Quote:
Originally Posted by Nigel Howarth
I have to agree with Pippin - the days of buying and flipping in Cyprus are long gone.
The market's slowed down here considerably. I was reading a local newspaper report a few days ago that was talking about one developer in Paralimni. During the first 3 months of 2008 he sold 10 properties, compared to 52 during the same period in 2007.
If you're looking to buy a permanent home, that's fine. But if you're looking at the buy-to-let/jet-to-let market - forget it - too many properties chasing too few holiday makers.
And Gina - find somewhere more sensible to invest your money - somewhere where you'll make a decent return.
Cheers,
|
I too was talking to a small independent developer a few days ago. He used to sell 2 properties per month on average, so far this year he has sold 2 properties in 4 months.
My livelihood depends on people buying property but i will not tell anyone the lies that many of the less scrupulous developers and agents still insit on telling people. As i have already said, if you are looking to buy a home Cyprus is still a great place, but if you are looking for invesment wait until the market takes an upturn again. Although I doubt that will be for some time.