Cyprus-Forum.com

[Maximus]

Let us see what develops in around 7 months. I used to think that if one had one million euros was wealthy. Not so sure now looking at prices approaching those of Monte Carlo. As for rents, 25 thousand per month for a "luxury " villa isn't aimed for the local market. Towards the end of 2020 I sold an appartment, since I want a different area, I have been watching the market and I'm sitting tight. Prices have spiralled out of control because of the Russian market. My fellow Cypriots, if you have dosh in your bank do be careful, Cyprus banks are in for a tough time. Having seen the 2013 haircut Im not the least confident with the Cyprus banking system.

You are not watching the market,

You are watching the high luxury end of the market.

This is where you will find the over inflated prices aimed at the golden passport type buyer.

Its like RW said, the market already crashed since 2008. it took years to bottom out and stabilize and now the next cycle (upward trajectory) will commence.

All the ingredients and conditions are there for higher prices.

[miltiades]

Let us see what develops in around 7 months. I used to think that if one had one million euros was wealthy. Not so sure now looking at prices approaching those of Monte Carlo. As for rents, 25 thousand per month for a "luxury " villa isn't aimed for the local market. Towards the end of 2020 I sold an appartment, since I want a different area, I have been watching the market and I'm sitting tight. Prices have spiralled out of control because of the Russian market. My fellow Cypriots, if you have dosh in your bank do be careful, Cyprus banks are in for a tough time. Having seen the 2013 haircut Im not the least confident with the Cyprus banking system.

You are not watching the market,

You are watching the high luxury end of the market.

This is where you will find the over inflated prices aimed at the golden passport type buyer.

Its like RW said, the market already crashed since 2008. it took years to bottom out and stabilize and now the next cycle (upward trajectory) will commence.

All the ingredients and conditions are there for higher prices.

By nature Im an optimist. In this instance Im rather pessimistic as regards to the Cypriot economy, in particular the housing market which I believe is grossly over priced in relation to Cypriot wages, If one is targeting
The local market. I believe that crisis will commence in 6 to 7 months time and also believe that Banks will come under pressure. Those convinced that the market is on the up are usually estate agents and developers. By the way, the so called " luxury" market will soon be dead and buried.

[Maximus]

The market is on the way up, more people have been buying property year after year for the past 8 years on the trot!

2020 is the only anomaly, due to covid.

I modified an image from the article LR posted.

A picture speaks many words,

[miltiades]

Such reports are generated by those with an ulterior motive.
Also read reports that this year Cyprus will have 7 million tourists !! I do however admit that Im focused on the high end of the market and this is the one that will suffer the most as it is reliant on wealthy foreign investors. I used to think that if one had a million pounds was considered wealthy, however Im not that certain now looking at the so called " luxury" real estate. I have noticed on Facebook a villa for rent at 25G pet annum plus they also want a years rent in advance !! They are in for a rude awakening.

[Maximus]

I am just looking at the data and facts so I can make up my own mind.

Nothing leads me to believe that the market is going to crash, its quite the opposite.

[miltiades]

I am just looking at the data and facts so I can make up my own mind.

Nothing leads me to believe that the market is going to crash, its quite the opposite.

We shall see. In the meantime you can write off the Russian investor. The crisis will soon materialise with the high end creeping into the middle market. In Limassol there are literary thousands of newly built or under construction appartments. I personally know 2 developers , both are pessimistic since they were aiming at the Russian investors.

[repulsewarrior]

...you may write off "Russian" investors, but not Russians, those not part of that corruption will not no longer find Cyprus a great place to be living: perhaps more so with more Russians wanting to get away from Putin's "Russia" if it survives and grows enduring the war he started.

...sellers will have to adapt because the "rich" must also be having to adapt, (yet there are other "rich"/rich) the world disrupted in ways no one considered and in effect affecting them as well.

What is affordable to the middle class, is a good question. And those who are aspiring to rise above a mere subsistence: is affordable housing for them a venture that has for builders profit?

...the rich now find themselves under much more scrutiny, because of the "rich" they will have to differentiate themselves in action accordingly. Counter-intuitively, in Cyprus, this is a good thing because rich people do not like frequenting with "rich" people in any case; for rich people Cyprus becomes even more attractive without "rich" people, because it allows for Property investment which have values beyond "the highest price at the lowest cost" (for what is actually a very limited market).

...if Cypriots ignore the demographics, that things never change, as they are changing, a crisis will grow.

Housing as a Market cannot be left to greed alone.

Guidance from Municipal Regulation, and the State Law, must define what such builders can do in a broader sense making profits: in providing Homes; to be accountable as Builders where decent Housing (should be) is a Right.

[repulsewarrior]

https://www.ekathimerini.com/economy/11 ... in-cyprus/

...includes statistics on growth in housing and construction.

[Lordo]

I have a few quid to spare. Has it crashed yet?

[miltiades]

I have a few quid to spare. Has it crashed yet?

Be patient but also bear in mind you will have to pay in ....Russian rubies Cypriot " luxury" developers are shiting them selves right now, what with the end of Golden passports and the absence of Russians who the fuck will pay 1.5 milli9m euros for a one bedroom flat
Cyprus isn't Monte Carlo, salaries of 1000 to 1500 euros per month are not enough for the average Cypriot to invest such rediculous prices. In the meantime Im expecting a call from one developer ready to accept my original offer which I have now withdrawn.