According to BuySell ten of the properties are on sale for 50 per cent less than market value, while 45 properties are going for 40 per cent less and the remainder for 30 per cent less.
“The whole property sector has slowed down. The coastal areas – Paphos, Larnaca and Famagusta – have been particularly badly affected”, BuySell a marketing team member told the Cyprus Mail yesterday. “Prices had been rising since 2001-2002, so this is an unusual step for us to take”, he added.
Some of the ads indicate that the property for sale has not yet been completely built, and only feature the developer’s illustration rather than actual photos. This suggests that these particular sellers either no longer regard their property to be an attractive investment or are in financial difficulties.
The most recent BuySell Home Price Index (BHPI) showed that overall, property prices withstood the global property market recession in 2008, recording a year-on-year increase of 2.8 per cent, compared to a total increase of 19.2 per cent in 2007. One of the main factors in the 2008 figure was the worsening of global economic conditions.
