Buying in Cyprus ?

[marc]

Hi,
I am thinking of buying a property in Cyprus and would like any information on the pro's and con's of doing so, there are also a few deals in which the developer pay's 50% of the property and rents the property out for 6 months of the year for the first 9 yrs to fund this, it's a kind of buy to let, exept they do all the work, has anyone done this with a developer in the past ?
Regards
Marc

[mathew]

Hi Marc,
Be careful. There is quite a glut of newly developed properties to let in Cyprus. It is not uncommon for developers to use letting potential to sell a property when the purchases may actually get very few lets. I would check the terms and conditions carefully - do you have to pay them extra money if the property is not let in that period? Are you paying them agents fees? Resale properties can be better value.

Remember when you sell you will be taxed on the sale price. Property can take time to sell because of the amount of new builds.
See you again
Mathew