Buying Property in Cyrpus

[PyramidJames]

I have been offered a property on the Aqua Residence in Larnaca, it’s a 1 bedroom apartment fully furnished for £138.000 to be completed Sept 2011.

Can anybody tell me if this is a good price??? Also I am being told my rental income for such a high quality property will easily cover my mortgage of £120k.

Any advice will be welcomed. Or a alternative quotation for the same site

Regards

[Lysos]

PJ,

On another thread you ask whether a 1 bed you have seen in Limassol is a good investment, and you were told it is ridiculously overpriced. The same applies here. Do you really want advice or do you just want to be convinced that the agent isn't ripping you off ?. (At the prices you quote you are being taken for a mug). The most basic research will show a gross oversupply of property in the ROC; it is a buyer's market. Invest a few hundred pounds on an independent visit and see for yourself.

[PyramidJames]

Thanks PJ ill do that, it seems all european countires are in the same boat.

[Pippin]

The price you have been quoted would buy a 2 bedroomed townhouse .
Also at a price of £138k you would need to put around 55k deposit as cypriot banks now want 40% deposit.
Also as you have already been told there is a glut of rental properties and you will find it very difficult to cover even the cost of a mortage of 80k.
Think very carefully about what you are doing and do not leap in if you have any doubts at all.
My husband and I sell property in the Paphos area and we make sure before we show anybody any properties that they are in a financial position to buy.
Many agents are less scrupulous and will try to sell you something with no thought as to whether you are in a position to meet payments as all they care about is their commission. They will wash their hands of you once you have paid your deposit and they receive their commission.

[paul-steve]

When selling we always tell people, never rely on rentals to pay a mortgage, it just doesn't happen. Sorry to be so blunt but thats the way it is.

[Nigel Howarth]

Originally Posted by PyramidJames

Also I am being told my rental income for such a high quality property will easily cover my mortgage of £120k.

You have absolutely no chance of your rental income covering your mortgage repayments.

Why do you believe all this marketing hype? Have you visited the island? Have you any idea what Larnaca is like? Have you any idea whereabouts in Larnaca the property is situated?

[seanx18]

PJ,

I think you have definitly been over priced on this property. The Larnaca area is very vast with many areas offering, i am sure, a better quality product then what you have been pitched. You need to get out there and have a look, and don't always take the agents work for it thats it going to be a 'high quality product'. Always ask to have a look at finished products by these companies to get the best idea of what your buying into. do some more in depth research and get yourself out there!!

[misch.chief]

I would say that this is well over the top with this price and I would perhaps have a look around and see what else is on offer over those parts...

[katharinestavrinou]

James, if you are interested in a reasonably priced 1 bedroom apartment, I have a roomy 50sq.meter one bedroom in Agia Napa I will sell for 50,000 cyprus pounds. This is not a joke. The apartment is in the Feminore Apartment Blocks, an older block currently undergoing complete refurbishment, with recementing and retiling of the pool, new tarmac on the entryways, new security lighting, new gate at the entrance, newly painted exteriors, etc. The apartment itself is a clean, roomy one bedroom with open kitchen-living room, bedroom, bathroom, and entry with dining room and extra sleeping alcove. The apartment is fully furnished with new furniture and whiteware, and even more important, comes with a ready transferable title deed, something you cannot be sure of if you buy new. I have just replaced the sink in the bathroom with a new over the counter sink which accomodates the new washing machine. The apartment is very nice as it stands. It could use updating but costs for this are not prohibitive in Cyprus, and you end up with what you really want. The apartment is currently rented until August- I pay all my costs with rental. I can send pictures, google pics, floorplan, etc. if you are interested. Why the price? I have a son to send to college!

[Pippin]

Originally Posted by derekwatkins

Hi PJ,
You can always get a quote from other places just to be doubly sure. And Azure Investment Property can surely be a good choice. I had a deal with them and I can surely that I had the best deal!
All the Best!

How much are they paying you to advertise for them?