What if the global economic crisis hit the pocket but also the psychology here? The summer has gone well for the dream to acquire a holiday home. In Ayia Napa and Protaras now Cypriots are making the game since prices have fallen to 2006 levels and now more than ever is the opportunity to buy a holiday home.
When Cypruiost talkabout a holiday by the sea, they usually mean Protaras and Ayia Napa. Not because there are not beaches elsewhere, but because this area is reflected in our minds as the main tourist destination on the island.
Speaking with many real estate agents, we have found out that the global economic crisis has created some special features, which diversified the hitherto existing landscape. Specifically, the main point is that now the holiday home market, at least in this area has highlighted the Cypriots as the main players in the market, where foreigners have been left almost entirely from the «game». In parallel, this period seems to be ideal for opportunities arising from the crisis.
In Protaras particularly units below € 300.000, where the offer by the buyer is low and hence there is a relatively easy lending, the buyers are mostly Cypriots. Basically, this is for those who always wanted to buy in and see it now as «opportunity».
Prices have fallen by 25% to 35%, thus reaching the 2006 levels, but all good units have already been purchased. The units that will come on the market after the end of the summer are likely to be of poorer quality and location.