The Cyprus economy came under the spotlight again this month as the Troika (European Central Bank, European Union and International Monetary Fund) reached the final stages of helping the island with bailout funds. The general projected figure in circulation is that a €17 billion rescue package will be required. €9.5 billion will be required for rescuing the banks, €6 billion for maturing state debt, and €1.5 billion for public finances.

The local general consensus is that the banks are also responsible for the current economic problems in Cyprus, through excessive lending to property development in Cyprus and secondly, to the banks’ reckless exposure to Greek bonds.

There is also a focus on bank practices in promoting risky foreign currency loans which landed hundreds (if not thousands) of property owners bearing up under ballooning debt, largely due to loans issued in Swiss Franks.

The spotlight on the Cyprus economy is long overdue, according to general sentiment. It is believed that the imposed checks and balances by the Troika, although unpalatable, will bring many positive changes to financial practices in Cyprus.

Whatever problems we might have here on the island, visitors still see Cyprus as an attractive, sunny, welcoming place for holidays and as a desirable place to live. The Troika has also focused on the fact that many properties in Cyprus do not have Title Deeds and that this, in their words, is a serious “impediment to concluding transactions in the housing market”.

At Fitzgerald’s the perennial Title Deeds problem does not exist! We have long recognised that the lack of Title Deeds poses a risk for the buyer, and have chosen to focus on selling properties with Title Deeds. The buyer, on full payment for the property, walks away with the Title Deeds in his hands.

In November we achieved 8 sales and have doubled the number of enquiries for properties. Our motto ‘Quality Properties, Realistic Prices and Title Deeds’, means buyers can choose with confidence from a quality selection of lovely properties at appropriate open market values.

Of course it all starts with clients wishing to sell. Attuned to market dynamics, the open market value has to be well judged. With the growing number of owners entrusting us to sell their properties, the results speak for themselves.

However, this is not to say that demand is buoyant. The demand for Cyprus property is there, but only the continual advertising and promotion of properties internationally is what brings in good results.

It is a hard won distinction for a Fitzgerald’s but delivering superior customer service for buyer and the seller is what makes it all worthwhile.

We offer:

• Legal referral
• Banking/loan assistance
• Interior Design/furniture
• Professional Tradesmen
• Catering Service
• Furniture Removal

With our Real Estate Licence No 637 and the world economic situation getting slowly better we look forward to expand our range of properties and look forward to serving more customers.

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.