]

But any offers, Ham on Brown?

[KWAKERT4]

Put mine up for sale March, sold to second viewer, first viewer agreed to buy at just below asking price but couldn't get a mortgage,
All done and money banked in seven weeks.


T

[BLUE BUTTERFLY]

Anybody purchasing property in Cyprus has lost the plot. Both sides of the 'crossings' are ripping off buyers at every opportunity. Great place to live (TRNC) but rent, do not buy. I just wish I had heeded the advice given to me 6 years ago - had I done so, I would not be the subject of a property developer/advocate breach of contract scam/fraud, with little chance of justice in the TRNC court. Contract not worth the ink in the printer, stealth mortgage etc,etc, et al.

I strongly suggest you listen to this poster.

[SKYBLUESAM]

Nothing wrong with buying here, providing you do your homework and make sure property comes with proper title, Some Estate Agents are not taking on properties without title now!

[ham on brown]

But any offers, Ham on Brown?

Yes thanks.

[Hector]

"Some Estate Agents are not taking on properties without title now!"

About time though all estate agents should follow suit.

[Hedge-fund]

By "proper title" do you mean Pre-74 or Turkish?

Or is it just having the deeds in the owners name?

[Hector]

I think 'proper title' means being able to get the kocan in your name at least. Kocans themselves don't say whether the title is Turkish or Pre 74 or GC.

[CatalkoyChris]

Agree with skybluesam. Do your homework, get a good solicitor, don't overstretch yourself financially.
Its a risk anywhere in the world, it took me two years of studying how housebuying worked here before I reached into my pocket and bought.
My solicitor was a recommendation, they were perfect in every way.
I stuck to a comfortable budget, that way when issues came up (which a few small ones have) I was able to cope (I emphasize DO NOT overstretch yourself).

Bottom line - I have a place in the sun I can afford to come to three or four times a year, and very shortly will be there on a more permanent basis.

[Owl Lady]

First came on holiday in 1972. Fell in love with the country and the people. Should have returned in 1974 but cancelled due to a "bit of trouble with the Bubbles" Came back to the South in 1982 and hated the change so much. 2 years later came back to the North and the rest is history. I agree that it would be much better to rent initially. Scout around the island and then decide on the area, where you want to live permanently. Remembering the eventual outcome, as in my case. My husband died suddenly, I cannot physically drive, so we had bought land, near enough to the village to walk to, fine ,but I am unable to walk home, as it is up a steep hill!! It was fine 20 years ago!! I rely on a tame taxi driver. Also ensure that you buy Turkish title land and that you will have a kocan (deeds) in your name, before any purchase, As has been already been said, do your homework and don't leave your brains in the UK. Happy living in Cyprus, I am,VERY!!

[Deniz1]

Back to the original question my house has increased in value by £22000 in two and a half years. I have the deeds so hopefully I am sitting pretty.

[Grockle]

Just to clarify, I already own an apartment with deeds and am aware of the different problems with house buying here.

Deniz1, how do you know your property has increased by £22000? That's a very specific figure. Has someone offered you this amount or is this what the estate agents are telling you?

The reason I ask is because I've seen 3 bedroom properties advertised in Ozanköy, ranging from £80k-£300k! I've noticed some of the older estate agents have quite a reasonable pricing structure, but there seem to be a few new agents with noticeably higher prices.

[Deniz1]

A friend is selling her property which is exactly the same as mine and the agency gave her that price.

[Col]

Asking price is not the selling price though. You can ask any price you like but you only find out what the value is when someone pays a price. I would suggest that there are many houses at an asking price of 120k and if they were to put the price down to 70k then there would still be a large amount that do not sell. Have a look through the agencies and you will see property after property that have been on the books for a very long time.

[journey1]

Deniz 1 - 22K increase - where are you and what do you have to sell??
I've been here 12 years and I am 'gobmsackted by that quote!(no idea how to spell that)
Who is your Estate Agent?
we would all love to hear from you.
oh and good luck!
cheers

[Deniz1]

I am not selling its my friend who is. Donaghy and Beyler estate agents. We are at Bufavento village Catalkoy. I bought my house two and a half years ago for £30000 and its been valued at £52000. There is a similar one down the road for£45000 but they have had nothing done to it at all. We all have our deeds too.

[journey1]

Wow & Fabby come to mind!
best of luck with that then
Wish it was me! LOL! Where have I gone wrong in Alsancak?
cheers

[Deniz1]

[sophie]

It seems to me that the bottom end of the price structure are selling (very often as they stand i.e. furniture and fittings included) and the top range properties are going. Its the middle range that seem to stick because they are too expensive for those wanting cheap properties and not good enough for those with more money. I could be way off beam, but that's how it looks from my perspective.

[journey1]

It could be that Cypriot folks are more able to get a mortgage than before as the banks seem to be more readily willing to lend .
Certainly that is what estate agents have been telling me recently

[Deniz1]

If the deeds are in place the banks quite readily lend money to locals. The repayment options seem quite flexible too. My friends have been hit a bit as they took a sterling mortgage.

[Hector]

I think the locals usually go for Turkish title (with unencumbered deeds available) as they can get bigger mortgages and don't have to worry about all the (ex) GC land issues. I was talking with one estate agent who was happily discounting my concerns re non Turkish title saying he had just bought an apartment in Girne. When I asked what the title was, guess what?