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I am thinking of selling my property in Paphos and worried about BREXIT.

Date: 23/07/16

So, the United Kingdom has voted for BREXIT and will leave the European Union. What are the implications for the many British sellers of property in Paphos?

The momentous decision of the British and Northern Irish people to BREXIT has sent ripples through the whole world. The full ramifications of this epic decision will not be known for years, but for British who are thinking about placing their property in Paphos for sale we explore the effect BREXIT may have on the market here in Paphos.

British people love Paphos - that’s a fact. During the boom times in 2004 – 2008 most the resort type properties we are dealing with today as resales were originally sold to British buyers. The appetite of British to purchase in Paphos has remained strong as they moved from overpriced developers’ properties into a healthy resale market.  

While no one likes uncertainly it will quickly become apparent to people from the UK that the world keeps on spinning and life-changing decisions cannot be put on hold indefinitely. Besides, what other choice of destination is there for potential British buyers, as most other alternative locations are also being within the EU...

However, our estate agency has never relied on one nationality of buyers. In fact, in the last 18 months we have sold properties to some 12 different nationalities from Australians to Austrians and from Canadians to South Africans. We have happily adapted to sell to whoever is out there. Cyprus being at the crossroads of continents attracts a real mix of nationalities interested in obtaining a property here.

So, our agency will take care of finding a buyer for your property, but what should a seller be aware of? Keeping the asking price realistic has to be at the forefront of any sellers mind and the depreciation of both the Russian Ruble and Sterling vs Euro should be taken into account.

Again, your choice of estate agency will be crucial to your marketing prospects and Cyprus Resales are uniquely placed to get the most “eyeballs” on your property!

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