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One year on, how does the Cyprus property market look?

Date: 20/03/14

It’s hard to believe that a whole year has passed since the botched Troika rescue of the Cyprus economy.

That “rescue” exercise last March led to a 2 weeks closure of Cyprus banks and further “bail-in” of uninsured deposits in both Bank of Cyprus and the now closed Laiki Bank.

Despite hard economical climate, for our company 2013 ended with sales records being set in all sectors. We attribute such outstanding results to continuous investment in technology and marketing as well as serious efforts in finding the best properties for our buyers. Our unique blend of international advertising meant that Cyprus Resales “sold” signs where a common sight on many residential developments in the Paphos district. Our goal of delivering quality resale property in Paphos has found an increasingly willing audience in an ever growing international market. In the last year we have sold properties to buyers from all over the world, including Russia, United Kingdom, Norway, Sweden, USA, Germany, Ukraine, Kazakhstan, South Africa and of course Cyprus itself. Our investment in the English speaking market has allowed to expand out of our core Russian speaking market.

Despite the lack of mortgages hampering the market, our happy cash buyers have been snapping up some excellent properties. Price reductions combined with a strengthening exchange rate of Pound Sterling have brought property in Paphos into the reach of the British buyers again. This of course was supported by the UK economy and housing market continuing strengthening. 

With truly great offers buyers have been numerous. Our strict listing criteria has always meant that we reject many more properties than we list. Buyers and sellers alike see a listing with Cyprus Resales as a stamp of approval for that particular property. Buyers know they will face competion to purchase while sellers know their asset will get the very best presentation from an estate agent with proven track record of sales in Paphos.

We are confident that the future of Cyprus is as bright as summer’s day.  Knowledgeable buyers can get into the market now before prices start to go up as they inevitably will. 

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