Cyprus Mail

Property owners price themselves out of the market

The market value of properties are determined by what people are prepared to pay, in Cyprus property owners often appear to have unrealistic expectations of where that value lies.

Leaving aside the thorny issue of title deeds, location, facilities provided and, perhaps more than anything, quality of construction are major influencers as to the value.

I suspect that if real market values were applied to the properties for rent or sale in Cyprus the market would boom, as it is there are many, many places left empty because even the general public realise values set by owners are unrealistic.

It is astonishing as to how many owners prefer to leave properties empty and deteriorating rather than reduce their inflated valuations they have convinced themselves their properties are worth.


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