New propperties being built?

[footy123]

Hello Nigel,,would appreciate your views on why,,if properties are not selling to fast then whats the the reason for such a lot of new build in the Paphos area..Do the developers know something we dont? This topic was discussed at length in the local pub yesterday,all of course with different views.

Terry

[Nigel Howarth]

Hi Terry,

Your guess is as good as mine. I expect that some of the properties are being built as a result of αντιπαροχή (antiparochi) agreements in which a landowner has agreed to exchange his land for one or more properties being constructed by a developer on that land. Also as the banking restrictions have been eased, there is now (some) money available for developers to to continue building properties they've sold off-plan.

Regards,