land sales and agents

[jackk19]

Hi,

I have land that I wish to sell. I already have a sign up but as wondering if I should engage an estate agent that advertises online.
The concern I have is that I already have the sign so do not want them to put their up, but could they get funny if I sell and it is not through them and their online advertisements. It is just that I have heard of agents getting funny if the seller does sell their property privately but has also engaged the agent.

After all this I would like to know if the online property salse market in Cyprus is as popular as it is in the UK?

I understand the market is depressed and was looking at ways to market the sale process, hence the 'online' iestate agents idea.

I have advertised with bazaraki, angloinfo and other free non estate agent sites.

Thanks

[Pantheman]

Land sales are very slow presently.

For someone to buy it, it must, today, represent a real bargain. otherwise you will just not get the interest.

Putting a sign up on your own property makes it more difficult for an agent to work with, since everyone is looking for a way to 'bypass' the agent.

if you are going to engage an agent to sell it for you, allow them to do their job. You could still try and sell yourself, but by placing a sign up will discourage an agent taking over any prospective clients.

Land sales, are made by word of mouth and recomendation, not by listing it on a free website. It needs careful management.

Hope that helps.

Where is the land you wish to sell??

Pan

[jackk19]

Hi,

It is between villages of Kotsiatis and Pera Chorio Nissou in the Nicosia district. Agriculture land, 10% build 2000sqm. Near highway. 10 mins from capital.

I understand the present climate and have had offers that were ridiculous....locals trying to take advantage of the situation. But Cyprus has not collapsed and land is still land. It is not a developers project where greed has got the better of him and the banks are chasing?

All I want is a true reasonable price? And I don't believe that the offers I have had are a reflection of the state of the Cyprus economy. Is a new 25k car being sold for 5K now? Or am I being too optimistic?

Can I also query your implication that websites are not the strongest marketing approach. I follow that but have been looking at http://www.gp-lazarou.com/ . It is well laid out but I have no idea if their adverts have sold. And yes I am aware that word of mouth is usually the way to go.

[Pantheman]

I have looked at that site and it doesn't inspire me to look deeper.

There are many factors affecting land and its price.

To buy it, you either need it for a specific reason or it's a bargain. Sorry it's the mentality here.

Just out of curiosity how much are you asking for the 2000m2 plot??

Cheers

Pan

[jackk19]

140,000 euros, open to negotiation. Based on one that went next to it, and similar prices that I have researched.
But I have found that unlike property it is very difficult to gauge land prices. In have seen similar specs for a fraction of the price and some for very much higher.
I am not desperate to sell, but I also do not want to have to wait years now I have decided to do so.

[Pantheman]

140,000 euros, open to negotiation. Based on one that went next to it, and similar prices that I have researched.
But I have found that unlike property it is very difficult to gauge land prices. In have seen similar specs for a fraction of the price and some for very much higher.
I am not desperate to sell, but I also do not want to have to wait years now I have decided to do so.

Well I don't want to sound offensive and it's not my intention, but if this plot is close to the village then you may have a point, even then, but if it is much further away, then I would say it is over priced.

As I said need to assess all the variables to establish a 'reasonable' price.

When people say to me, 'I am not in a hurry', then this means that they are not motivated enough to sell and as such may well wish to wait it out, which means from an agents point of view, its not worth dealing with.

land prices have fallen much more than property prices and I think people under estimate this.

Now is not a good time to sell, but if you must then you need to be motivated and willing to take a hit, otherwise let it sit. It doesn't ask for any food or water!

Good luck all the same.

[jackk19]

I can take a hit on that price but what would you define as a hit?

The guy that wanted to buy it had already bought the land next to it and I know how much he bought it for because we know the family from our village.
But he kept on saying that the market is depressed and would not make an offer. I think he wants us to say 50k or something stupid like that.

One more thing. Looking at the article:
http://www.news.cyprus-property-buyers. ... /id=008175
it shows Nicosia sales in May and June have slumped, but the previous months were pretty much similar. But there are still sales even if lower but one important factor is it does not show the price of those sales.

[Pantheman]

That table refers to houses not land sales I beleive.
In any case if he doesn't make an offer just give him the price and let him stew on it.

if he wants it that bad, he'll come back with a counter. if the counter is far too low for you, then just tell him and leave it there.

Like I said unless you need it for a purpose or a bargain, there are no immediate buyers for such. if it is on an asphalt road and can be a build plot then you should at least be looking at 100k, if it is a single title plot, not a share etc.

Good Luck.

[Nigel Howarth]

That table refers to houses not land sales I believe.

I put the table together from the statistics produced by the Department of Lands & Surveys. The numbers refer to the number of contracts of sale deposited for the sale of immovable property - so that would include land as well as apartments, houses, etc.

Unfortunately, the Department of Lands & Surveys doesn't analyse the numbers to give a better breakdown of sales.

Regards,

[Pantheman]

That table refers to houses not land sales I believe.

I put the table together from the statistics produced by the Department of Lands & Surveys. The numbers refer to the number of contracts of sale deposited for the sale of immovable property - so that would include land as well as apartments, houses, etc.

Unfortunately, the Department of Lands & Surveys doesn't analyse the numbers to give a better breakdown of sales.

Regards,

I presumed houses / apts, because of the contract of sale element. A land sale with a title ready would just be a transfer with no real contract to deposit. perhaps my assumption is incorrect, but the data is a little ambiguous.

Thanks

[Nigel Howarth]

the data is a little ambiguous.

I agree - it is unfortunate that the Department of Lands & Survey does not provide more information about the contracts of sale deposited.

When I bought my land back in 1992, my contract was deposited at the Land Registry even though the Title Deed was ready. I suspect this was because all non-Cypriots needed Council of Ministers' approval before they could own property.

These days I guess it's only the contracts of non-EU citizens buying land that need to be deposited at the Land Registry until they get CoM approval.

Regards,

[jackk19]

Hi Panthemon,

I think you are right about land sales. Especially agriculture land. People are just not willing to buy with a potential to develop. Although the land I have has road access and services nearby. It only leaves building permission and then you can build.
I have the land up for 120K and I am willing to take a hit as you say, but I have found that Cypriots do not engage in negotiation. The price is there to be haggled??

I do have other building plot land and am thinking of putting up one piece. I understand land is difficult to value but could you try please?

It is in Pera Chrio Nissou (nicosia District), it is within a quiet part of a fairly big and well serviced village. It is 510m2, 90% build with all services etc in place. There is hardly any developemnt around it a they are owned by my family so plenty of surrounding space.It is not at the front of the road.

I am guessing that this type of land will sell easier (but not fast) as people are still getting married and want somewhere to live.

[Pantheman]

Hi Panthemon,

I think you are right about land sales. Especially agriculture land. People are just not willing to buy with a potential to develop. Although the land I have has road access and services nearby. It only leaves building permission and then you can build.
I have the land up for 120K and I am willing to take a hit as you say, but I have found that Cypriots do not engage in negotiation. The price is there to be haggled??

I do have other building plot land and am thinking of putting up one piece. I understand land is difficult to value but could you try please?

It is in Pera Chrio Nissou (nicosia District), it is within a quiet part of a fairly big and well serviced village. It is 510m2, 90% build with all services etc in place. There is hardly any developemnt around it a they are owned by my family so plenty of surrounding space.It is not at the front of the road.

I am guessing that this type of land will sell easier (but not fast) as people are still getting married and want somewhere to live.

Jack,
you say all services in place, but nothing around so I am a little confused. Does it have a pavement running along side it? Was it made into an Oikopedo or is it listed as a Xorafi?
510m2 is smaller than an official oikopedo so I wonder.

ideally as I said before, there are characteristics that will define the price, but lets just say as a general, a flat, orthoganl piece of ground, in the build zone as you say, with road access (proper road access), in the district you mention then you could ask your 120 - 140k. You could ask a little more, but it depends on the demand in the area. Land sales are tough and unless someone is ready to build there now, you won't move it. If it is a bargain and they see it for future thats your best bet.

The biggest problem with the Cypriot mentality, is that they have acquired this land free from family, yet want max price for it. If you had paid 120k to get it of course you want at least that back, but when you get it free you should be able to barter alot more!
I have people who have had land free, I brought them very high offers, but their greed did not allow them to sell, well that land is still there and they won't get half of what I brought them.

As the saying goes, he who chases the lot loses the little as well!!!!

Hope that helps.
Remembering I have gestimate this figure with no knowledge based on info you supplied so it could eaily vary eitherway.

[Pantheman]

Hi Panthemon,

I think you are right about land sales. Especially agriculture land. People are just not willing to buy with a potential to develop. Although the land I have has road access and services nearby. It only leaves building permission and then you can build.
I have the land up for 120K and I am willing to take a hit as you say, but I have found that Cypriots do not engage in negotiation. The price is there to be haggled??

I do have other building plot land and am thinking of putting up one piece. I understand land is difficult to value but could you try please?

It is in Pera Chrio Nissou (nicosia District), it is within a quiet part of a fairly big and well serviced village. It is 510m2, 90% build with all services etc in place. There is hardly any developemnt around it a they are owned by my family so plenty of surrounding space.It is not at the front of the road.

I am guessing that this type of land will sell easier (but not fast) as people are still getting married and want somewhere to live.

Just remembered something.

I was asked yesterday for some agricultural land in Nicosia district. If you want to send me topografiko and title and a goggle earth plot I will see if I can encourage them.

Totally up to you.

[jackk19]

Hi Panthemon,

I thought you guys were on your annual hols.
By services I mean it has asphalt roads, pavments, electriity (its own station), water and green spaces. I am not sure of the size of an official oikopedo, but I have 3 plots of approx. 510m2 each . There are other plots which are owned by family who will use them eventually for their families. Not much has been built there apart from existing family and a couple of plots to other buyers hence why i said it is quiet. But it in a good residential location with kafenion(s) , supermarkets, church, all 2mins from there.

I did see an advert for a same sixe building plot in my village for 165000k so not sure what that means.

Many thanks.

I will scan the details for the agricultural land but what is your email address?

Kyriacos