Property in Cyprus, what now?!
Discussion
So we have a rather large villa in Paphos.
Small euro mortgage left on it with one of the bankrupt banks, only 3 years left to run.
What does PH think the best course of action would be for us right now......?
Sell up, because of an impending property crash? We would take a 25% hit on what it was worth last year.
Wait for hyper inflation to cancel out the debt?
Assume property prices are going to stay stable (everyone is taking money out and wanting to put it into bricks and mortar). This is what happened when the Cypriot stock exchange collapsed.
None of the above?
Small euro mortgage left on it with one of the bankrupt banks, only 3 years left to run.
What does PH think the best course of action would be for us right now......?
Sell up, because of an impending property crash? We would take a 25% hit on what it was worth last year.
Wait for hyper inflation to cancel out the debt?
Assume property prices are going to stay stable (everyone is taking money out and wanting to put it into bricks and mortar). This is what happened when the Cypriot stock exchange collapsed.
None of the above?
Probably the best way to get some return out of it without selling it is to turn it in to holiday let. Don't know about Cyprus but there are usually management companies in most countries who will manage the whole thing for you. Can't see that the tourist industry is going to suffer much past a couple of months if at all unless the situation changes radically.
Eric Mc said:
When did you buy it?
Has it increased in value since you purchased it?
Is it likely that the sale price will be less than what you bought it for?
Will you be able to sell it?
Why did you buy a property that was too big?
Its a self build, to get out now would probably be break even. Has it increased in value since you purchased it?
Is it likely that the sale price will be less than what you bought it for?
Will you be able to sell it?
Why did you buy a property that was too big?
Yes we have had offers on it, but as said about 20% less than what we'd hoped for.
Too big, because the plot was a very good size, and the cost difference in building a big villa v smaller one was very small. Its also in one of the best neighbourhoods in Paphos. We were told it would be a nightmare to sell a small house in that area. Neighbouring houses are pretty spectacular.
plasticpig said:
Probably the best way to get some return out of it without selling it is to turn it in to holiday let. Don't know about Cyprus but there are usually management companies in most countries who will manage the whole thing for you. Can't see that the tourist industry is going to suffer much past a couple of months if at all unless the situation changes radically.
Not an option as we need to finish the outside. Swimming pool and gardens are building site. Inside is 95% finished.We dont have the cash to finish it right now.
frank hovis said:
I am in a similar situation with a apartment in pafos
We have 8 months to run on the mortgage so slightly better but we are planning to sit tight
I think it would be more that 25% reduction if you want to get shot of quickly
hey Frank, We have 8 months to run on the mortgage so slightly better but we are planning to sit tight
I think it would be more that 25% reduction if you want to get shot of quickly
Just to let you know, that the cheaper property is going to be really sought after. Many Cypriot/Russians have taken out less than 200k, and they are starting to see many apartments getting snapped up in the last couple of weeks.
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