Cyprus Property Forum for Buyers, Sellers & Investors

Hello,

If you owned a plot of land in Larnaca, As the market went stale in 2009 they decided we should sell at a reduction to our 2008 offers. Not longer concerned about making a profit I aggreed and we have had it with several estate agents for the last 2 years. Apart from a few views and a couple of silly exchange offers for half built appartments without titles and some cash in exchange for the land then nothing.

But since there hasnt been a sale of a similar plot in the surrounding area what factors can we/ or a surveyor use to come to correct price. One surveyor/ agent told us that only half price appartments are selling in Larnaca at the moment. Any advice, comments will be much appreciated, Thanks

There is no real advice to be had other than look at comparable plots, see what they are asking and determine if you are prepared to match or beat them. But it all really comes down to what it cost you initially.

If you bought at the peak, do not expect even to get your money back (uness you get real lucky), in a recession, people lose money. If you must sell then you will have to sell at some loss. Everyone thinks the Russians are going to come flooding in and buy us all up, poppycock! The Russians are shrewd buyers and they don't give their money away.

How big is your plot and exactly where is it?

You can email me direct if you wish fsbprops@gmail.com

Good Luck

Pan

Hello ohdearme & welcome to the forum,

You should be looking at this as a long-term investment, 10 years or more. You need to hang on until the market improves.

As I understand it, with a few exceptions, Russians are not interested in plots of land - they want a house/apartment.

Another problem is the very high interest rates in Cyprus and the banks have also tightened their lending criteria. This makes it difficult for anyone without sufficient cash to afford a property.

Hang on in there for another five years at least - the days of buying & flipping are long gone.

Regards,

Thankyou for your replies, both Nigel and Pan. I decided to delete most of my post which I wrote under the influence. I wouldnt want to provoke or offend my fellow co-owners.

To Nigel,
5 years sounds alot better than 10 but it still doesnt sound wonderful. I suppose it is possible that if all the proposed projects materialise and the recession ends , in 5 years or so the market could rebound.
I appreciate what you say about Russians and the interest rates. So its civil servents and casino business people we should be looking at then. Easyish loans for the civil servents and no need for loans from the gambling lot. Or on the other hand we could build some flats on the land and sell them all to Russians. Oh I forgot, then we'd need a loan.
Thanks for the advice
To Pan,
Luckily we didnt buy at the peak. We bought around 25% lower than the best offers we recieved in 2008. If we are lucky we won,t lose too much. We,ll just have to see. I took a look at your website , it looks pretty good. My cousin strictly does not want to use any estate agents for a few months as he is putting signs up etc. So if nothing comes through by say July I will get back to you, Thanks
again.