Latest Headlines

Cyprus’ popularity slips two places

The popularity of Cyprus as a destination for overseas property investors slipped two places to the number nine spot in the November ‘Top of the Props’ chart published by TheMoveChannel.com.

CYPRUS’ popularity as a destination for overseas property investors has slipped two places according to the November ‘Top of the Props’ chart published by themovechannel.com, which looks at the number of on-line enquiries for property in different countries around the world.

The most popular destination for overseas property investors in November was the USA, with Spain in second place. France and Portugal came in third and fourth, followed by Italy, Brazil, Bulgaria and Turkey, with Cyprus and Greece coming in at numbers nine and ten respectively.

The full breakdown of the Top 40 from TheMoveChannel.com is as follows:

RankCountryShareChange
1USA16.28Up 1
2Spain15.63Down 1
3France7.93Non-mover
4Portugal6.91Non-mover
5Italy4.62Non-mover
6Brazil4.49Up 4
7Bulgaria3.62Up 2
8Turkey2.63Down 2
9Cyprus2.39Down 2
10Greece2.04Up 1
11Cayman Islands1.83Up 11
12Cape Verde1.8Up 5
13Barbados1.74Non-mover
14Germany1.56Non-mover
15Thailand1.54Down 7
16Malta1.41Down 4
17Poland1.26Up 1
18India1.18Up 1
19Morocco1.17Down 4
20UAE1.13Up 3
21Croatia0.95Up 3
22Canada0.94Up 3
23Egypt0.77Down 7
24St Lucia0.75Up 5
25Montenegro0.57Up 7
26Czech Republic0.53Up 21
27Hungary0.51Down 6
28Indonesia0.49Up 3
29Philippines0.47Up 11
30Mexico0.43Down 3
31Belize0.42Up 8
32Australia0.36Down 4
33Jamaica0.31Down 3
34Slovenia0.3Down 8
35Switzerland0.29Down 15
36Romania0.22Up 12
37Cambodia0.17
38Saudi Arabia0.14
39Malaysia0.12Down 6
40Dominican Republic0.12

Worst property markets of 2011

AN article published in the Overseas Property Professional lists the five worst places in which to invest according to Colordarcy’s managing director, Loxley McKenzie.

Cyprus comes in at number two behind the ‘number one disaster zone’, Ireland.

Even though the island is “a long-time favourite with British investors, even its biggest advocates are losing interest,” says McKenzie. “A stagnant economy and its vulnerability to the Greek crisis with two of its largest banks exposed to a total of €5 billion really doesn’t bode well.”

Cyprus is followed by Greece, Bulgaria and the Czech Republic.

More on this story at Colordarcy shames the five worst property markets of 2011.

Readers' comments

Comments on this article are no longer being accepted.

  • Happy in Cyprus says:

    I have been posting as Happy in Cyprus on Paphos forum Cyprus Living for the past four years. I want to make it quite clear that the views expressed by an earlier poster, ‘happyincyprus’, are not mine!

  • Ian says:

    @David… You have the wrong pair of Glasses on David. Bulgaria is not more popular than Cyprus……it’s Less UN-Popular !

  • andyp says:

    Having just been for a surf on the Internet can this possibly be the same happy in Cyprus who posts his concern and support for the Alpha victims on another forum yet here he posts his true feelings in regard anyone who speaks up against the system?

    Surely not.

  • Gavin Jones says:

    M. (10.41 p.m. yesterday).

    Yes. If properties are “less than a fifth or more of their previous sales price” I couldn’t agree with you more that now is the time to dive in and buy – assuming you’ve got the ready cash. This would apply in most countries but certainly not in Cyprus.

    Unfortunately, as you’ve doubtless read in the other comments, bar one, there are too many pitfalls to even consider purchasing a house here for even what seems a steal.

    I refer you to my comment on this article yesterday at 11.29 a.m. which touches on some of those pitfalls. Suffice it to say that without your deeds, your purchase is as good as worthless – and certainly in this economic climate as it’s the first question that prospective buyers (if they still exist) are now asking.

    Am I to presume that in the USA a buyer, or mortgage lender, obtains the deeds the moment the money’s transferred? Would appreciate your confirmation on this salient point. In 99% of purchases in Cyprus, this is not the case for the previously stated reasons.

  • andyp says:

    Dear happy chappy,

    Whilst I accept UK has it’s own problems where and what are all these government supported property frauds you speak of in the UK? Two or three examples will do. How about one?

    For one moment do you actually believe that what goes on in Cyprus is comparable or are you just another ” idiot” who writes s..t. Have you even read the post by Philippos?

    You may well be OK but what about everyone else? You are just as bad as the Cyprus government as you would rather say and do nothing than speak up and do something to help others.

    If we stay silent nothing changes and if that hurts so be it because you deserve it. If that means the value of my Cyprus house has halved so be it. I and others on this forum would rather do the right thing and do what has to be done in order that not ONE more person is caught in our nightmare.

    Merry Christmas. How you can sleep worries me.

  • M says:

    I think the previous comments have detailed their various positions.

    I would just like to add that the USA is currently offloading some exceptionally cheap foreclosed properties in some cases at less than a fifth or more of their previous sales price and so I would expect them to be riding high in investment terms. There are bargains to be had if you are so inclined. Bulgaria too has very cheap properties for sale so is very popular. That is until North Europeans start upping the prices by just paying what is asked.

    I personally have no inclination to invest in either place (I would in Brazil) but it may explain their rise in popularity.

  • James JH Lockhart says:

    Lloyd,

    I am glad you are happy in Cyprus. But for many of us we do not share your opinion.

    Instead off rolling over and remaining silent we choose to whine & win.

  • out of the frying pan into the fire says:

    Dear happy in Cyprus. I would love to get a life. And no I did not leave my brain on the plane. I was lied to. First by the developer and next by the lawyer.

    My first lawyer wanted to charge me twice for the same job until I proved that I had paid. But that did not stop my lawyer. He abused the power of attorney without my knowledge and signed me up for ? at a cost of several thousand Euros and then over charged me for doing so. My next lawyer, tells me that is not right. Refuses offer of payment as we go along and tells me I have not done any thing and then gives me a bill for several thousand Euros. For what ?

    I have now lost my life savings, physical and mental health. So yes you cover my losses and I will go away. And until then and why I am still breathing and receiving mental health help. NO, I will continue to pursue this fraud at every level I can and warn as many people as I can. Get a life Cyprus is corrupt.

  • Costas Apacket says:

    Mr Happy – I’m also extremely happy to have invested a very large part of my meagre wealth into a Cypriot property that I still don’t legally own after some 5 years despite having paid for it in full.

    I will, no doubt, be even more ecstatically happy, if and when I do get offered my Title Deeds, when I am asked to pay the extortionate transfer fees, which to my further delight will, no doubt, be artificially increased by those nice people in the district land office.

    I will possibly be positively orgasmic when my Developer then tries to scam me out of more of my hard earned by vastly inflating the amount of IPT they demand from me which will, in no way, represent the actual amount that they have paid to the authorities.

    Oh happy days indeed!

  • Anna says:

    HappyInCyprus:
    Have you got your title deeds?

  • David says:

    Bulgaria more popular than Cyprus ??
    That just shows you how concerned potential buyers are regarding making a purchase (note.. I didn’t say investment !!)in Cyprus. The word is well and truly out re. the many problems related to buying property in Cyprus.

    Cyprus and the Cypriot people are great but the powers that be need to resolve the serious problems that exist in this superb country.

  • Gavin Jones says:

    HappyInCyprus.

    Like Jon Frazer, I’m delighted that you’re extremely ‘happy’ with the way things are in Cyprus.

    Unfortunately, the majority are NOT for a variety of reasons, the most pressing being that they can’t obtain legal ownership of their properties i.e. their title deeds. Perhaps you’re unaware that this has occurred because of governmental connivance with developers, banks and lawyers. Without wishing to labour the point, the primary cause of this subterfuge is because the land upon which the houses and apartments have been built was mortgaged without the knowledge of the buyers.

    For your information, approximately 130,000 properties are affected by this, 90,000 being Cypriot ‘owned’ with the remaining 40,000 expatriate. This number represents the majority of the expatriate community who are definitely not ‘happy’. As for those who you claim ‘want to get out’, why do they want to leave? Aren’t they ‘happy’ in this deedless paradise?

    Your assertion that “it’s just as corrupt in the U.K.” is the usual non-argument that’s regularly trotted out in Cyprus. Yes. There are crooked developers, banks and lawyers in the U.K just as there are in the rest of the world. The difference here in Cyprus is that corruption is part and parcel of the system with the government and the judiciary (an integral part of the problem) making no effort to curb the excesses/fraudulent behaviour of certain developers and bring them to justice.

    If you hadn’t noticed recently, the EU is now having to get involved to force the government to act and I therefore suggest you have a look at the current article on this website entitled ‘EU seeks answers from Cyprus on Title Deeds’.

    I would respectfully suggest that you have a little more understanding and compassion for the many tens of thousands of property ‘owners’, both Cypriot and expatriate, who naturally feel extremely aggrieved at the situation in which they find themselves through no fault of their own.

    If after reading what I’ve just written you still feel that what out of the frying pan and into the fire writes is ‘rubbish’ and that he and all the tens of thousands of others involved are ‘whiners’, then there’s nothing further to be said on the matter.

  • HappyInCyprus says:

    jon frazer

    I fully understand your sentiments AND your reasons to be angry BUT don’t tarnish ALL developers and lawyers with the same brush and carp on about Cyprus is a death trap to buyers etc. because its not. Yes there are issues, where in the world isn’t there, yes there is corruption, where in the world isn’t there, if people are that stupid and blinkered to think that Cyprus was EVER 100% safe to buy a property then frankly I’m not surprised they are in the situation they are in. Ex-Pats are continually rubbishing Cyprus all the time and making out the WHOLE place is corrupt and its not. It beggars belief why these people ever left the UK in the first place and I for one am fed up with winning Brits on this island.

  • jon frazer says:

    HappyInCyprus.
    I’m pleased to hear that you and many, many others (who you know) have had hassle-free buying experiences, and like you are HAPPY.

    There are hundreds, if not thousands, who have not had your good fortune, and for whom this forum is a Godsend.

  • HappyInCyprus says:

    out of the frying pan into the fire comments, you talk some rubbish you do.

    I know many many people who have invested here and are happy, moved here and are happy. This so called message you are sending out will also damage the people who are living here and are trying to get out. You and all the other whinny ex pat idiots who came over here, left your brains on the plane and thought it would be easy money should shut up as you are making it hard for others to sell up and go back to the UK.

    Its just as corrupt in the UK you just don’t hear about it as much, big developers get away with murder and nothing is done out it, unscrupulous builders ripping people off and no come back. If it didn’t happen in the UK you wouldn’t have all these dreadful reality property programs on the TV. Get a life and find something else to whine about please.

  • out of the frying pan into the fire says:

    O well looks like some of our hard work is starting to pay off.

    The message is getting out.

    If you want to loose your health and wealth come to Cyprus and buy a property or land.

    Robbing, lying, misleading, property developers, lawyers, banks and the government are all waiting for you.

    Yes welcome to Cyprus MUG.

  • Gavin Jones says:

    What never fails to amaze is the fact that these reports nearly always fail to cite, or at best giving the impression that it’s almost inconsequential, the other major reason for investors not wanting to invest in Cypriot real estate: the title deeds scandal.

    Is there a blind spot or is it simply a case of trying to hide the unpalatable truth? Loxley McKenzie of Colordacy appears to continue this tradition – even though the word’s out amongst the wider public that attempting to buy property in Cyprus will more than likely affect your health, wealth and sanity.

    The link to OPP (Overseas Property Professional) beggars belief. Harrison Property Auctioneers tells OPP that “transaction fall is because of bad media coverage Cyprus is getting (doesn’t say specifically WHAT that is) and the economic crisis…”. They continue by stating that “anyone buying in Cyprus should get in touch with a licensed professional.” Really? This is laughable if it weren’t so serious. Finally, they conclude by stating that “it is not all bad news however…anyone looking to buy into Cyprus should do so now as prices are low…so it’s time to get back on the ladder.”

    I have to take my hat off to them for their wonderfully crass, irresponsible sales pitch.

  • Robert Briggs says:

    Noted that this report did not mention the Title Deed scandals and other malpractices associated with the Cyprus property scene.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

SELECTED REPORTS

Back to top