Hi JJ
WOW.........thanks for the in-depth reply.........mmmm not what I want to hear, but need the honesty..thanks!
I have been to Paphos about 4 times, had a Cypriot boyfriend, driven around the island alot alone, so I have made myself aware of the areas....I have previously gone independent & gone direct to a developer, about to buy an off plan apt but lost it as I didnt pay res fee fast enough, BUT as this was non-refundable i wasn't going to rush, unfortunately the one I wanted got sold, but hey, that one not meant to be.........
I know there are SO many dodgey developers & that the Cypriots just want your cash! (saying that, I too have Cypriot friends, who have been nothing but good to me).
Can I ask if you bought an off plan property??..........I too plan to (maybe) buy off plan t rent & eventually live there.........after reading your message though will have to have another think maybe..???) I am comming to Cyprus Nov 24th (only for 5 days) on an Inspection trip with Leptos (I know they are huge, so I could be a number only!, but comming out with a friend from UK who sells International Property).
Do you think that the Marina's, airport expansions, cheaper flight comming in will help???..........do you think property values will not go up in 2008 when the Euro arrives?????..sorry, trying to get something positive I suppose.......
Has your business done well over there?? (I also have a small business, but IF i did eventualy move to Cyprus may want to start something out there).
I would probably look for short term rentals, after comments I have had would consider doing the bookings myself, maybe via a website (have spoken to few Englich people with properties there that do this..getting very mixed comments)...I do have a database of Uk based people who I could contact with a view to renting out a porperty if I get one.........
Any further honest comments would be appreciated.........thanks alot.
Susie V
Quote:
Originally Posted by J J Cyprus
HI
I moved to Cyprus over a year ago and will try to answer some of your questions.
We came out 16 months previous to us moving out and bought a property off plan strickly for buy to let purposes, the developers were great at the time and promised us the earth. Once they got our money they are really not interested. We have learn't that Cyprus is an Island where most of locals are only interested in money they think the English have got a never ending supply and don't care how they get it off us. Mind you I have got some good Cypriot friends so there is some exception to this.
Firstly, long term rentals is really not the way to go with a property over here especially if your covering a mortgage, the reason for this is because the wages here are so low, us working class cannot afford to pay high prices to rent properties hence there is an awfull lot of propeties lying empty. I myself curently rent my home and struggled to find a owner that didn't have a mortgage just wanted the property lived in whilst his investment grew, hence my rent is reasonable.
If I'd know now back when I first deceide to Invest my money in Cyprus I would have done things a lot differently, firstly I would not have signed up on a guarenteed rental scheme, as what they pay me does not even cover my mortgage which I didn't know before I signed up. Secondly to be honest I wouldn't have bought a property here, the resale market is terrible due to the high level of new builds, most of my friends that live here rent and say that they would never buy a property in Cyprus and those of my friends that have retired and bought there house wish they hadn't and are now looking to sell. The build quality is so poor and the prices are far too high, the most used word by developers when advertising properties for sale is luxury, I suppose thay can't really say, well average concrete square properties for sale with no imagination used at all. There freezing in the winter and boiling in the summer due to no installation at all used.
My advice is to spend some quality time over here first get to know the island, coming on holiday for one or two weeks is not enough, talk to the locals the ex-pats approx 4 months would give you a better insite of the place and then make up your mind, don't just buy because there are so many people saying that Cyprus is a good investment as in my opinion it is not..
My husband and I own our own business over here and are tied into rental contracts etc with mjor financial losses to pull out, if this wasn't the case I think we would have moved on by now, maybe in the future we will. This island in beautifull I don't doubt that one bit, but there are more negatives than positives at the moment so for now my future is unknown.
Thanks for reading my moan I got alot off my chest. Hope this is of some use to you.
Regards
J J
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