land values

[suenat1]

Hi

I wonder can any body shed any light on the current property market in Cyprus we own some land and have been informed by family that values have dropped by 80% since 2008.
Does anybody know is this correct any information would be appreciated.

[Pantheman]

Hi

I wonder can any body shed any light on the current property market in Cyprus we own some land and have been informed by family that values have dropped by 80% since 2008.
Does anybody know is this correct any information would be appreciated.

I would be willing bet that they also wish to buy off you???

No, land prices have not fallen by 80% at all.

Depening on the land in question then you are looking at 40% figure.

If you want to know a figure get a valuation done and certain before you sell it to anyone.

Good luck.

Where is this land btw??

Pan

[Nigel Howarth]

Hi suenat1 and welcome to the forum,

I agree with Pan, what you have been told is rubbish.

Land prices are very variable and mainly depend on location, zoning, outlook and land conditions. So if your land is situated on the shoreline or in a city/town centre it will be worth considerably more than a plot of agricultural land in the middle of nowhere on the side of a mountain.

There is a company called Danos that produces a regular report on residential land and property prices. You can find their latest report at http://www.danos.gr/uploads/File/MIB/Cy ... 202009.pdf (This is about a year old). As you will see there is a great variation in prices and the only way to obtain a reasonable estimate of the value of the land is to have it valued professionally.

Regards