Is Supply In Excess Of Demand?
Hi Austin,
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 don?t 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 pay your money and you take 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 ...?
Regards
Benjamin
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