Tuberider

Recent article in one of the property journals:

said it before and i'll say it again no credit tightening, no crash looks like it's still a long way off - maybe freddie harrison is right - 2010 ??

Hi Adam Sorry for my late reply - I was travelling. Youpis Developers have a complex in Limassol behind the seafront Mcdonalds -about 22 detached villas with pools - only 3 sold. They have been on the market for over 18 months with very little interest. Am trying to find a web link to this development but no luck so far. Anyway its easy to find. In the same area is the big Athanasiou complex which i suspect is also undersold- although I have no proof. It just always looks empty. Galaxia Estates also have an unsold complex of apartments and villason the seafront next to Molly Malones - about 10 sold out of 30 I think. Call them up - I know the owner, I spoke to her recently and she was telling me how nothing is selling and how they are experiencing cashflow problems. Might be worth a look. I think we are on the cusp of a crash but nobody I speak to agrees - they think prices will stagnate and maybe even rise further. Maybe I am wrong but I dont think so... we had a massive stock market bubble here in 1999-2000 which burst and took many people under, and this looks like it might go the same way. At the end of the day, you pays your money and you takes your chances the east of the island suffers from chronic seasonality. ayia napa/ protaras/ paralimni are empty during the winter months. better for investment might be Limassol and Paphos as they have activity year-round ...? Have you spent much time in Cyprus at all ?

article here

Depends what you want it for. As an 'investment' I would advise against right now. Lots of empty developments here and more being built. Lots of 'For Rent' and 'for Sale' signs. Rents are falling, a new two-bedroom flat in Limassol, Nicosia or Paphos now rents for around 350 CYP a month. Slightly lower in Larnaka and Protaras/ Ayia Napa area (due to chronic seasonality) Older apartments in range of 250-300 CYP Friend of mine is trying to rent her flat out right now. Its 7 years old in a small family block, 10 minutes walk from the beach and shops, and in bloody good nick - parquet- new kitchen - the lot. However she is struggling to get more than 280 CYP. Property here does not seem to be a good bet right now, I think it will tank but so far things seem stable. God knows why -tourist arrivals for 2006 so far have been the worst in 5 years, and since we joined the EU Cyprus has become VERY expensive. However, if you decide to go ahead, I can direct you toward three empty developments in Limassol which have sat unsold for nearly 18 months. Perhaps they will give you a good deal.

Cyprus pretty much the same. You can even see price differences between newspaper classifieds. I was monitoring some property for sale in The Cyprus Weekly, which is printed in English, and found same advertised cheaper Greek newspapers !!! Anything advertised in English here carries a price surcharge

What does that have to do with anything ? my anecdote was meant to illustrate that prices are falling in this particular area if you doubt it, call around and go and view some of these places

http://www.rightmove.co.uk/viewdetails-108...pa_n=1&tr_t=buy http://www.rightmove.co.uk/viewdetails-112...pa_n=1&tr_t=buy http://www.rightmove.co.uk/viewdetails-457...pa_n=1&tr_t=buy http://www.rightmove.co.uk/viewdetails-579...pa_n=1&tr_t=buy http://www.rightmove.co.uk/viewdetails-620...pa_n=1&tr_t=buy http://www.rightmove.co.uk/viewdetails-733...pa_n=1&tr_t=buy etc etc

aaahhh the naysayers... It's in Enfield, off the Heretford road Close to Hoe Lane It was pretty filthy and needed a fair bit of cosmetic work, but structurally not bad. my old man is a builder and he reckons he could have it sorted out in a jiffy. vendor has it rented out for 900pcm and wants to cut his losses i assume this side of enfield is not bad. working class, lots of chavs, but fairly OK here's another, in a much better area

From my experience nothing moving at all. Parents yesterday viewed a 3-bedroom house with a large extension in North London. Asking price was 220k. After viewing my Dad grumbled about the price to the estate agent, who told him not to worry he would talk to the vendor. The same evening the estate agent called him back with news that the vendor was willing to drop to 195k. They are thinking of offering 190k. I told them to wait another 6 months and offer 160k. If this is not a crash then I don't know what is.

I'm in Cyprus, the market is bloody freezing here - loads of flats going up, nothing selling... There are four blocks of flats going up opposite where I live. One has recently been completed. There are two large 'For Rent' banners in two of the flats, the rest are empty. This leads me to assume that the other three blocks will also sit empty. I think it's the beginning of something nasty.

You miss the point. The breack-neck economic development we are seeing in these countries right now owes a lot to each country's diaspora. the 'asian tiger' boom of the 90's was mostly a chinese diaspora boom - the money was reinvested in china. just like poles are sucking capital out of england and investing it in millions of little ways back home. I have been working with poles for ten years, your arguments are interesting but leave me unconvinced I still maintain that poland will be the next EU tiger, and this is not because I own property there or wish to speculate by buying some - i just think they have huge potential

maybe you cannot see the wood for the trees ? Plus points: hardworking and motivated population people crying out for work level of education is very good poles are adaptable and thrifty excellent rail links, albeit a bit old lots of agricultural potential lots of shipping potential lots of tourism potential good strategic position between germany, the engine of europe and energy giant russia (just gotta get over those stalin-era heebie jeebies and improve relations) conservative society, not yet infected with liberalist nonsense Minus points: alcoholism mind-numbing beaurocracy fricking cold in winter Katowice most of your politicians lack of investement if you can sort out the last two then i think you could be well on your way. I live in cyprus, we suffered three wars in 40 years (colonial, civil and modern technological) we have zero natural resources, inefficient and corrupt politicians, a lingering political problem with the turkish occupation and very bad infrastructure. yet the standard of living here has soared during the last 30 years. even in the mid-eighties cyprus was a desert, today it is an affluent society with very few poor people and lots of very well off ones. the major changes came through cypriots abroad stimulating the economy by sending home remittances. also, cypriots educated abroad returned and put their knowledge back into the country. what do you think is going on in china and india right now ???? t

why not ?

Mrs Tuberider is Polish, last Christmas we were travelling around on trains in Poland and we met quite a few people who worked in the UK and were visiting family over the holidays. I met one girl who worked in a kebab shop in south london, 16 hours a day, 7 days a week. she rented a room in a house which she shared with her sister, and both girls were saving their wages and building houses in poland. one of the girls was also supporting their immediate family, the other sister was financing the studies of a neice and nephew. after they would finish their houses they planned to set up a business in poland and return there for good. Met another chap who worked on building sites in london and was sending every penny home. he often slept in the site office in warmer months as it was not worth the commute for him to go home for 8 hours. he had plans to become a property developer himself and was already planning a modest development in poland with his earnings These are by no means isolated examples. I have a feeling that Poland will be the next EU country to take off Ireland-style, the place has a lot going for it. Perhaps the capital influx from remittances from Polish workers in the UK and Ireland will shift the balance and we will see prosperity in Poland increase while England and Ireland head towards recession ????

I gotta concede there... cant compare the two.. or san francisco...

inclined to agree with you there... but hey you can't have everything houston IS rather bland, but it isnt too bad.... the museum district and parts of downtown are rather nice and there are some good restuarants and bars. galveston is nicer, it isnt too far and it has that breezy, salty seaside town atmosphere that i like... pleasantly ramshackle and authentic, apart from that big f*ck-off super walmart built right on the beach pre-katrina we would spend weekends in new orleans or surfing in surfside/padre island etc - all close enough to make it a worthwhile trip not a bad place to live. compared to places like detroit it's paradise actually i did, on portland street just off montrose very pleasant it was too

agree that houston is dead cheap great houses availalable for 120k usd in crosby, baytown, etc lots of jobs, great standard of living close to beaches (galveston area) not bad at all...

Cyprus tourism sector collapsing ?

I remember during the last crash you needed a good sized deposit, banks were lending only 75-80% but you could find the money quite easily quality properties were hard to find, but they were there. people mostly held on tight hoping the values would rise again lots of cack was on the market, lots of 2 bedroom soviet-style flats, lots of terraced houses with no central heating and single glazing that needed full renovation I remember the same dodgy properties were advertized in the local paper again and again I was looking at 3 bedroom terraces in Enfield and Edmonton in north London in range of 55-70k A mate of mine bought a lovely semi detached in a nice part of palmers green for 100k and we all thought he was off his rocker and had overpaid no jobs, I got out of uni and had to do part-time doorwork for 30 quid a night just to make ends meet. remember the piss heads and the glassings and getting attacked with a knife by some crack-addict looking black geezer one night at the door of the **** tavern in edmonton on new years eve.. what wonderful times they were... how i miss the estates of north london... my dad was going on at me to buy a house buy a house buy a house, i thought sod it, im off travelling for a while til things here improve. spent all my savings globetrotting. property was such a no-go that we thought it would be cheap forever what a mug I was ah well, you live, you learn

disgusting isn't it 'Buy a house you pathetic loser, or your missus will dump you and shag someone else'

Check out the latest spin from Century

?????????????

1) England will join the Euro after this next crash/recession 2) Next stock market bubble will be in companies providing renewable energy (sustainability indexes) 3) Crash Gordon will never make PM 4) Poland will be the next EU country to take off, Ireland-style 5) China will have a bloody hard landing 6) Turkey will break apart Sevres-style 7) Bird flu epidemic won't happen 8) Soon we'll have to start paying to send emails 9) This site will sell out pretty soon under the new management 10) I'm gonna make a f*cking KILLING on the next property upswing

That makes a lot of sense. Explains nicely what's been happening lately. Let's hope you are right.