Simple question yet very difficult to answer. It could be argued it is all a matter of perspective and let the premise ‘if someone is prepared to pay the price’ than that’s the assigned ‘value’.

You can buy equally adequate pair of jeans for 20 quid yet many are happy to pay 200+++ I believe no one should tell you how to spend your money. After all, it is yours to spend how, where and on what you like. Getting back to property though, buying property in Cyprus comes with a ‘twist’.

On one hand reported statistics show that the property prices (and hence ‘values’) have been steadily rising up to 20% per year, year on year and if you are of the ‘old’ school, you would be more inclined to believe that source than any other.

In Cyprus, buying property comes with a ’twist’ . Firstly, re-sale properties are not factored into the figures and secondly, the developer listing prices are only taken into account. Given that most agents sell for developers and most of them would work on a huge 8-15% commissions it is not so much the ‘value’ that is reflected in the statistics but a market distortion on a massive scale.

Cyprus property market Simple truths

• Property values have not soared at a rate of 20% per year (some people may want you to believe it though)
• Re-sale properties are much cheaper
• The rental returns have been inflated to sell the ‘overpriced’ property in the first instance
• There are many sellers out there who have been caught out and can’t even get back their initial investment (and that goes for buying from ‘reputable’ leading developers)
• Don’t despair - You are lucky! If you are thinking about venturing into buying Cyprus property your first stop is Fitzgerald’s. Buying property is an exciting time in your life and we are here to help.

A tremendous insight into local practices is aptly illustrated on leading Cyprus forum, Cyprus Living

A good eye opener is Nigel Howarth’s section dealing with all things related to property & property buying.

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 recently. 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.

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.

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. You can rest easy and have total 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. 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.

Our reasons why we chose to specialise in the re-sale market are many, but in a nutshell

• “RE-SALES MAKE BUYING PROPERTY EASY

• RE-SALES ARE SECURE, AND IN TODAY’S MARKET

• RE-SALES OFFER MUCH BETTER VALUE FOR MONEY”

The beauty of re-sale is that it comes complete as a package: you can see it, you can touch it, you can sit in it, you can take pictures. You know how it makes you feel and it only takes a second to see how you feel about living there!

No guesses, no speculation, no waiting, and no worries - ‘is it going to be ready on time?’ In the majority of cases it comes as a package with all the kitchen appliances, light fittings and air conditioning. The windows are dressed, the garden landscaped and the swimming pool beckons at no extra cost! Sometimes you might be lucky and find the right furniture is also included, so all you need to start enjoying your investment is to bring your suitcase!

Many a Cyprus developer has a marketing presence in foreign markets and Cyprus developers ‘travelling’ marketing shows are legendary and have been phenomenally successful, I may add! Almost everyone ever interested in property in Cyprus attends at least one! A myth has been created that buying from developers is the only viable choice for people looking at investing in Cyprus property.

The very success of developer activity in the last 10 years has substantially contributed to the emergence of the property re-sale market. Anyone familiar with the Cyprus property market would know that the re-sale market, to a large degree, is in its infancy but as easy as it was to buy, it is very difficult to sell, as many people are still totally unaware that there is an alternative - an alternative that, in fact, saves them thousands of pounds - and they can enjoy it NOW!

Times are changing though; the article in the Cyprus Mail, as far back as October 9 2005, endeavoured to analyse the factors influencing the local property market. To answer a fundamental question: ‘Is the Cyprus property market a bubble?” It concluded that as a result of all the analysed factors ...... “This will result in the increased demand for secondhand accommodation, which is now priced at a level of 30 per cent lower than its new counterparts”.

In the end it is up to you! All you need to know is that re-sales are a real option and in the present market conditions offer much better value for your money!

Golden Five Stars with Fitzgerald’s

• Safe & Secure Investments & Much Cheaper
• No VAT charge to pay
• Fully equipped and often fully furnished
• You can move in NOW
• Easy, Fun and Rewarding way to buy property

You must get your head around this: In Cyprus RE-SALES are MUCH BETTER VALUE and ARE MUCH SAFER, no matter what you have been told back home!

So, how does this work? Well, the Cyprus conveyance system works similarly to the system in England, more accurately – Scotland.

You find a website” www.fitzgeraldcyprus.com , see an advert in a paper or a magazine, visit Fitzgeralds whilst you’re in Cyprus and decide that you’d like to make a few enquiries. We’ll ask you to come into our office in Kato Paphos, (opposite the Wishing Tree on Apostolous Pavlou Avenue – the road to the harbour) and we’ll have a chat, when you can tell us what you’re looking for and we can then give you a few options that we’ll take you to see. Everything is very “laid back”, no pressure and you must never feel obliged to buy something. OK, we’re not in this business for fun and we want to make money, but we want you to recommend us to your friends.

The properties that we take you to are already built and are pre–owned, so what you see is what you get. We cannot give 100% guarantee that other building work will not affect you, but we can give you an honest idea of what’s happening in the surrounding area.

A lot of our properties are already furnished. It may not be to your style, but as time goes on, you can gradually change the furniture to your own liking, or maybe you’ll be happy as it is.

The problems of the first year or so have already been ironed out. Your water and electric are connected, the snagging list has been completed, (hopefully), the property is ready to move into.

There are various ways to deal with the financial side of things. You can pay for the property outright, or you can take a loan from a bank here in Cyprus, or a mortgage from the UK. You will need to put down a deposit and from then on, the contract is binding. If you pull out, you normally lose your money. However, there are always exceptions. Once everything has been set up, it can take from as little as 2 weeks for you to take ownership of your property.