Am I Too Late for investment in Cyprus?,

[charis]

I'm from Cyprus. Do not expect huge returns on your investements for the following years. Let's be honest. A good investement will be considered a 15% return. Do not expect more. Prices have gone too high. Properties are not cheap anymore. if you are looking for a place to live then Cyprus is one of the best places, no matter what some people are saying. But be very carefull with the properties they are offer you. And for the guys who are looking to buy a property at North Cyprus. Most of the land there belongs to refugee Greek Cypriots. If you buy something here you may end up losing it at the end.

[deedee1]

Hi all,

I have heard that cyprus is now becoming saturated with properties that agents cant sell...??? Is this correct...????
And that prices are now too expensive ..???

Make sure you get your a good independant reliable solicitor
Ensure that your property has the correct and legal deedsas both south and north have title deed disputes..!!!

See ya D

[New_Alex]

Originally Posted by deedee1

Hi all,
Never believe everything an agent etc tell you and do some research yourself!!

Good luck ! Happy house hunting!!

See ya D

This is true. And why should you give commissions to agents. There are so many sites on Internet to advertise. MyCyprusLand for example will allow you to advertise your property for free and upload images.

These agents get the difference in commissiion. The end consumer doesn't benefit and the prices are up.

Alex

[kismet]

I am selling 12.5 donums ( 4+acres) of pre 1974 Turkish Title land. No connection with Greek Cypriots whatsoever. This land is In Iskele Famagusta only 1mile from one of the best sandy beaches you have ever seen. The land has a build Ratio of 50% and I have already established that 150+flats could be built on this site or approximately 30 Villas.
The land has good sea and mountain views and is close to many fine restaurants and large europwean style Supermarkets. The lovely harbour of Bojaz with its many sea food restaurants is a five minute drive. Cost is Stg25,000 per donum x 12.5 donums =Stg312500. Note one Donum is 1338 square metres.

[opitzalex]

Here are some Facts about Northern Cyprus


Average annual increase of 6.2 % in tourist numbers over the period 2002-2006

Tourism employs about 11.4% of the workforce
The TRNC economy grew by 10.6% in 2006, fueld by growth in the construction and education sectors as well as tourism.

Applications by foreign nationals for the purchase of property in Northern Cyprus has increase by580% from 309000msq in 2001 to 2.1 mil msq in 2004.

Economic growth has averaged 10-11% bet 2003-2007

In May 2005 the Turkish Cypriot adopted measures mirroring the EU rules to make the country more competitive.
New incentive laws have liberalised property transfer procedure
TRNC guarantees the right of private property and does not discriminate between citizens and foreign nationals.

Bank deposits increased from 733.0000£ to1.5 billion. This signifiyes a prospering economy.

Golf: A new 18hole par 72 championship golf course openend in Esentepe in sep 2006.
Designed by Van Amerongen at a cost of 7.25 mil£


Real estate and construction sectors have been the main drivers of economic growth in Northern Cyprus.

Aid for Northern Cyprus
In 2004US appropriated an additional £15.1 to assist economic development in Northern Cyprus
EU invested £175.4 million in Northern Cyprus to facilitate trade and development and strengthen its economic ties to the EU
Ankara, Turkey will invest some 550$ of development funds into Northern Cyprus over the next few years.
Looking for advice on buying property purely for investment, please contact me.
I am an international property broker and i think that Northern Cyprus is one of the strongest emerging markets in the Mediterranean.07809676250please only contact if interrested in investing in Northern Cyprus real estate market.

[kismet]

Hi, I'm a long term invester in the TRNC with a sizeable portofolio of land. I'm currently selling 12.5donums of land in Iskele, Famagusta. Building Ratio 50%. 150+ Flats could be built on this flat land which is near electricity. It's also near large European style Supermarkerts, Bojaz Harbour and the sandy beaches. Good sea and mountain views from this land which has original pre 1974 turkish Title so no problems with Greek Cypriots. Price Stg 25,000 per Donum. Let me know if interested.

[kismet]

Dear Andre, I have owned a house in Cyprus for 23 years and am now semi retired there. Firsly some misconceptions and downright lies coming from the Cyprus developers. The resale property market in Greek Cyprus is almost dead. It takes two years + to sell a unit. Too many people have been conned by the developers into believing that they can easily rent their Villas or Apartments to holiday makers. This place is awash with empty villas and flats. Everybody and his aunt is renting out to holiday makers and the truth is there is no return to be had in this ficticious market. This is just a piece of propaganda from the developers to get you to believe that your mortgage will be paid from rentals. Unless you can afford to buy without relying on non-existent rental income........... do not buy.

Regards

kismet

[Journo]

Cyprus is a good place to live, but buying to let is not a 'goldmine'. You can get short summer lets at inflated prices - if you're prepared to pay someone to go in every few days to change linen/reconstruct the place after the last short-term tenants and generally clean up. Long term rentals are at much much lower figures.
You probably won't lose on investment in the land/bricks and mortar, but the revenue from letting is questionable. And there are now more restrictions on the mortgage you can get. (You have to come up with a much greater percentage of the purchase price yourself.)
If you're buying with the intention of retiring to the island, I'd say there's no problem.
If you are simply buying to let and think you can make a profit, I'd say that's questionable. You'd have to do a lot of homework on your chosen area!

[grumpy001]

Why the negativity on the Cyprus market, its like any market and will suffer fluctuations from time to time.

There is no such thing as a dead certain investment growth opportunity. If there was certainty there would be no risk, hence no investment.

Think about the fluctuations we have had in the UK market, its still left an opportunity for property purchase but can never guarantee a return.

Cyprus should be approached with the same level of honesty and objectivness as any other market.

[kismet]

Dear Grumpy,


I am not negative about Cyprus I am realistic assessing the local property market based on multiple feedback from people living in Cyprus trying to sell theire Villas and apartments and I live there. Greek Cyprus property prices are now expensive and have caught up with Spain. Resale market is dead. It takes 2 years + to sell a Villa or apartment because there are just not the number of holidaymakers ( going down every year since 2001!!) coming to Greek Cyprus because it is now expensive to eat out ( CY£15 per head +) etc. A friend stopped in the Venus beach hotel in Paphos and was charged CY£3.5 for a pint!! Add to that the cost of getting to/from Cyprus which is a minimum of £300 in the season so it is just not economical for a family of say 4 to holiday in Cyprus. Since Greek Cyprus joined the EU in 2004 the cost of living has shot through the roof. It will take some years before Cyprus property market starts moving again....if ever.

Sorry if my opinion is not inline with your thinking but the bottom line is: If you are investing in property in Greek Cyprus for capital appreciation or to rent out to holiday makers you will take a hit. Its your money so ignore this advice if you think differently.