Originally Posted by grumpy001

Hello Sue,
I will declare my interest, I sell property in the South, New & resale. However I believe we give an honest opinion.

Firstly with respect to the rental market, it is a bit suppressed for long term rentals (as evidenced by the amount of empty property) and the cahnces are that if you borrowed 75-80% of the propertys value as a mortgage you would almost cover your mortgage with income. a mortgage of 50% should be covered, so its about level of committment and the purpose of the purchase. Holiday rentals can bring in more income but also require more work and management so do your sums.

Developers rent back schemes are not always what they seem. Frankly I feel that the initial purchase price is inflated to make sure they can guarantee you a rental for a period. Lets be perfectly honest. You get nothing for nothing. If it looks too good to be true then it probably is!!

Many New builds and Offplans are good value as you are selecting a prime location, a property with warrantys, the property can be personalised according to the contract. newest materials and designs used and several other advantages. You can locate at new infrastructure builds (marinas, golf courses etc).

But remember resales in Cyprus are never really more that 45-60 minutes away from all major centres and facilities, they will be tried and tested, snags will be ironed out, they may already be part of a successful rental complex so income is possible. Gardens and surrounding areas will be mature and in their finished state, so a site probably wont jump up next door etc.

Basially its horses for courses, most important is what you actually want the property for, where you want it, when you want it. So take the opportunity to take time out, sit down and write down what you want, what you need, what you can afford and talk to a couple of people to see what they come up with.

regards
Grumpy