Cyprus Economy is booming

logan · #1 02-09-2006, 02:08 PM

Hello all,
I'm a professional property investor and property source, investing in the UK and in Cyprus, but for me I?m extremely excited about the Cypriot economy at present. I would like to take the time to share an excellent opportunity currently on offer in Southern Cyprus.
I can recommend off-plan properties in the Famagusta area, Paralimni, Derynia, Kapparis, Protaras, Larnaca and Paphos with prices starting from ?CYP58,000. There are no sourcing fees to pay.
The award winning developer that I can recommend has full UK and Cypriot backing. They offer the best finance terms on the island, 2% reservation fee and 10% deposit on exchange with a further 10% at 6 + 9 month intervals. That?s it, 30% down with no more to pay until completion of the build, and then they allow sell-on prior to completion at no additional cost. If you prefer to hold, they can also assist with mortgage arrangements.
They hold invitational seminars detailing new developments every 6 weeks in London, there are also seminars held in Manchester, Leeds, Liverpool and Dublin, but dates are not as frequent. If you are interested in Cyprus I recommend attending one of these seminars as they explain in-depth the pros and cons of investing in this market.
Keep in touch
Logan

lorenzo · #2 02-09-2006, 02:10 PM

Hi Logan,
Just a note to anyone thinking of investing in NORTHERN Cyprus...DON'T.
It is yet to be recognized as a legitimate Independent State. It is illegally occupied by Turkey and has been since 1974. People buying property there may find themselves empty-handed when a re-unification solution is found. A British Estate agent and his Turkish wife have recently had warrants issued for their arrest as they have been selling Greek-owned land out there.
Please look to the South of the island for investment; it might cost more, but it's legitimate! (And part of the EU)
Many Thanks
Lorenzo

lukas · #3 02-09-2006, 02:12 PM

Hi Logan,
No-one should be looking to invest in Northern Cyprus until the land issue has been sorted out. At the Property Investor Show there were several stands selling properties in the North and there were queues of amateur investors lining up to snap them up.
I questioned one of the sales staff on one of these stands asking what guarantees they were offering if the land was Greek Cypriot owned and his response was 'it'll be ok, all you'll have to do is give the landowner 500 euros as compensation'.
There is also a major court case taking place where a British buyer bought a villa on Greek Cypriot owned land in the North and was forced to pay huge compensation to the landowner as well as pay to demolish the villa.
Keep in touch
Lukas

buysellrentabroad · #4 11-05-2008, 12:39 AM

Hi,

Is there any change in North Cyprus. Is is safe to buy there now..

ADRIAN

Lysos · #5 11-05-2008, 04:04 AM

Logan,

There are thousands of unsold new and resale properties in the ROC, a simple search will show that; it's a buyer's market.

Nigel Howarth · #6 11-05-2008, 02:16 PM

I'm currently investigating a scam that affects those people who are trying to sell property for which they have yet to receive Title Deeds.

Typically, these are people who have bought one or more properties off-plan as an investment and who are now trying to sell.

So far, three different property developers appear to be operating this scam and my guess is that there are potentially many more.

For more information read 'Resale Property Scam'.

Take care!

Nigel Howarth · #7 14-05-2008, 12:45 PM

Here's an article from today's Cyprus Mail:

Property sales down in 2008

THERE was a 30 per cent reduction in property sales during the first four months of 2008 compared to previous years, the House Commerce Committee was told yesterday.

The statement was made by the deputy head of the Town Planning Department, Christodoulos Ktorides, who added that £370 million were received in transfer taxes in 2007. Ktorides said the possibility was being examined of reducing the percentage of transfer taxes, which are currently on a scale of three to eight per cent.

Committee Chairman Lefteris Christoforou of DISY called for specific measures in order to reduce the price of houses as well as the taxes imposed. He added that his committee had decided to invite the Interior and Finance Ministers to their next meeting to explain the government’s policy on the issue.

“Most countries’ constitutions say that the state must ensure its citizens are provided with homes, as a social benefit, in the easiest possible way,” said Christoforou, adding that his committee had tired of repeating its concerns over issues, such as high VAT and transfer tax rates.

Finance Ministry Spokesman Stavros Michail explained that the government’s main priority was to prepare a concise housing policy, before examining the various taxes that are imposed.

He added that the 15 per cent VAT imposed for property purchases was part of Cyprus’ commitments to the EU.

The committee will continue examining the issue in two weeks’ time.

Read the original at: http://www.cyprus-mail.com/news/main...39178&cat_id=1

I'd hardly call that 'booming' - would you??

Rentoroni · #8 09-07-2008, 12:06 PM

Doesn't the economy in Cyprus run mostly off of tourism and the property sector? It seems that this can always be unstable since they are both somewhat limited at a certain point.

Nigel Howarth · #9 09-07-2008, 02:09 PM

Quote:

Originally Posted by Rentoroni

Doesn't the economy in Cyprus run mostly off of tourism and the property sector?

Yes, the property sector is the number one earner - and tourism isn't too far behind.

Cheers,

jamesww · #10 26-08-2008, 07:19 AM

I have heard that the Cyprus real estate market has already hit its peak. If you believe that this is an untrue statement I would like to know why you beleive that. In addition can someone tell me what the leading industries are that are causing the Cyprus economy to boom.

Thanks in advance for your answers.

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