Southern Cyprus Property Boom

[Sasha]

Hi guys, I wanted to tell you bout my experience of Cyprus.

Having invested in Spain some years ago, I got the taste to dabble in the property market. Everyone advises you all of the time but they all contradict one another, it can be very confusing.

After doing my homework, Cyprus seemed the best bet for me. It boasts international schools, great education, international hospitals and health care, its suitable for any ones circumstances.

Spain has been ok, it ticks over nicely, but nothing astounding.

In Cyprus, first I purchased off plan, and made a 30% appreciation as soon as building work was complete. I sold it and purchased a large villa. I reside in it for half the year and rent it for the remainder. All aspects of the rental are undertaken on my behalf for free.

Off plan in Cyprus is best for an imeadiate return on investment, however there is also a lot to be said for their newly developed properties. There is currently a new appartment block in Limassol, The Colours Boutique apartments. They are an investors haven! 60% of the apartments have sold already, they only have 1 and 2 bed partments left, but if you manage to get one you are laughing. They are hot property over there and very popular with the brits.

D.Zavos group are the company I have always dealt with. The woman in controll of my properties is called Julie, she is English, so there is no hassle, no complications, she is forward thinking and gets the job done.

Check it out, its all free with D.Zavos froup, all you pay for is your property. You can get her on julie@zavos.com. Please tell her that Sasha Alders sends her regards!! I cant recommend her highly enough.

Good luck

Sasha

[Rob Partridge]

Plus the fact you won't get your title deed for at least 10 years!! Rob

[BJJ]

And be careful about Cypriot solicitors. Ours ran off with £103,000 of our money. There's no compensation for victims of fraudulent lawyers (and responses to our website indicate there are a number of them!)

[deedee1]

A few issues to watch out for- title deeds land ownership, corrupt solicitors (but you get these all over the world!) Inflated prices and oversupply!

Take care-D

[John]

Originally Posted by deedee1

A few issues to watch out for- title deeds land ownership, corrupt solicitors (but you get these all over the world!) Inflated prices and oversupply!

Take care-D

Very true!

Most certainly do get these all over the world.

I think the problem is greatest though in places like Turkey. Not just because of the system there but also because of who the "investors" are. A lot of the properties there are at the lower end of the price range and seem to be marketed at people who up until fairly recently would have never considered buying overseas. It is made seem so easy and attractive that a lot seem to do very little looking before leaping.

[Investy]

The Cyprus boom has finished. A friend of mine owns some high street Cyprus property shops in the UK and has done very well over 10 years but now he said it's all over.

Mainly down to mass over - supply affecting rentals and property values.

He cited examples of lenders now restricing LTVs significantly. I also see a lot of repossessed auction property there now.

PS, My business partner is Greek Cypriot. He wont invest there now either. He recently bought a villa in Mediterreanean Morocco as did his very wealthy Sister. They were born in S Cyprus and visit all the time but still preferred to invest in the Moroccan Plan Azure resorts which have no compare in Cyprus.