Fitzgerald Estates finished 2010 on a positive note with a 15% increase in sales over 2009. Hard to believe but it is true! However, it must be stressed, the success of 2010 has not been marked by the overall upsurge in demand but rather a change in buyer behaviour with regards to buying property in Cyprus. The Title Deeds are a crucial element in the buying decision nowadays and 90% of Fitzgerald’s properties have Title Deeds and the rest have no ambiguities and a very ‘clear path’ to obtaining them.

Daryl Fitzgerald says, “Buyers are savvy, knowledgeable and demanding. They want the Title Deeds. They pay great attention to the quality of information given, they want professional personal service that includes close attention to their requirements, and they want it all NOW!” Most buyers have cash and they come from everywhere - Britain, Russia, Asia, Cyprus, continental Europe and even Australia to buy from Fitzgerald’s and many of them have followed the company’s website on-line for a number of years.

Fitzgerald Estates business strategy is to market properties that reflect local market prices and this commitment will be continued. “The demand for quality property at realistic market prices is already evident now,” says Daryl. The website shows a substantial increase in visits, pages read, specific property questions asked and actual appointments made.

The investment in marketing, promotion and advertising is on-going too. The prevailing ‘buyer’s market’ conditions in Cyprus give the buyer a marked advantage in the marketplace. As the market is crowded with available properties to choose from, the need for the effective and far reaching exposure of the individual property is very important, if not vital.

Fitzgerald’s portfolio holds 70-80 properties only, “This is not a listing service,” says Daryl. “Each and every property we take on is painstakingly researched, firstly, to ensure that all is clear on the legal side, and secondly, that the property has the attributes our buyers are looking for.” With Fitzgerald’s expansive advertising and marketing program - global as well as local - the properties exposure is second to none. We market property on a Sole Agency basis for a limited time, usually 10 months, and we owe it to ‘our’ sellers to market their property successfully. We don’t charge any manner of up-front fees from the sellers, therefore we can only recoup our costs when we achieve the aim and secure a buyer for our client. “The motivation to market effectively and successfully is a powerful one,” says Daryl, “but given the success we are enjoying in the market place, the effort is well appreciated by buyers and sellers alike.”

Current market prices are not expected to continue at these low levels for the foreseeable future. The UK is the largest property investment group in Cyprus’ and when the British market recovers, as it is already doing in the south of England, the property prices in Paphos will increase. Canny buyers are taking advantage of this situation now.

When buying or selling property you inevitably come across many new terms, but the two that have a profound effect on your bank balance are the “BUYERS’” or the “SELLERS’” market”

But what do these terms mean and what are the challenges you face?

The terms refer to the relative numbers of buyers and sellers in the market at any given time. In other words, they sum up the relationship between the supply of houses for sale versus the demand for houses to buy.

If there are LOTS OF HOUSES FOR SALE competing for a SMALL NUMBER OF BUYERS then this is what is described as a ‘BUYERS’ MARKET’.

This means buyers are at an advantage – there are a lot of properties on the market and the buyers have many to choose from and they tend to be fussy. You have a lot more time to look around and you are a lot more confident of negotiating a ‘Bargain’.

In this kind of market, buyers tend to be very selective and pay far more attention to the standards of maintenance, colour schemes or the presentation of property, etc. These factors are often overlooked in a sellers’ market as they race to actually secure a property before the prices rise even higher.

In such times, owners have to work much harder and are often prepared to ‘improve’ the property to be able to present it in the best possible light to attract the attention of the buyer.

Conversely, in a ‘SELLERS’ MARKET’, there are FEWER PROPERTIES FOR SALE and MANY BUYERS competing for them.

As buyers scramble to purchase, the vendors have the advantage of demanding higher prices and are not receptive to ‘bargain’ offers, as they are a lot more confident of a sale. In a “sellers’” market, buyers learn from experience to make up their mind much faster to purchase, otherwise they may miss out on a property by delaying for too long. This is the time when rising prices mean that buyers missing out on one property usually end up paying more for the next.

To buy property in the SELLERS’ MARKET often means that you have to pay much higher prices and will have less value for money. Owners are not inclined to improve the property (if they do, they demand a higher price) and the buyers cannot be too fussy about the standard of decorating or maintenance, for example.