Cyprus property market sees prices slashed due to buyer demand

April 14, 2009 by OPPE News

cyprus homes p4m The Cyprus property market could be about to see a new wave of discounts after agents reported a trend of buyers asking for reductions and deals.

The Cyprus Mail reports BuySell, which advertises homes for sale on the island, had issued a property marketing email saying “thousands” of customers had been asking for bargains and opportunities.

According to the paper this led to BuySell cutting the asking prices of more than 217 homes on the island.

Some of the biggest names in Cypriot property development have already been looking to new markets after a fall in interest from buyers in the UK.

Earlier this month homes developer Cybarco said it was seeing new interest from Russian buyers in some areas of the island.

Quoted by the Cyprus Mail, a BuySell marketing team member said: “Prices had been rising since 2001-2002, so this is an unusual step for us to take.”

The paper adds BuySell said ten of the 217 selected homes are on sale for 50 per cent less than market value.

Other Cyprus homes listings feature a villa in the Amoroza Hills development, Neo Chorio, at £604,156 ($889,832), while luxury five-bedroomed villa property at Peyia Paphos is on sale for £2,251,290 ($3.3 million).