State housing scheme

The Cypriot government has reinforced its committment to the state housing loan plan, which gives grants and low interest mortgages. These can be viewed at either the New Home Cyprus site or on the sister site at Marecon Estates Ltd

Budget end of the market with Deeds

Whilst many people are concentrating on the luxury end of the market with many properties over €1,000,000 still moving, we are taking enquiries for properties at the budget end of the market.

We are seeing people who previously would only have rented a home now finding many properties are becoming more affordable. We have a great 2 bedroom apartment just off the Universal area near Agapinoros for only €98,000 with the full Title Deeds. This may have seemed absurd 2 years ago in a different market place, but we have to respond to the prevailing conditions.

Many of the agents I speak to say these are the prices that the properties were being offered for 12-15 years ago!! So times are changing.

More recently we are also seeing some recently purchased properties (within the last 3 years) being offered at prices well below that paid by the buyer.

Keep your eyes peeled for my market predictions next week.

Mortgages and Banking facilities

With the economy currently in uncharted territory and the banking industry unsure of which direction to take, and being offered incentives from governments and the EU alike, most of the banks in Cyprus have come through unscathed. Yes one or two needed an amount of restructure and a little foreign investment but all businesses now adopt a global view.

We will be in discussion with the Bank of Cyprus later today to secure mortgage funding on the villas in Stroumbi for potential buyers from wthin and outwith the country. We have temporarily reduced the prices on these to offer extra incentives for purchasers in these difficult times.

The branding of New Home Cyprus which is our general resale and direct sale company is continuing to seek properties that have Title Deeds, so if you see any, give us a call.

I will update on the result of the discussions with the bank as soon as we have a bespoke plan to publish.

So far this week we have been doing a fair amount of legwork and visiting several of our counterparts in the agency field. This has resulted in an extraordinary amount of coffee being consumed and a general frappe shortage in Paphos.

In buying a property in Cyprus we recommend that buyers use their own solicitors, the often solicitors are recommended by word of mouth and there is also the British High Commission in Nicosia where a buyer can contact a solicitor without connection to the agents and sellers and with a good reputation. However remember a solicitor is there to carry out your instructions so dont cut any corners with your specific performances or searches.

We have added some more very desirable properties this week including Land in Theletra

and some properties in Limassol

We are still looking for quality properties which have title deeds and for sale at an attractive price. If you know of anyone selling let us know.

Listing week

It seems that for much of tis week we have been listing properties throughout the Paphos region, many of which have title deeds and are mortgage free.

Whenever buying a property in Paphos or any part of Cyprus it is important that Title Deeds are obtained where ever possible, or if not available then the solicitor has taken every precaution to protect your interests.

We have just taken in a wonderful 4 bedroom villa in Tala on the outskirts of Paphos on a hillside with unobstructed views across the sea and up to the mountains. It really is a magnificent property and has full title deeds. This compliments the other property in Stephanie Village Tala with 3 bedrooms and private pool which has just been reduced from €479,000 to €425,000.

On the other side of Paphos at Geroskipou, we have just taken in a delightful maisonette of 3 bedrooms on 2 floors with unobstructed views and Title deeds.

The Marecon Estates project at Stroumbi is progressing well and the houses are now all looking like homes and not just shells, we apologise to the residents for the dust created during works, but that is unavoidable!!

Remember whenever considering buying in Cyprus to look us up first.

Our rentals section is once again filling up fast and thankfully our relationship with many other agents is sufficiently good that we can entrust them with many of our enquiries.