Latest Headlines

Cyprus property sales down 50 per cent

PETER Paradisos, the marketing manager for Maispa Developers said property prices in Cyprus were falling steeply even though he didn’t have any official figures as yet. “I would say enquires and sales are down by 50 per cent. If you’re a good salesman you can close a deal on most enquiries, but if they aren’t […]

PETER Paradisos, the marketing manager for Maispa Developers said property prices in Cyprus were falling steeply even though he didn’t have any official figures as yet.

I would say enquires and sales are down by 50 per cent. If you’re a good salesman you can close a deal on most enquiries, but if they aren’t coming in that’s a big problem. It’s not just us. Everyone is experiencing the same problem in Paphos.

Paradisos said they would not be able to replace the British market, but might be able to minimise the negative impact.

The British will come back but it will take until 2010 before we see this happening,” he said.

They just don’t have the money at present to make purchases.

Maispa is taking three main measures toward minimising losses during the current climate.

Paradisos said the company was looking at alternatives such as Russia, Dubai and other Arab counties.

Interestingly, he also said there was some movement from Cypriot buyers. “Interest from this sector is higher than usual. I think this is because there are bargains to be had in the re-sale sector,” said Paradisos.

He said many Britons were leaving Cyprus because of low income or the inability to secure work.

People can’t afford to live here now, there aren’t enough jobs, the market is depressed in that respect,” he said, adding that pensioners were also being hit hard because of the poor exchange rate from sterling to the euro.

Every day I hear of large companies building a project up to a certain point, and then stopping and waiting for a sale. This minimises outgoings,” Paradisos said.

We used to sell off plan, but now we’re saying, purchase today and completion will be in’ x’ amount of time. We’re trying to get the money in to keep things moving.

Paradisos agrees with the general view that April would be a tough month for everyone.

We won’t be an exception. Things are moving very slowly, and even the re-sale market is down by 20 per cent compared with last year,” he added.

Things will get better and the British buyers will come back. It will just take time for everything to settle down and we have to weather the storm.

Copyright © Cyprus Mail 2009

Readers' comments

Comments on this article are no longer being accepted.

SELECTED REPORTS

Back to top