Investors pick up Cypriot property with as much as 30 per cent discounts
Bargain prices in Cyprus combined with its huge discounts make it a tempting proposition for overseas investors and the property market in Cyprus may be picking up again, according to one property expert.
Overseas Property Professional (OPP) has reported that Purple International saw a sharp rise in sales in the second half of last year in response to huge discounts designed to tempt buyers back to the market. OPP also drew attention to a shift into the type of lifestyle purchasers and people relocating to warmer climates increasingly replaced the typical investors. Some buyers were able to pick up property with discounts of as much as 30 per cent.
Angelos Koutsoudes, managing director and partner at Purple International, told OPP “The first half of 2009 was dire but the second half was brilliant. Because of the volume we sell and … connections with developers, we are able to negotiate big discounts.”
In related news, Graham Norwood draws attention to the cheap prices developers and estate agents are offering to tempt UK buyers back to its market. Property prices have wintered a negative pricing adjustment as the country was hit by the global effects of the credit crunch meaning it is now cheaper to buy property on the island, according to Dailymail reports.
Justin Stayles of PropCyprus told the paper said: “Prices are just about stabilizing after a long period of freefall. If you’re going to buy at the bottom of the market, get in quickly.”
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