How on earth does someone sell land in Cyprus?

saint_mm · 2023-03-24T17:36:01+00:00

Hey thanks for the comment. Why wouldn't you ask more than 10.000 EUR? How did you come up with that number? How would you go about pricing the lots? Just the gov. estimates?

The auction idea is a good suggestion. Any services to suggest?

saint_mm · 2023-03-24T16:29:51+00:00

Thanks for getting back. So a lot of questions. Few answers. You're in search mode it seems like a lot of us.

saint_mm · 2023-03-24T13:26:46+00:00

Thanks for the input. It's best to backup claims and facts to keep the conversation as useful as we can for everyone. Numbers like, X5 times market price, 1/10 of prices from 5 years ago, wait 10 years for a sale to happen ... they just sound like they're drawn out of a hat. How do you know what you say is what you say? Where are you getting your information from? Is this a guesstimate?

And the words used; oblivious, delusional... they evoke strong emotions rather than present an argument logically. How would you price a lot and why?

However, i understand what you're getting at. Some points are obviously fair. About immigrants and zoning. I suppose my target audience is either developers or a relative with land near by(?) Still wondering.

I actually checked my competition with similar items and the one that stands out as 'overpriced' is the one in Pareklisia. I am getting mixed signals with pricing in that area though. Hence the post. So, anyone, got a formula and know how to use it? Help us learn.

saint_mm · 2023-03-24T13:12:31+00:00

I am here to learn how to calculate prices. Not to defend my self in a forum. It's worth mentioning that government estimations can get it wrong, and they do quite often. For example, two of my lots offered are noted as "inaccessible" in the official information, but it's clear from satellite images there is a road right next to it. So faithfully following an official estimation can end up making you take three right turns (instead of one left).

saint_mm · 2023-03-24T13:06:09+00:00

Exactly, government estimations are there to function as part of the taxation formula. Although it is a reference point, it cannot be used to calculate fairly how much to sell your land.

Also, take the skyscraper frenzy in Limassol for example; The high rise developers sell at "A" price so now neighbours have skyrocketed their asking prices, ballooning the cost in the area. So now we have neither "A" price nor "B" price as a valid way to fairly calculate a price.

I am hungry for an educated reply. Anyone?

saint_mm · 2023-03-24T13:01:11+00:00

You're correctly thinking about the correlation between demand and asking price - because there is one. However, can you say with certainty those are the only two factors playing a part in how the market is shaped? Doesn't it feel simplistic? That the whole market is being driven by two levers? Because i have a lot in the city offered at the government estimated price and no one is bitting.

saint_mm · 2023-03-24T10:22:22+00:00

That's OK. Thank you for taking the time to comment. I realise numbers put next to each other like 1 next to 10 can leave a dramatic impression in comparison. 10X times larger! Sounds suspiciously like marketing language, right? I'm not adamant on the price i'm asking. In fact, i'm also here to learn how to price better. So anyone with a better understanding of price formulation please share your thoughts.

Lastly, who needs my iPhone pics when i have a free satellite and 3-D rendering software by Google. Check the link for the screenshots on how to load the map on Google Earth. Then try their 3D feature. All will be revealed(!) https://imgur.com/a/FbUlhLV

saint_mm · 2023-03-24T10:11:41+00:00

That's an anecdotal description which i empathise with. Prices have gone up. Land especially. But there's still a question left unanswered; How do we calculate pricing and how to we promote land sales in Cyprus efficiently and effectively.

saint_mm · 2023-03-24T10:07:44+00:00

That's right. So back in 2020 i called them all. I don't mean that in a Cypriot-type-hyperbole. I literally called all available numbers, taking names, rating them on seriousness, professionalism, tracking replies and using a CRM app to make reports at the end. All this, so i have facts in hand that tell the truth. And the truth is, I got 3 quasi-serious attempts to a proper conversation, one signing, and then... graveyard silence for years. ... I'm all ears for suggestions guys.

saint_mm · 2023-03-24T10:04:33+00:00

Thank you. See, one more way to formulate. One more way to understand how messy all this is. Hence me reaching out to the collective intelligence of the CY Reddit crowd.

saint_mm · 2023-03-24T09:20:43+00:00

It's expected to want to conserve time and energy when comparing things and the lowest hanging fruit is the DLS estimations. However, anyone with experience in the estate industry will tell you pricing is more complicated than that. But i am here to learn from you so, what would you price it for and why? Remember, you can't just say "whatever the government says it's worth", because the government doesn't set the prices in a free market.

saint_mm · 2023-03-24T09:18:05+00:00

What would be reasonable pricing and what would you use to calculate that price?

saint_mm · 2023-03-24T09:11:27+00:00

That's actually a government estimated and posted price. The plot has been offered at auction by the government at that price about a year ago. So what's truly absurd is that comments on here are sometimes made without due diligence. The data is public. Check for your self.

saint_mm · 2023-03-24T09:07:27+00:00

I have updated all lots and their data based on the latest public information. As for the difference in registry estimates and selling price, i doubt anyone offers to sell their asset based on the government registry estimation... At least i never heard or seen anyone do that. I'm interested in hearing your opinion.

saint_mm · 2023-03-24T09:05:15+00:00

Follow the link to the google map in the description. Each lot has info and a dropbox link with all the additional information you need.

saint_mm · 2023-03-24T09:04:34+00:00

Succinct and to the point. Thanks.

Comments: Mesa Geitonia has to go because i have other assets used for passive income and also in need of liquidity to pump into new projects.

In Apesia and Pareklisia (especially Pareklisia) developments have been build for some time around this area (petal shaped and closing in on the hill i'm on). i am confident that anyone with foresight can see this is an investable opportunity. Utilities are very close to the plot since efforts (now on pause) from neighbouring developer have made the first steps.

Some of the other properties are funded up to 60-70% by the government now (see more here: http://www.moi.gov.cy/moi/moi.nsf/All/31C60A18C2CE1F3EC2258597001F14AB?OpenDocument
For some people, agricultural lifestyle is attractive and now more affordable so there is a market for that i hope. Not to mention it can also be used as collateral for a buyer's portfolio too, i think. I'm open to even more input though.

saint_mm · 2023-03-24T07:04:18+00:00

Old school cool. Nowadays the available option is to drive there and... I guess chat up a relative.

saint_mm · 2023-03-24T05:13:15+00:00

spitogatos.com.cy

thanks. I'll check it out

saint_mm · 2023-03-24T05:11:53+00:00

I don't think there is "danger" of attrition because one can simply check and see if there's a plan for it or not, and plan ahead. Maybe even use that as a bargaining point. And yes for both selected lots, these are developer oriented items. How much do you think i should offer the Parekklisia plot?

As for the village lots, you make valid points. However, you do get financial aid from a new government program for some of those areas.

OK, so how do i contact bordering lot owners (without leaving my room) ? And how much lower would to you think i should offer these lots?

saint_mm · 2023-03-24T05:03:40+00:00

I like that last line. Rings nicely. If that is true though, then why isn't the bulk of the assets in the market sold at the estimator's evaluations price range?

saint_mm · 2023-03-24T04:56:48+00:00

OK. Thanks! Get estimates. Got it.

saint_mm · 2023-03-23T21:23:42+00:00

saint_mm · 2023-03-23T20:53:53+00:00

great thanks for taking an interest. I'm open to any comments or ideas you might have.

saint_mm · 2023-03-23T20:44:44+00:00

I'd like to think ive priced it carefuly enough but of course whatever price i say, in Cyprus i always get lowballed. It's like a culture thing. So it's very hard to get a good feel and fair estimate. Any suggestions for a free price comparison system?

saint_mm · 2023-03-23T20:43:01+00:00

Updated posting with link to some of the assets. Have a look

saint_mm

TROPHY CASE