Prices of Property?

Paulkay


Joined: 10/11/2007
Posts: 64

Message Posted:
05/05/2008 11:30

Due to the amount of property that has been built and not sold, how long do you think it will be like this.

And If it stays like this for a while do you see the prices staying as they are or going down to shift the empty property?

The reason I am asking this is that we are going to buy, but dont know weather to buy now or wait a bit longer?

We know it is a buyers market but how long will it be like this?

Thanks Paul & kay

TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
05/05/2008 11:42

House prices have remained relatively static for 3 years now. There was a slight increase at the start of the year as the new Estate Agents Law came into effect and agents are now asking 6% plus KDV (VAT), instead of a straight 5%, which has added an extra £2000 to £5000 to most properties.



Prices never drop here, regardless of the glut of properties available. They just wait for the rest of the world to catch up.



It maybe, what is classed, as a sellers market, but by the same extent the sellers are not desperate enough to need to sell. If they are, and they are generally resales, they are snapped up very quickly.



So, in conclusion, you buy a completed property today for £100,000, in 3 years time it may well be worth £110,000, but you've had the enjoyment out of it so nothing really lost. It will be worth more when your title deed is in place.



If you are willing to go off plan, then this is where the greatest profits lie. A mark up of 30% to 50% on completion is still acheivable, and natural price increases from there.



BUT, all this pails into insignificance if a Cyprus Problem Solution is reached. Then all hell will break loose and the £100,000 property here will be £300,000 overnight.



So the choice is yours!

syebba


Joined: 19/04/2008
Posts: 17

Message Posted:
05/05/2008 21:51

I agree with TC,houses will rocket in value equal to that of the south,if a cyprus deal is agreed.

With a glut of houses for sale in a slow/stagnant market,there's no harm in waiting or you could negotiate real hard on an off plan or completed property.

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
06/05/2008 18:18

Timothy,

Could property really treble overnight i find that quite astounding,

Regards,

Paul.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
06/05/2008 18:23

My friends in Pathos paid more than double the price I have paid for a similar

specification, inland with no view. I have the most spectacular views of sea and mountains.I would certainly say 250% from looking at Pathos estate agents, if not immediately , as soon as infrastructure is complete.

lobylud


Joined: 14/10/2007
Posts: 242

Message Posted:
06/05/2008 19:02

An alternative view is if the South's prices crash down to nearer the level in the North.

That wouldn't go down well would it.

TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
06/05/2008 19:11

Dodger,



I do believe so. Some of the Seaside Homes here, especially, are very under priced square metre for square metre compared to the south.



The Mountain Side homes are more than likely to double their value, compared with site homes or none sea view homes of the south.



Once we are recognised and a truce is called and everybody knows how the land lies (pardon the pun) then watch the money flow in. Then the Jews will be very happy!

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
06/05/2008 19:18

With regard to lobyluds point re the possibility of property prices falling in the South. Spain (which is a lot closer, cheaper and easier to get to from the UK) is an example of falling prices caused by over development, bad press, Government seizure of land without compensation, corrupt local politicians, building without planning permission, rise in value of the local currency (euro) etc etc. on top of an economic downturn. Sound familiar? A friend of mine has a beautiful recently completed villa there which she can't sell for love nor money. At least UK citizens have some protection under both Spainish and EU law in Spain. Government policies that are racist (i.e. who can buy property, different electric meter prices etc) would be stamped on quickly and wouldn't be allowed to be passed in law. Lawyers are regulated. Laws are debated before being passed and published. It is very likely that property prices will fall in the South. Investors in property in the North hoping for a huge property price rise because of an improving political situation may have to wait a very long time.

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
06/05/2008 20:27

Martin,

Huge property price rises are not really on the top of my agenda anyway i have bought in the north with a view to eventually living there,just wish the north would get a fairer crack of the whip,instead of always being treated as the naughty boy in class.Even though it always seems to be the trnc that are prepared to move things on.

Regards,

Paul.

batterboy58



Joined: 20/04/2008
Posts: 442

Message Posted:
06/05/2008 21:00

The UK citizens reported in the media in recent times who have had their Spanish homes demolished in front of their very eyes, didn't get much protection from the Spanish or the EU did they.

John

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
07/05/2008 00:55

Hi All,



I am with Timothy on this one.



If and I mean if an amicable settlement to the Cyprus Problem

(in my view two federal states, under a representative Government, with full membership

of the EEC) then I feel North Cyprus properties will rocket.



It is inconceivable that South Cyprus properties will fall to current levels in the North.

The biggest problem we all face then will be the risk of overdevelopment, with an unregulated construction industry, and supporting legal system.



wynyardman

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
07/05/2008 20:58

Hi John,

Surely there are already to many empty properties and not enough buyers in the n.c.doesnt this go towards making it a buyers market and therefore keep the prices low,

Regards,

Paul.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
07/05/2008 21:32

Hi Paul,



I would have thought that these would be quickly swallowed up by anxious investors, once the political climate is settled.



wyn

syebba


Joined: 19/04/2008
Posts: 17

Message Posted:
07/05/2008 22:45

wynyardman is right.

There's a lot of people keeping a close eye on NC at the moment to see how settlement talks progress.

It's being frequently discussed on investor property forums.

If,if,if an amicable & reasonable deal is reached i'm pretty sure those vacant places will be snapped up quickly & prices will rocket to equal those in the south.

andre 514


Joined: 31/03/2008
Posts: 1163

Message Posted:
08/05/2008 10:01

hi all,



must sound terribly cynical but this is the middle east



an amicable & reasonable deal yes everyone wants that

or do they really?

all parties sitting round a big table at the village hall

until a compomise is reached then we can retreat to the pavillion

for a glass of warm beer while the vicar makes

his regular speech about the church roof,

but lo! the WI presents us with a selection of smashing cakes



er...



certainly don't give up on north cyprus

it is a great place and very well-defended har har

wouldntcha rather have "them" protecting you than a piece of paper

with so many promises on it?



as mentioned earlier it is not so much working out a deal

but finding a mechanism that offers real security

ie that the other side will actually stick to this time

that is why I am so sceptical



two final comments



firstly, yes let them do a serious negociation excercise etc

and see what comes out of it this time



secondly, I'm sure erkan will now weigh in with his

practical yet salty and uncompromising views,

so in a sense I have now lit the blue touch paper

and will retire



hopefully to north cyprus even,



best wishes,



andre

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
08/05/2008 10:22

Hi John ,

Totally agree with your last post but i was talking present day prices and economy,

Regards,

Paul.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
09/05/2008 01:24

Dodger,



Stay loose!



A gut feeling tells me that you will not have long to wait!



wyn

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
09/05/2008 10:15

John,

I am as loose as a goose mate,

Paul.

andre 514


Joined: 31/03/2008
Posts: 1163

Message Posted:
09/05/2008 11:20

hi guys,



think I must have gone a bit ott in my recent message

re: chances of an "amicable settlement"



but seriously, far better to look for a gradual easing of the isolations

or at least much more of the status quo and a steady rise in values



nonetheless nc seems less vulnerable to the disasterous over-supply

and subsequent collapse of confidence that hit florida and now spain,

where hoards of investors, and I'm certainly not calling them the hoi polloi

got their fingers burnt...



because it is a rarer breed that's discoverd this lovely place

(guess who's just been told their electric meter is due "any day"

or to misquote prince charles, "whatever any day means"")



so at least I cannot imagine the bottom falling out of anyrthing here

unless we are referring to dodger's digestive troubles see above



andre

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
09/05/2008 15:37

Andre,

Nothing wrong with a bit of ot.t. every now and again it gets it of your chest.Still as loose as a goose mate.Well it is Friday,

Regards,

Paul.