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07 Apr 09

Part-exchange property in Cyprus for UK residents looking to move to Cyprus

Part-exchange deals to help Britons who want to move to Cyprus have been launched by overseas property company Buy Abroad.

The Bedford-based company has been approached by clients who are keen to move to the sunnier climate of Cyprus but are unable to sell their UK homes. We have solved the problem by matching the buyer with a developer in Cyprus that is willing to buy UK property in part exchange for the client's new home in Cyprus.

John Reilly, Managing Director of Buy Abroad, said: Essentially the developer in Cyprus buys the seller's current property, enabling them to proceed with the purchase of their new home in Cyprus. This allows the seller to move now, rather than wait for their UK property to sell in what is, currently, a depressed market. Many Cyprus developers are cash rich and are therefore only too keen to take on a UK property, especially with sterling being weak against the Euro. Most of the developers who have signed up plan to hold onto the UK property and rent it until the UK market picks up.

Based on an RICS valuation, the Cyprus developer will make an offer on the UK property. If the offer is accepted then the client is free to choose a property from the developer's portfolio and proceed with purchase, providing the Cypriot property comes in at a higher value.

Part-exchange deals on UK property have been around for a while with the likes of Barratt and Redrow offering to take a buyer's current property in part exchanges against the purchase of a new home from them - but it is a relatively new development in the overseas property market.