Am I Too Late for investment in Cyprus?,

[grumpy001]

Your reasoning is sound Kismet, however every market suffers from the same fluctuations and internal/external pressures. Markets boom & bust from time to time, the Uk and Europe is no different. just look at the US with the subprime market. Just remember that everywhere can suffer.

[HARRY ROBERTS]

Originally Posted by andre

Hey Guys,
Having recently been out in Cyprus on holiday, I?ve looked at the possibility of buying property, mainly as a buy to let, but also looking at this as an investment for retirement.
There seems to be a huge boom out there right now, with properties being built everywhere - but prices are also well on the way up - so I?m not sure if we've missed the boat, so to speak, as just a year ago prices were a lot lower.
To cut a long story short, we've found a 3 bed villa, with a pool, about 300m from a beach, and in a popular tourist location. Similar nearby villas are being rented out at peak season for a fat wad of cash. Some quick sums suggest the rental income will pay somewhere around 80% of the mortgage costs after I?ve put down a deposit (my calcs are assuming it will be empty for about 6 months of the year) .

I love the location, and the country, and could really see myself living out there when I chose to retire, and this seems a great way to buy a retirement home over the next 15 years or so.
Interested to here any comments from people who have already done this and failed or succeeded..
Any related advice much appreciated.
Regards
Andre

No you are not to late if you buy the right property at the right price there are some companies thta specialise purely in investment they should give you a clear guide and offer you there services free of charge

[grumpy001]

Harry, By investment, what type of investment are you referring to. Can you name companies etc . Why should a sales company specialise in "Investment" property as opposed to another type.
What is the difference between an investment property and a non investment property?
Please can you elaborate.

[Janoulaki]

he might mean

investment property = buy to let ... not for own use .... not for emigration
non investment property = lifestyle property ... for own use .... for emigration

Not sure

But to be clear people are using different expressions

[grumpy001]

Yes, unfortunately the word Investment is often slipped in and used to infer a capital gain or advantage.

It is possible to invest in your lifestyle, invest in your future, invest for growth of property values and invest for income. However, the expressions used by many sellers and advisors is often too loose and infers that if you buy a wheelie bin then it will become a palace overnight or be capable of renting to 50 immigrants for income. I think when we use the word, we should also be responsible to express and expand to say exactly what it means and in which context.

[Janoulaki]

you are right,

i do agree with you

[HARRY ROBERTS]

Originally Posted by grumpy001

Harry, By investment, what type of investment are you referring to. Can you name companies etc . Why should a sales company specialise in "Investment" property as opposed to another type.
What is the difference between an investment property and a non investment property?
Please can you elaborate.

i can pm you details of a company i have used a uk based company who are covered by a cypriot licence.

they have a guy there called Joseph smith hes an investor himself i have had heard lots of good things about him

[HARRY ROBERTS]

Originally Posted by grumpy001

Yes, unfortunately the word Investment is often slipped in and used to infer a capital gain or advantage.

It is possible to invest in your lifestyle, invest in your future, invest for growth of property values and invest for income. However, the expressions used by many sellers and advisors is often too loose and infers that if you buy a wheelie bin then it will become a palace overnight or be capable of renting to 50 immigrants for income. I think when we use the word, we should also be responsible to express and expand to say exactly what it means and in which context.

by investment i mean a property purchased at reasonable price not some of the ridiculous prices some of the developers are asking.

my definition is


1 Property purchased off plan at least 20% below market value will offer a realistic chance of resale before completetion and a profit this can be done i have done my self twice this year

2 A property that can bring in more rental income than mortgage payments
out

3 a property in a location that would attract both holiday and residential markets

4 a property with g/teed rental income

5 a property on say a unique complex that would attract people of high wealth to either rent or purchase from you.

the word investment is punted around by everyone who is selling property in Cyprus
In theory all property is an investment if you rely on capital growth which has been very good in cyprus over the last 10 years.

personally im more interested in what the property can earn me without relying on the capital growth.

finally your investment is as good as the person who advises you unfortunately there all lots of people who do not give good advice avoid these or your investment will become a nightmare.

however there are some very good advisors out there

[kismet]

Harry,
I own two properties in the Paphos area one of which I bought 23 years ago so I do know the property market in Cyprus. Further I am not an agent. This is important because I see that some of the most rosy replies on this thread are posted by Real estate companies in Cyprus,. There is a glut of unsold properties, new and resale's, in Cyprus. The reason is that prices are high, compared to Northern Cyprus and Turkey ( more than 50% higher in South Cyprus). The cost of living in South Cyprus is no joke having risen substantially since the GC's joined the EU in 2004. Every villa/apartment owner in Cyprus is looking for holiday rentals. Very few make enough to cover the bother and expense. Unfortunately, elsewhere on this thread, you will read that GC's are really only interested in getting your money and that is true. They will cheat you over and over again. GC culture seems to regard cheating foreigners out of their money as good business and the practice is endemic. So beware of greeks bearing gifts!!!.
Very few owners in Cyprus have title to their property because of the endless hurdles. I still do not have title to my property which I bought in 1984!.

I have heard, many times, the following complaints from visitors to Cyprus: Too expensive, poor value, poor facilities, rotten service and finally......never again.

Do not be seduced by the lies, and that's what the are, that you hear from agents and developers in Cyprus.

[kismet]

Originally Posted by kismet

Harry,
I own two properties in the Paphos area one of which I bought 23 years ago so I do know the property market in Cyprus. Further I am not an agent. This is important because I see that some of the most rosy replies on this thread are posted by Real estate companies in Cyprus,. There is a glut of unsold properties, new and resale's, in Cyprus. The reason is that prices are high, compared to Northern Cyprus and Turkey ( more than 50% higher in South Cyprus). The cost of living in South Cyprus is no joke having risen substantially since the GC's joined the EU in 2004. Every villa/apartment owner in Cyprus is looking for holiday rentals. Very few make enough to cover the bother and expense. Unfortunately, elsewhere on this thread, you will read that GC's are really only interested in getting your money and that is true. They will cheat you over and over again. GC culture seems to regard cheating foreigners out of their money as good business and the practice is endemic. So beware of greeks bearing gifts!!!.
Very few owners in Cyprus have title to their property because of the endless hurdles. I still do not have title to my property which I bought in 1984!.

I have heard, many times, the following complaints from visitors to Cyprus: Too expensive, poor value, poor facilities, rotten service and finally......never again.

Do not be seduced by the lies, and that's what the are, that you hear from agents and developers in Cyprus.

Sorry that I have little positive to say about Cyprus but the GC's have only themselves to blame for this situation