Cyprus-Forum.com

[Get Real!]

Facts:
Banks in Cyprus are broke

Only two out of Cyprus’ 20 odd banks were exposed to Greece.

People/businesses most likely will not be able to get loans for economic expansion for many years 4/5 maybe.

There's nothing stopping them from getting a loan from the remaining 18 banks if they satisfy the criteria.

[Paphitis]

Cypriots just won't sell if they so don't get what they want for their property unless they are desperate and I reckon only few will be. So they won't be such a catastrophic fallout as the OP portrays.

Cyprus is different to the US or karger countries like Canada and Australia. In a downturn people lose their jobs and are forced to sell in order to move elsewhere or go where the jobs are. So more are forced to sell to move from New York to Lis Angeles or Sydney to Perth.

In Cyprus you could easily live in Paphos and commute to Limassol or Nicosia for work no problems.

[Oceanside50]

Facts:
Banks in Cyprus are broke

Only two out of Cyprus’ 20 odd banks were exposed to Greece.

People/businesses most likely will not be able to get loans for economic expansion for many years 4/5 maybe.

There's nothing stopping them from getting a loan from the remaining 18 banks if they satisfy the criteria.

Not likely that banks will be giving out credit anytime soon

[Jerry]

There are thousands of empty properties waiting to be sold in Cyprus. I saw a street of 50 + finished ones near Kapparis two years ago that are still unsold. The local agency that was selling some of them closed down last year. Many new developments were funded with borrowed money (hence the title deed scandal). How long will the developer be able to service his loan? The banks need the cash so how long before they take possession and put them up for auction at market prices rather than the silly money the developer is asking but can't sell them for?

[Tim Drayton]

There are thousands of empty properties waiting to be sold in Cyprus. I saw a street of 50 + finished ones near Kapparis two years ago that are still unsold. The local agency that was selling some of them closed down last year. Many new developments were funded with borrowed money (hence the title deed scandal). How long will the developer be able to service his loan? The banks need the cash so how long before they take possession and put them up for auction at market prices rather than the silly money the developer is asking but can't sell them for?

On the other hand, there is a lot of new residential development in the area of Limassol where I live (Agios Athanasios), and I notice that everything here finds a buyer eventually, even if it takes 2-3 years.

[Jerry]

There are thousands of empty properties waiting to be sold in Cyprus. I saw a street of 50 + finished ones near Kapparis two years ago that are still unsold. The local agency that was selling some of them closed down last year. Many new developments were funded with borrowed money (hence the title deed scandal). How long will the developer be able to service his loan? The banks need the cash so how long before they take possession and put them up for auction at market prices rather than the silly money the developer is asking but can't sell them for?

On the other hand, there is a lot of new residential development in the area of Limassol where I live (Agios Athanasios), and I notice that everything here finds a buyer eventually, even if it takes 2-3 years.

According to this Cyprus Mail report values in some areas were going to fall up to 40% before the current bank crisis. Nicosia and Limassol were the least affected. We will have to wait and see how the property buying Russians in Limassol react to recent events, I was under the impression that many would leave Cyprus, (hope I'm wrong).

http://www.cyprus-mail.com/association- ... t/20130221

[CBBB]

Do I, and most Cypriots, care if the value of their property goes down?

We are talking about our homes that we are not trying to sell, so what does their value have to do with it?

[supporttheunderdog]

Do I, and most Cypriots, care if the value of their property goes down?

We are talking about our homes that we are not trying to sell, so what does their value have to do with it?

Indeed!

Now/next few months might even be a good time to buy....

[Jerry]

Do I, and most Cypriots, care if the value of their property goes down?

We are talking about our homes that we are not trying to sell, so what does their value have to do with it?

You may not care but those in negative equity and wishing to relocate would probably disagree with you. The property industry has been a good source of foreign currency for Cyprus, realistic prices could start bringing in much needed cash for the developers and banks. Falling prices will also help first-time buyers, possibly your own children.

[CBBB]

Do I, and most Cypriots, care if the value of their property goes down?

We are talking about our homes that we are not trying to sell, so what does their value have to do with it?

You may not care but those in negative equity and wishing to relocate would probably disagree with you. The property industry has been a good source of foreign currency for Cyprus, realistic prices could start bringing in much needed cash for the developers and banks. Falling prices will also help first-time buyers, possibly your own children.

My children have their own properties which they will probably live in for the rest of their lives.

Cyprus is not the UK where people change houses every couple of years.