State of Cyprus property market

[jeba]

As I´m considering to relocate to Cyprus I started searching property prices. I came across offers that seem to be too good to be true (or sincere). E. g. a 1-bedroom apartement in Peyia, built in 2008, 35 sqm, communal pool, sea view, covered parking, never been used for half the initial asking price of €50000.- (i. e. for € 25000 only). Does this reflect the state of the current property market after the crisis or should I better consider this some sort of scam?

[BigDutch#2]

Many would say that the market is saturated, unfortuanate for those looking to sell, potentially lucky for those look to buy. Buyers market etc

[lion]

Depends whether you want to live in Peyia!!!!!!!!!

[Nigel-Howarth]

Hi jeba

The advert may be genuine, I suggest you check it out. However, I would say that at a mere 35 sqm it would be totally unsuitable for permanent living (it's the same size as my main bedroom). It sounds like a holiday home.

As jeba said if it has Title Deeds it appears to be very well priced.

You also need to check the communal charges.

Regards,

[fiona.rob]

i know the apartments you are talking about. they are worth about 25k xx

[el tel]

There is an apartment block near us which has those kind of prices. It is three blocks of 1 bedroom apartments and I would say it is 60% unoccupied and is 9 years old. The problem to watch out for is the maintenance , when you have only 40% occupancy are the maintenance costs been covered ? If you are considering an apartment similar to this check if there is a residents committee in place and also ask to see the maintenance costs.

Terry