Quote:
Originally Posted by PyramidJames
I am looking to invest in Southern Cyrus, I am purely looking to make money on the property not use it for a holiday home, I am considering a 1/2 bed apartment, is there still money to be made if I buy now or have I missed the boat???. I am talking to a local overseas sales company who are offering me a 1 bed apartment in larnaca/Limissol for £140.000 off plan to be completed in 2010;
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If you are buying off plan you will need to check progress personally on at leat a monthly basis. Ideally you need someone to oversea it weekly and report back to you.
The price you've been quoted for a 1 bed apartment is excessive - unless it's absolutely huge and has its own roof pool/jacuzzi, or something similar that is at least two and a half times the current value.
With regard to location: Foreign investment in property is currently growing at a higher rate in Larnaka than any other area in Cyprus [but to some extent that is due to Larnaka 'catching up' with other towns].
And with regard to type/size of property: young Cypriots are now buying 2-bed apartments when they get married instead of the traditional detached house, simply because the houses are outside their budget. 2-bed is also probably the easiest to let.
But I think you seriously need to look at other agents for price guidelines!