Buy Abroad News

09 Aug 08

Cyprus Resale Property Goes From Strength To Strength

Because the Cyprus property market has seen such strong growth over the last few years, clients who purchased four to five years ago are able to put their properties on the market below current market value and still realise a healthy profit.

--- A lot of vendors purchased when the Cyprus property market was still in its infancy, and at a time when it was more difficult to obtain a mortgage through a Cyprus bank. The lack of bank funding meant that often buyers had to find most, if not all the funding to buy a property in Cyprus. This in turn meant that prices in the early years were kept in check.

An example is Tom and Jane Goodwin who purchased a two bedroom apartment in Pissouri near Paphos in 2004 for €81,000. They decided to move back to the UK and wanted to sell quickly. They recently put their property on the market with Buy Abroad for €115,000, which was considered below its market value. Within two weeks they had accepted an offer of €110,000 and exchanged contracts within 10 days. With two bedroom apartments in the area valued at nearer €140,000 it is easy to see why they sold so quickly.

Their primary object of a quick sale acheived, Tom and Jane were able to make plans for a return to the UK and still realise a healthy profit on their investment.

John Reilly from Buy Abroad said, "This year we expect to see the sale of off plan property reduce in favour of resale property in Cyprus, which is starting to look like better value in certain areas. In particular the Paphos property market has seen a steady increase in resale property, and where the vendor is looking to sell in a short time frame we are seeing realistic pricing which in turn is leading to sales."

About Buy Abroad

Buy Abroad is a leading specialist in Cyprus property which also operates in Turkey, Spain, Malta, Portugal, France, Greece and Bulgaria. For more information visit www.buyabroad.com or call 01234 401557.