|
Cyprus Property Sale. the Goal Post are Moving
Real estate news By EditorsChoice
Monday, 08 October 2007
The Cyprus property market continues to grow at an unprecedented rate and shows no signs of slowing down in the near future. Buyers are continuing to snap up luxury Cyprus villas and apartments almost as quickly as the developers are churning them out. It seems that everyone wants to own a holiday home in the sun or to cash in on the huge profits that Cyprus property has made in the last few years. The great news for any would be Cyprus property owners is that you can still find some great real estate bargains if you are prepared to do a little research and are not shy of driving a bargain for yourself.
Despite attempts by the Cyprus authorities to slow this property bonanza down including the introduction of VAT on the property purchase price and limiting the proportion of the value banks are allowed to loan to 60% there is no downturn. The developers seem to have somehow overcome the 60% rule and several are offering deals themselves at 20% deposit. It is likely they have secured mortgage deals outside of Cyprus in places such as Switzerland or other "off shore" locations. With low rates of interest on such loans the Cyprus property developers are having no problem whatsoever of attracting enthusiastic buyers from all over Europe.
Some companies have even offered buyers a 20% down deal with nothing to pay for two years on certain "off plan" projects. The asumption being that the value of these properties will increase substantially before the development is completed and the remaining 80% becomes due. The would be Cyprus property speculators would then hopefully sell on at a nice profit and move onto the next development. These developments could be the most convenient way for prospective holiday home owners to buy that dream Cyprus villa or apartment they have been searching for.
Send tips or a Letter to the Editor to editor@updatere.com
|
