Paphos People

From the Sunday Mail yesterday:



I was wondering how people perceive property values to have changes over here in recent years? We bought our property off-plan before we moved here, having been charmed by the promises of dramatic increases now they were entering the EU, but 6 years later it's probably not worth much more than the amount we paid for it.

Logically this suggests many people who bought later than us may now be looking at negative equity.

From what I've seen there doesn't appear to be too much rhyme or reason to the prices being asked - I've seen almost identical properties with as much as 40-50,000 difference in asking prices, which makes you wonder what criteria people are using to come to their valuations?

I was told rule of thumb for basic build
was around 1000cyp per Sqm ..

..... STOP PRESS ......

I just spoke to my office neighbour , they are building contractors,
he says yes this is right ,, but not right ...
the same house with the same specs , but with a very nice sea view
will be more of course ..

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REACH 1000`s of PAPHOS CUSTOMERS EVERY DAY FOR A FRACTION OF WHAT THE OTHERS CHARGE
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Whilst the optimist and the pessimist argued that the whisky glass was either half full
or half empty ? .
I drank it .....
The opportunist..

The point is they are ASKING prices. You can ask what you like for a house. It only translates into value if someone is prepared to pay what you ask for it, and how much of it is profit is determined by what you do with the money having sold it.

I would suspect that a house bought for (say) CY£200,000 in 2004 would realistically be worth about 25% more currently - around €430,000.
When you bought that house, you would have paid around GB£240,000. The €430,000 the house is worth today equates to a sterling price of £374,000 - so if you are repatriating, and can find a buyer, you would have made a profit of GB£134,000. The difference is primarily due to the collapse in value of sterling and is why sellers can currently afford to sell for less than the house is 'worth' and still be in profit.

If you are thinking of selling up and moving back to the UK, now would be the time to do so. If you are thinking of moving here and wishing to buy, then wait until the pound picks up or at least be aware of the arithmetic involved.

You have a very valid point Graham , it is only worth
what the buyer is willing to pay ...

_________________
REACH 1000`s of PAPHOS CUSTOMERS EVERY DAY FOR A FRACTION OF WHAT THE OTHERS CHARGE
----------------------------------------------------------------
Whilst the optimist and the pessimist argued that the whisky glass was either half full
or half empty ? .
I drank it .....
The opportunist..