Hi Lindsey,
Firstly, a general observation; in today's economic climate (which in my opinion is not going to improve any time soon) think very carefully about any destination that relies on air accessability. There'a lot of bad news around that is is going unnoticed. Apart from the demise of all three business class carriers from UK to the States, Easyjet is thinking of closing its' Dortmund hub, Singapore Airlines wants to sell its' stake in Virgin & today United in the US announced it was laying off 950 pilots. Airlines business plans are basically not viable with the current oil price. I can see air travel retrenching and becoming, once again, something of a luxury item.
Back to Cyprus. I presume you have not been there but are thinking of buying for investment. Whilst my views (that's all they are - my personal views) are about the ROC (southern Cyprus) they could equally apply to all overseas locations.
A simple google search will throw up lots of agents' resales. Personally, I don't think the market has bottomed out yet. Like UK there has been steady growth in recent years but there will be a correction over the next year or more, so unless you bag a distresed resale I don't see any capital appreciation in the near to medium term. If buying for rental, be aware there is a vast oversupply of such property. If you are still not put off, concentrate on top end properties i.e. non-estate detached villas on large plots, min 3 beds 2 baths private pool etc.
Don't rush !. I know of several such properties that have been on the market for over a year. It takes time for vendors to wake up to econonic realities. Visit Cyprus in the winter, when although pleasant, you won't be seduced by the weather, and desperate sellers are facing another winter with no offers.
On your first visit leave your cheque book at home. Just travel around getting a feel for things.
Bookmark a few properties you are interested in now, and when you get out there see if they are still available (bet they are !).
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