There are many more enquiries about our quality resale properties at realistic prices with the Title Deeds. This summer the number of visitors to Paphos is increasing and despite the Greek saga continuing there is a much more positive approach by buyers to the Paphos resale property market. Enquiries cover the whole range of property from small apartments to big villas and there are exceptional properties to be bought at realistic prices. Fitzgerald resale marketing is working for both buyers and sellers. Gone are the heady days of 2004-2008 and for those people that have grasped the fact that many properties have fallen by 50%, now is a good time to buy and sell.

There is an old saying on the lines of “You shouldn’t believe everything you read in newspapers”! Well, two items in the local newspapers caught our eye this month. The first stated that “Property Sales Slump Further”. Figures from the Land Registry Department show that March 2011 had the largest decrease in sales for nearly 18 months across the Island. Larnaca and Famagusta were the worst affected, with Paphos coming out best.

The second newspaper article stated “House Prices Down Across The Board”, with a sub heading that apartments were 10.8% down and houses 7.4% down, year on year. Both statements are painfully true. Today the demand for Cyprus properties has slowed down substantially. Buyers want more value for money, are far choosier and they are a lot more informed. For the sellers the most important factor is the recognition that the property heady ‘hey days’ are well and truly over and that they have to cope with the limitations of the ‘buyer’s market’. Buyers know it, and if they did not, a visit to any ‘popular’ seaside village or suburb with ever increasing numbers of ‘for sale’ boards will soon convince them that property sales are sluggish at best. However, this is a very painful reality check for the sellers, especially those who bought their properties between 2003-2007.

In that period the developer property price hikes seemed unstoppable, partly fuelled by increased demand and partially attributed to less than accurate market information given to the buyer. For the seller adjusting the price to reflect the present market conditions is anything but pleasant. For those who bought before 2003, it means that their profit on selling will be less, but should still be a profit. For those who bought property after 2003 and are trying to sell now, they may find that they receive less than they originally paid. The one saving grace for many people is that those who convert their Euros to Sterling get much more for their money than they did 3 years ago. The Cyprus Property Price Index report covering 2010 shows that there are ‘signs of price stabilization’ for holiday and permanent homes and Cypriots as well as foreigners are slowly returning to the market taking advantage of lower prices.

Bucking the trend How can we explain that Fitzgerald’s have had the best first 3 months of a year since we opened 8 years ago? Quite simply put, it is the intimate knowledge of the local market, keeping a keen eye on the local and global market trends and appreciating changing consumer behaviour. Customers are important in any market environment, however in the buyer’s market customer expectations and demands are far more pronounced as the buyer has the luxury of many choices. From the marketing perspective, Fitzgerald’s position their range of properties to make them ‘stand–out’ in the crowded market place. Daryl says “We offer a whole bundle of benefits to the global client: fabulous range of properties, realistic market prices, superior photography and presentation, Google mapping, daily reporting and real-time communications. Add to this package a continual investment in advertising, promotion, web support and constant research”, he adds. “With our knowledge and experience we have built a reputation for being honest, fair, reliable, hard-working and efficient. All of which together adds up to the value added customer service that clients appreciate and value giving us the opportunity to succeed”, says Daryl.

In fact Fitzgerald’s actively advertise for more properties as with our record number of sales, we need to replenish our “stock”. If you are serious in selling your property Fitzgerald’s is your next stop. The interest in Cyprus properties is there provided a) properties for sale represent good value for money, location is favourable and there is ‘wow’ factor to grab your attention.

In a strange twist of fate, the falling value of sterling has worked well for the UK home buyer in many instances. We have sellers who wish to repatriate sale proceeds to the UK and have reduced their prices accordingly to secure a quick sale. The seller is satisfied because he still receives a substantial amount vis-a-vis sterling and the buyer is happy because they don’t suffer any losses due to poor exchange rates and they get a property at a substantially lower price. It is a win-win situation for both buyer and seller!

Cyprus just found out that they are really not that immune from the world’s economic woes: the steady trickle of troublesome news that is affecting the island. Mercifully, there have been no major financial or banking scandals as the sector was eons behind the innovations seen on the international financial scene. The global financial crisis however has impacted the property market with developers reeling at the declining sales.

Anyone who’s been to Cyprus two years running in the last 10 years would have been amazed at the growth of new properties in almost every corner of Cyprus. Paphos seemed to have spearheaded the property construction ‘gold rush’ with new developers entering the market at record speed, keen to cash in on record profits. Much of problem of declining sales is attributed to the wider international conditions however, the general consensus is that developers property prices have been inflated and the present crisis will bring about a long overdue price correction. What the experts say:

• Demand for developer properties has fallen by an estimated 90%
• It will take the whole of 2010 to clear the unsold properties
• The holiday-retirement property market will not recover till 2010
• No major new project will be commenced in 2009
• Properties bought from the developers in the last 5-6 years have been the ones most likely affected by overpricing

Don’t despair if you are looking to buy a property in Cyprus. The re-sale market is some 30% (or more) cheaper and reflects far more accurately the conditions in the local property market. Add the extra incentive brought about by weak sterling and you have a good reason to smile! Coming from overseas, whether it is the UK, Russia, Scandinavia or anywhere else, you are able to participate in this huge opportunity to buy at very low prices.

Buying property in your home town can be stressful but buying overseas is even more difficult. If you are looking at Cyprus property, and especially Paphos property, this is where we can help you to ensure that Y O U R property buying is Easy, Fun and Rewarding.

EASY = You will be shown a range of properties without any obligation (expressed or implied) to buy. This decision is yours alone. After 16 years in the local property market we know the market intimately. We’ll help you with all legal and banking side of purchasing property and we liaise with all the parties involved to ensure everything runs smoothly so you rest easy and have peace of mind.

FUN = Buying resale property is fun. You can see it and you can show it to your friends. It is not an idea that you are buying, but real brick and mortar. You’ll have so much more fun to plan your life in your new home. No speculation, no worries, your investment is safe and secure. Now you can enjoy the rest of your stay and relax.

REWARDING = With many thousand of pounds/Euro’s/dollars, etc at stake it is imperative to invest wisely. We are here to ensure you know exactly what represents good value in the market place. Forget the advertising hype that you may hear. At the moment prices in the re-sale property market trail well below the developer new-builds. Investing in second hand property with Fitzgerald’s means you get the most value for your money.