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There’s Life, Jim (In The Cyprus Property Market), but not as we know it.

Date: 05/11/10

Cyprus property market has taken a bit of pounding over the last few years, but there is life still flourishing in the resale market and it’s all thanks to those beleaguered property developers.

Even before the start of the World-wide recession and the collapse of Lehman Brothers in August 2008 the market for new housing in Cyprus was in trouble. The price bubble fueled over the eight to ten years previous had become unsustainable. This coupled with a strong Euro against Sterling exchange rate meant that new builds where looking very expensive to British Buyers (75% Of the market In Paphos). There was also the title deed situation that was just starting to gain unwanted notoriety. The “elephant in the room” that government officials, developers and lawyers failed to take any notice of was now starting to blight the developers businesses.

Imagine, if you will, coming to Cyprus in the 90s to purchase a property and discovering that new builds where constructed on mortgaged land and had no title deeds, so naturally you’d choose a resale, except there were none.  Most of the building we see today has not happened until mid 2000s, so you would have had little or no real choice.

Fast-forward to the present and you will have a wide choice of quality properties to choose from. Most developers in Cyprus built on their best plots first and the quality of the locations cannot be argued with. Cyprus Resales  specialize in this market and this trend can clearly be seen in their portfolio. For instance the resort area of Kamares is widely known to international buyers for its stunning views and quality villas. This 4 bedroom luxury villa  has got to be one of the best in the entire project and all for 725,000 Euros, which would represent a sizable saving if you asked the developer to build the same, except he can’t, because he sold that plot already.

Sales manager at Cyprus Resales  Yana Osipova  admits that the range of property in the resale market is second to none. “When a client comes asking for a 3 bedroom property with sea views, we always show a wide and varied range. Ultimately no single developer could offer such choice - as varied in terms of location and property type”. 

So, as you sit in your new home purchased through a company like Cyprus Resales smile and don’t forget to rise your glass for the developer who build the project……..

Cyprus Resales are the leading advertising agents based in Paphos and deal almost exclusively in resale property in Cyprus.

If you'd like more information about this topic, or to schedule an interview with, Yana Osipova please e-mail

Office 12,
Byzantium Gardens,
Tombs of the Kings,
Paphos, Cyprus

Tel: +357 26102242
Fax: +357 26102242
Mob: +357 99115897
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