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.