Cyprus Property Forum for Buyers, Sellers & Investors

I could really do with some advice! (I wanted to just type 'help!')

This site really has some fabulous advice and information but hasn't completely cleared up my confusion with the cyprus property market!
We purchased an off plan 3 bedroom property in Pervolia in 2007 dazzled by the developer, bank and promises of a nearby pga golf course. We all know what happened to the golf course plans and the property market since and we are stuck between a rock and a hard place.
Our income has come done since purchasing the property and we are now trying to decide whether to sell or hold on to it and pray the market will get better.

I received an email regarding the golf course, that it is now back on track, but does that mean my property will get back some of it's value?
The developer seems reliable but has since the build was finished (late 2009) not yet produced the title deeds. In today market we would hope to make back what we put in and hence we are pondering wether to hold onto the property.
My view is that the property market in Pervolia is being swamped with new properties being build much cheaper then we had ours for and that our property simply will not get back it's value.
Our mortgage has also gone up with leaps and bounds and we are just unsure as to what to do.

I would love some advice and hear what your experience is. Should I sell or should i hang onto it? What do you think?

Linda

Hello Linda and welcome to the forum.

You should look at any investment in property as being long-term; ten years or more. From what you say it looks as if you bought at the peak of the market just before the world as we know it changed.

In today's depressed market, you will find it exceedingly difficult to find a buyer - unless you are prepared to sell it very cheaply. And the lack of Title Deeds will dissuade many buyers.

Once the golf course has been built, the area has matured and you have your Title Deeds you should be in a better position to sell.

Is it a single property or are you part of a complex with shared facilities such as swimming pools, etc?

Regards,

Hi Nigel,

Thank you for your reply, very helpful!
We are part of a complex of about 20 villas with shared facilities, pool etc. close to the beach, across the road.
We have a feeling that we would be lucky to get out what we paid for it but even that seems impossible as we now
see properties being built much cheaper. The problem is that the mortgage is climbing rapidly, making it impossible
to afford it much longer and even more impossible to buy a property in the UK which now demands crazy deposits, hence
the feeling that we are stuck between a rock and a hard place.
Do you think that the plans for the golf course are finally going through or is it another fairy tale?
We have to admit to having been dazzled by an eager developer and a bank that promised the world and we simply should
have known better. i find the whole process very intense and am finding the process of selling even more confusing.
There doesn't seem to be anyone out there who is simply straightforward, objective and with good advice, all we are encountering is very greedy agents, lawyers who repeat whatever the developer says and are feeling really deflated.
Do you have any tips on good agents, lawyers or anyone who could give us advice and guidance?

Thank you so much!

Linda

hi..
Buying or selling a property totally depends on you.well you must know about the current market If today the market price is good for selling a property and if you are getting good offers for your house then go for it otherwise hold it for some time until you get a desirable price for your home.

larry14stewart wrote: ↑04 Oct 2017 09:33 hi..
Buying or selling a property totally depends on you.well you must know about the current market If today the market price is good for selling a property and if you are getting good offers for your house then go for it otherwise hold it for some time until you get a desirable price for your home.

Hi Larry14stewart,

your reply is sound, but comes 6 years too late! That posting was from 2011