Am I Too Late for investment in Cyprus?,

[Pippin]

Originally Posted by Nigel Howarth

I'm not surprised! It's a load of tosh!

I have to agree with Nigel, it certainly is a load of tosh.
My advice to anyone looking to buy in Cyprus (and I sell property here) is do not do it unless it is for your own retirement, or you can afford to wait for several years before seeing any returns i nthe form of profit. If you have to borrow to buy do not even consider it at this time as the market is stagnant.
Rental income will not cover any mortagage no matter what the developers tell you.

[thewett]

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

You will never be too late as long as you are buying at below market price. Just make sure that you have done all your due diligence beforehand and that you are happy with the developer and the agent. Make sure that if someone can build nearby its not in your front door!!
TRegards
Tim

[Lysos]

Developers are still holding out for top prices, thinking that if the Brits can't afford to buy (£ down 20% v. the Euro) the Russians can. In today's market look for a resale from a deperate selller.

[Pippin]

Originally Posted by Lysos

Developers are still holding out for top prices, thinking that if the Brits can't afford to buy (£ down 20% v. the Euro) the Russians can. In today's market look for a resale from a deperate selller.

Lysos is aboslutey right. There are many people whio are desperate to sell because for one reason or anther (usually health or family matters) they have to return to the Uk.
The resale market is very slow as developers persuade people that off plan is the best buy, which it might have been at one time but is not now.
This means that there are a lot of people who are now willing to take less for their properties especially as the euro will now buy them a better home back in the UK due to the exchange rate.
Take a look at Cyprus villas, apartments and property for sale. Properties in Paphos.
You will find a goodrange of resales there

[nicc]

Has anybody heard of Latchi Panorama due for completion 2011 and would they invest

[Lysos]

Yes, and no. Go to :

CyprusLiving Home Page

Put Latchi Panorama into the search box and read the thread. Lots of misleading advertising from agents who don't seem too sure where Latchi is !.

[grumpy001]

Polis/Latchi is a lovely area, although the road from Paphos up to it is not the greatest. There are properties of all sorts all over the region. This point in time gives great opportunities for buying a resale or a development. Resales are great if you have the ready cash and are ready to move, however the developments are great if you dont have the full cash available and are happy to purchase over time.
Mortgages are available, however not everyone wants the committment of a morgage.

Everybody's needs are different and so it is difficult to comment without knowing your situation.

[Gashead]

Cyprus is 'Buy To Enjoy' at the moment, simple as that and it will remain so for at least 2 or 3 years. Best deals for buyers are in the resale villa market.

[jamesww]

armando,

Thank you for the information as to Cyprus market topping out. I do have a question along the lines of how inflated you think the prices are? And also how long you think it will take to make the correction? Are we talking 5-10 years or will it be a quick crash?

[BTL-GURU]

Originally Posted by Pippin

Lysos is aboslutey right. There are many people whio are desperate to sell because for one reason or anther (usually health or family matters) they have to return to the Uk.
The resale market is very slow as developers persuade people that off plan is the best buy, which it might have been at one time but is not now.
This means that there are a lot of people who are now willing to take less for their properties especially as the euro will now buy them a better home back in the UK due to the exchange rate.

You're correct on the resale market. I'm a Financial Adviser and I own three properties in Pyla, Cyprus and my clients 30, it's been a great off-plan investment for everyone as we got in a good few years ago. There are however some great bargains to pick up from people who are about to be repossessed. It's not so great for them of course, but that's the way of the world. I have access to these units at a large discount if anyone is interested? The Bank has already valued the units so they know what they can lend and because it's a lot higher only the closing costs are needed! I think you'll see more and more of these resales and if you can pick them up in the right areas and developments you'll make a good return in the long term. It's always got to be long term.......

BTL-GURU