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Realism vs False hope. Dilemma of the 2023 Cyprus property market.

Date: 02/04/23

During the post-financial crisis period, some 10 years ago, as property prices were dropping, we witnessed how many customers were afraid to buy in a declining market.

Buyers tried to feel for the bottom of the market as the “catching a falling sword” sentiment overwhelmed the purchasers' minds. We vividly remember customers asking for 10-15% discounts in order to protect themselves from further price drops. Needless to say, most of those who were too afraid to buy then missed out on the best deals. We still hear from people who “could have bought” this for that a decade ago, but they waited for too long and lost the opportunity. It's a well-documented behavioural trend that people flock like birds and refrain from buying property in a declining market while rushing to buy in an escalating market, so as not to “miss out”.

Today we observe a similar psychology affecting the sellers of property in Cyprus. The fear of “missing out” on future price rises is driving them to add a markup, and thus putting their property for sale at an unrealistic price. Of course, as it has happened many times in the past, market forces will slow the prices down and then will send them into reverse. When the tide recedes, such over-optimistic vendors will be left high and dry. 

Distortion of the market prices is further amplified by some agents who accept prices of the homeowners without conducting professional valuations and market analysis. All estate agents in Cyprus have access to historical data and can easily check the recent sold prices in the project or area, but not all agents chose to use this valuable information. To us at Cyprus Resales, it is obvious that simply ignoring the facts would mean to delude oneself. The hard truth is that there is a limit to the appetites of buyers and overpriced properties remain unsold.

At Cyprus Resales we always give a professional valuation based on the hard facts and statistical data. We can accurately value your property for today's buoyant market. We always give a competent assessment of true market value that the real buyers are prepared to buy rather than an absurd fairy tale. False hope only leads to missed opportunities. Choose a qualified realistic valuation from Cyprus Resales. 

Contact us for a free professional valuation of your property.

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