Sales of properties are slowly on the increase in Cyprus. According, to the latest figures at the Cyprus Land Registry, more property was sold in November 2009 compared to November 2008. The market for property sales is still relatively slow and will never catch up to the fast moving pace of how it was in November 2007. It is believed, that the majority of sales last month that were sold were because those properties for sale were largely reduced in price. Properties have been reduced in price all over Cyprus, because the market was not moving. Now more people will buy in Cyprus if prices are reasonable.
Of course, properties for sale today will still have a hard time selling if their price is too high, as real estate agents think that there will never again be a boom in property sales like it was in 2007. In 2007, developers were selling 10 to 15 properties per week, but it has gone down to 10 to 15 per year. There are thousands of unsold flats still and more are being built all the time by developers. The market may have increased since last year, but it will never be booming again.
Prices of properties have taken a vast reduction. Three bedroom villas with private pools are selling now for 200,000 euro, which is a very good price. There has been on occasion a bargain or two when an owner has wanted a quick sale for their property. Every now and again, this will happen. An owner will reduce the price of a property drastically just to get a quick sale. It is a buyer’s market today and it will continue until next summer according real estate agents. One bedroom apartments are selling for 60,000 euro today too, which is cheap.
Buying Real Estate as an Investment
Real estate property is easy to buy in Cyprus. If you do not live in Cyprus, it is still very easy to buy property. You do not need to be a resident of the country to buy property in Cyprus. All properties are freehold, even apartments, so once bought it will be yours forever. Title deeds will be supplied to you once the property is yours unless you have bought a brand new property, in which case title deeds will become available in about two years after moving into your home.
Real estate property buying fees are one of the lowest in Cyprus. These include stamp duty, lawyer’s fees and maybe a surveyor fee if the property is already built. Cyprus has become a popular destination for many holiday home owners. An advantage of buying property in Cyprus is that it boasts having the best climate in Europe and because of this it is one of the best places to have an investment property. It is 100 miles from Turkey and driving over to the North of Cyprus is now easier to do than it was a couple of years ago. International investors are seeking to buy property here, because it is accessible to three continents, which are Europe, Africa and Asia.
The weather is perfect all year round and the cost of living is low. Utility bills consist of electric only, as there is no gas supply in Cyprus. Then there are water rates, which is very low. Telephone connection and internet are very low in price, but most people have mobiles in Cyprus, as they are very cheap to use. Of course, if you have a private pool and use air conditioning, then this will increase electric bills drastically, as air conditioning is needed from May to November.