Full Version: How To Sell My Cypriot Villa
I have a detached Villa in a fantastic location in Southern Cyprus that has been on the resale market for 18 months. Anyone with any unique ideas on how to sell it??
Yeah, here's a unique idea.....lower the price!!
QUOTE (OLDFTB @ Mar 2 2008, 07:00 PM) 
Yeah, here's a unique idea.....lower the price!!
Hardly Unique is it?
If you are unable to help then don't bother posting.
Hardly Unique is it?
If you are unable to help then don't bother posting.
The price is only £7,500.00 as it is.
rantblog,
I assume there are some figures missing from your price !.
The resale market in the ROC is very flat. In fact, according to contacts I have there it is virtually non-existent; one ageny alone has more than 20,000 properties on its' books. Also, agencies concentrate on new build because of higher commission. There is a glut of new properties, as well, not helped by the banks recently limiting their mortgage offerings to 60% of value,
Vendors targetting the UK market need to take cogniscence of the economic situation. I'm buying in Cyprus, but the fall in the UK stockmarket and the decline of the pound versus the euro, means my buying power has declined by 20% since last summer and I know of several potential purchasers who have put things on hold because of the change in their circumstances.
I've noticed a steady number of sellers taking box ads in the Sunday Times, but at £300 a time this soon adds up.
You don't say what marketing you have done so far, but I have seen some vendors recommending Fitzgerald's (based in Paphos); equally, I've seen negative comments. One low cost option would be to advertise on: www.cyprusliving.org
There is a company on there who will take photos/make a virtual tour video for a reasonable price which will help promote your property.
How much effort you put in to advertising and how much you want to spend is of course,dependent on your circumstances, but if you 'have' to sell, the price needs to be set accordingly.
Good luck.
I assume there are some figures missing from your price !.
The resale market in the ROC is very flat. In fact, according to contacts I have there it is virtually non-existent; one ageny alone has more than 20,000 properties on its' books. Also, agencies concentrate on new build because of higher commission. There is a glut of new properties, as well, not helped by the banks recently limiting their mortgage offerings to 60% of value,
Vendors targetting the UK market need to take cogniscence of the economic situation. I'm buying in Cyprus, but the fall in the UK stockmarket and the decline of the pound versus the euro, means my buying power has declined by 20% since last summer and I know of several potential purchasers who have put things on hold because of the change in their circumstances.
I've noticed a steady number of sellers taking box ads in the Sunday Times, but at £300 a time this soon adds up.
You don't say what marketing you have done so far, but I have seen some vendors recommending Fitzgerald's (based in Paphos); equally, I've seen negative comments. One low cost option would be to advertise on: www.cyprusliving.org
There is a company on there who will take photos/make a virtual tour video for a reasonable price which will help promote your property.
How much effort you put in to advertising and how much you want to spend is of course,dependent on your circumstances, but if you 'have' to sell, the price needs to be set accordingly.
Good luck.
QUOTE (Radio @ Mar 3 2008, 03:29 PM)
rantblog,
I assume there are some figures missing from your price !.
The resale market in the ROC is very flat. In fact, according to contacts I have there it is virtually non-existent; one ageny alone has more than 20,000 properties on its' books. Also, agencies concentrate on new build because of higher commission. There is a glut of new properties, as well, not helped by the banks recently limiting their mortgage offerings to 60% of value,
Vendors targetting the UK market need to take cogniscence of the economic situation. I'm buying in Cyprus, but the fall in the UK stockmarket and the decline of the pound versus the euro, means my buying power has declined by 20% since last summer and I know of several potential purchasers who have put things on hold because of the change in their circumstances.
I've noticed a steady number of sellers taking box ads in the Sunday Times, but at £300 a time this soon adds up.
You don't say what marketing you have done so far, but I have seen some vendors recommending Fitzgerald's (based in Paphos); equally, I've seen negative comments. One low cost option would be to advertise on: www.cyprusliving.org
There is a company on there who will take photos/make a virtual tour video for a reasonable price which will help promote your property.
How much effort you put in to advertising and how much you want to spend is of course,dependent on your circumstances, but if you 'have' to sell, the price needs to be set accordingly.
Good luck.
I assume there are some figures missing from your price !.
The resale market in the ROC is very flat. In fact, according to contacts I have there it is virtually non-existent; one ageny alone has more than 20,000 properties on its' books. Also, agencies concentrate on new build because of higher commission. There is a glut of new properties, as well, not helped by the banks recently limiting their mortgage offerings to 60% of value,
Vendors targetting the UK market need to take cogniscence of the economic situation. I'm buying in Cyprus, but the fall in the UK stockmarket and the decline of the pound versus the euro, means my buying power has declined by 20% since last summer and I know of several potential purchasers who have put things on hold because of the change in their circumstances.
I've noticed a steady number of sellers taking box ads in the Sunday Times, but at £300 a time this soon adds up.
You don't say what marketing you have done so far, but I have seen some vendors recommending Fitzgerald's (based in Paphos); equally, I've seen negative comments. One low cost option would be to advertise on: www.cyprusliving.org
There is a company on there who will take photos/make a virtual tour video for a reasonable price which will help promote your property.
How much effort you put in to advertising and how much you want to spend is of course,dependent on your circumstances, but if you 'have' to sell, the price needs to be set accordingly.
Good luck.
Radio,
Thanks for your message.
I'm certainly aware of the UK economic situation and even more tuned in to the Cypriot resale market which as you say is just about on it's knees. The agents of course will tell you otherwise.
You mentioned Fitzgerald agents who I would advise not to use under any circumstances. I am currently listed with more than 50 agents & internet sites here in Cyprus , the UK and Holland. I have also been on the Cyprusliving web site with a virtual tour.
What I am seeking are other ideas that might be accesible to me as a private seller that would avoid the agents.
I have already spent a considerable amount on advertising and am reluctant to spend too much more in this economic downturn. The price of my house is pitched about right I think (not the one quoted!) and I have reduced the price 3 times since the initial marketing.
I see you are planning a property purchase and I would like to talk more if you are able to pm me.
rb,
You seem to have all the bases covered. The only other outlet I've seen suggested is Dalton's Weekly. Instead of putting a price on it in your ads, why not just invite offers ?. If you've had no interest in 18 months at least this might tempt potential buyers. (Do you have a link to your virtual tour ?. I'm just being nosey).
I've bought a plot and am planning to build, but the current economic situation means I may have to drag my heels.
You seem to have all the bases covered. The only other outlet I've seen suggested is Dalton's Weekly. Instead of putting a price on it in your ads, why not just invite offers ?. If you've had no interest in 18 months at least this might tempt potential buyers. (Do you have a link to your virtual tour ?. I'm just being nosey).
I've bought a plot and am planning to build, but the current economic situation means I may have to drag my heels.
QUOTE (rantblog @ Mar 2 2008, 05:41 PM)
I have a detached Villa in a fantastic location in Southern Cyprus that has been on the resale market for 18 months. Anyone with any unique ideas on how to sell it??
Not unique way - but an auction will offload your villa. You mght not like the price but at least it will be sold. A recent auction of Portugese villas and bungalows ( Without Reserve ) meant that at least the vendor was able to convert to cash.
See this thread:
Completed auction of 6 Portugese properties
Regards
M21er
QUOTE (Radio @ Mar 4 2008, 02:31 PM)
rb,
You seem to have all the bases covered. The only other outlet I've seen suggested is Dalton's Weekly. Instead of putting a price on it in your ads, why not just invite offers ?. If you've had no interest in 18 months at least this might tempt potential buyers. (Do you have a link to your virtual tour ?. I'm just being nosey).
I've bought a plot and am planning to build, but the current economic situation means I may have to drag my heels.
You seem to have all the bases covered. The only other outlet I've seen suggested is Dalton's Weekly. Instead of putting a price on it in your ads, why not just invite offers ?. If you've had no interest in 18 months at least this might tempt potential buyers. (Do you have a link to your virtual tour ?. I'm just being nosey).
I've bought a plot and am planning to build, but the current economic situation means I may have to drag my heels.
Radio,
I have been thinking of Daltons but put off a bit by the price again to advertise. I'll look again thanks.
I really would like to chat about Cyprus but by pm. Thanks for your suggestions.
My vitual tour link is.......
http://www.paphosvirtualtours.com/almondtreecottage.html
The price quoted on the tour is not now correct.
QUOTE (M21er @ Mar 4 2008, 03:23 PM)
Not unique way - but an auction will offload your villa. You mght not like the price but at least it will be sold. A recent auction of Portugese villas and bungalows ( Without Reserve ) meant that at least the vendor was able to convert to cash.
See this thread:
Completed auction of 6 Portugese properties
Regards
M21er
See this thread:
Completed auction of 6 Portugese properties
Regards
M21er
M21er,
Thanks for that suggestion. There are property auctions in Cyprus and the last one I looked into was about 4 months ago and I believe nothing sold. This to me, is very Indicative of the market here which I think is far worse than Portugal.
I would be terrified to sell without reserve! My god, you are putting your life savings in the hands of an auctioneer who may well have some scam going on with the purchaser.
To do this in Cyprus with all it's property corruption scandals etc. would be suicidal.
I welcome your comments. Thanks.
The most recent auction (September, I think) held simultaneously in Paphos & London, (featuring a fair few new builds, interestingly) listed 34 properties: 3 sold prior to auction, 4 on the day & 1 post auction; 3 did not get a single offer.
rantblog, I'll try & p.m. you
rantblog, I'll try & p.m. you
For whatever reason the board won't let me send you a message.
QUOTE (Radio @ Mar 4 2008, 08:52 PM)
For whatever reason the board won't let me send you a message.
Hi Radio
I think this is something to do with being in the New Members category - See this thread for what to do:
New Members Thread
M21er
QUOTE (Radio @ Mar 4 2008, 07:55 PM)
The most recent auction (September, I think) held simultaneously in Paphos & London, (featuring a fair few new builds, interestingly) listed 34 properties: 3 sold prior to auction, 4 on the day & 1 post auction; 3 did not get a single offer.
rantblog, I'll try & p.m. you
rantblog, I'll try & p.m. you
Hi Radio,
Do you know how those compared with earlier prices? Anything equiv to www.ourproperty.co.uk or www.houseprices.co.uk over there?
Or do you just need to know the new build developments' original marketing details?
Do you have a link to the combined auctions for future reference?
Thanks
M21er
M21er,
Thank you for the info on the upgrade.
The auction actually took place last November, and was a joint effort between Stretton's in London and Antonis Loizou in Cyprus. It wasn't widely publicised and I came across it by accident here:
www.propertymall.com/events/auction
Unfortunately, there is nothing like nethouseprices or the other sites in Cyprus. It can be years before people get title deeds, so land registry figures are meaningless. As for the new stuff, as you guessed, you'd need to know the developers original offer details. For resales you really need to do a lot of research on the net, in the local press (Cyprus Mail) and, realistically, on the ground to compare asking prices (a far cry from actual sales prices).
Some people refer to the BuySell index. BuySell are a commercial organisation with a large data base of listings, and their figures are based on asking prices, not actual sales, apparently. They are not licensed estate agents, but get round the law by saying they are not agents but advertisers !. The number of licensed agents in the ROC is outnumbered 3:1 by the illegal ones, but it seems now the government has to abide by EU regulations steps are being taken to enforce the law.
A more accurate reflection of the market is offered by Antonis Loizou:
www.aloizou.com.cy/
Unfortunately, the downloadable report is in Greek.
Hope this helps.
Thank you for the info on the upgrade.
The auction actually took place last November, and was a joint effort between Stretton's in London and Antonis Loizou in Cyprus. It wasn't widely publicised and I came across it by accident here:
www.propertymall.com/events/auction
Unfortunately, there is nothing like nethouseprices or the other sites in Cyprus. It can be years before people get title deeds, so land registry figures are meaningless. As for the new stuff, as you guessed, you'd need to know the developers original offer details. For resales you really need to do a lot of research on the net, in the local press (Cyprus Mail) and, realistically, on the ground to compare asking prices (a far cry from actual sales prices).
Some people refer to the BuySell index. BuySell are a commercial organisation with a large data base of listings, and their figures are based on asking prices, not actual sales, apparently. They are not licensed estate agents, but get round the law by saying they are not agents but advertisers !. The number of licensed agents in the ROC is outnumbered 3:1 by the illegal ones, but it seems now the government has to abide by EU regulations steps are being taken to enforce the law.
A more accurate reflection of the market is offered by Antonis Loizou:
www.aloizou.com.cy/
Unfortunately, the downloadable report is in Greek.
Hope this helps.
QUOTE (Radio @ Mar 5 2008, 11:12 AM)
M21er,
Thank you for the info on the upgrade.
The auction actually took place last November, and was a joint effort between Stretton's in London and Antonis Loizou in Cyprus. It wasn't widely publicised and I came across it by accident here:
www.propertymall.com/events/auction
Unfortunately, there is nothing like nethouseprices or the other sites in Cyprus. It can be years before people get title deeds, so land registry figures are meaningless. As for the new stuff, as you guessed, you'd need to know the developers original offer details. For resales you really need to do a lot of research on the net, in the local press (Cyprus Mail) and, realistically, on the ground to compare asking prices (a far cry from actual sales prices).
Some people refer to the BuySell index. BuySell are a commercial organisation with a large data base of listings, and their figures are based on asking prices, not actual sales, apparently. They are not licensed estate agents, but get round the law by saying they are not agents but advertisers !. The number of licensed agents in the ROC is outnumbered 3:1 by the illegal ones, but it seems now the government has to abide by EU regulations steps are being taken to enforce the law.
A more accurate reflection of the market is offered by Antonis Loizou:
www.aloizou.com.cy/
Unfortunately, the downloadable report is in Greek.
Hope this helps.
Thank you for the info on the upgrade.
The auction actually took place last November, and was a joint effort between Stretton's in London and Antonis Loizou in Cyprus. It wasn't widely publicised and I came across it by accident here:
www.propertymall.com/events/auction
Unfortunately, there is nothing like nethouseprices or the other sites in Cyprus. It can be years before people get title deeds, so land registry figures are meaningless. As for the new stuff, as you guessed, you'd need to know the developers original offer details. For resales you really need to do a lot of research on the net, in the local press (Cyprus Mail) and, realistically, on the ground to compare asking prices (a far cry from actual sales prices).
Some people refer to the BuySell index. BuySell are a commercial organisation with a large data base of listings, and their figures are based on asking prices, not actual sales, apparently. They are not licensed estate agents, but get round the law by saying they are not agents but advertisers !. The number of licensed agents in the ROC is outnumbered 3:1 by the illegal ones, but it seems now the government has to abide by EU regulations steps are being taken to enforce the law.
A more accurate reflection of the market is offered by Antonis Loizou:
www.aloizou.com.cy/
Unfortunately, the downloadable report is in Greek.
Hope this helps.
Radio,
I have applied for an upgrade so I can send you a pm. Part of the above is waht I want to talk to about. Ie title deeds.
QUOTE (Radio @ Mar 5 2008, 01:12 PM)
M21er,
Thank you for the info on the upgrade.
The auction actually took place last November, and was a joint effort between Stretton's in London and Antonis Loizou in Cyprus. It wasn't widely publicised and I came across it by accident here:
www.propertymall.com/events/auction
....
Hope this helps.
Thank you for the info on the upgrade.
The auction actually took place last November, and was a joint effort between Stretton's in London and Antonis Loizou in Cyprus. It wasn't widely publicised and I came across it by accident here:
www.propertymall.com/events/auction
....
Hope this helps.
Radio
Thanks for the link - I'll keep an eye out for any future auctions.
M21er
The RICS survey of the European market stated that Cyprus is building the most property per 1000 of population in the whole EU. Looks like a massive oversupply is being created. It also said a lot of russian buyers enter the market. Maybe a good idea to target your property to this market.
I have property in Cyprus and can assure you it's a bubble waiting to burst - well, it's bursting now, actually.
You're catching a falling knife, I'm afraid. Cut the price -and your losses - now!
You're catching a falling knife, I'm afraid. Cut the price -and your losses - now!
rantblog, I thought I'd been upgraded but the system still won't let me pm you. As I recall you posted your property details on CL as a guest. If you register on there I'll be able to pm you.
QUOTE (Radio @ Mar 11 2008, 04:03 PM)
rantblog, I thought I'd been upgraded but the system still won't let me pm you. As I recall you posted your property details on CL as a guest. If you register on there I'll be able to pm you.
Radio,
I too thought that I'd been upgraded!
Never mind...please make contact at pip@holitec.eu
It may be a couple of days before I am able to get back to you.
Regards
QUOTE (rantblog @ Mar 12 2008, 03:50 PM)
Radio,
I too thought that I'd been upgraded!
Never mind...please make contact at xxx@yyyyyyy.eu
It may be a couple of days before I am able to get back to you.
Regards
I too thought that I'd been upgraded!
Never mind...please make contact at xxx@yyyyyyy.eu
It may be a couple of days before I am able to get back to you.
Regards
Hi Rantblog,
Perhaps think about editing your post to remove your e mail address from the forum once you've received Radio's e mail
Regards
M21er
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.