Off Plan In Cyprus - Still Worth It??

[thewett]

Hi

Considering an off plan apartment in Cyprus (South),love the Country & may retire there eventually..........bit concerned about all the negative feedback..have been there myself about 6 times, had good look around.....re-sales much cheaper......not sure they are selling well.......is rental income not so good now then?? (mine would be in 1 years time for rent)

There is alot of building still going on!.......so will the Euro in 2008 help or hinder property owners in Cyprus????.........is it worth me buying at all??.....with a view to eventually going there to retire.........have some Cypriot friends I have spoken to.....they are not sure, although the new Marina will eventually be built + new Golf courses..........

IS IT WORTH IT??.......will RENTAL pay mort???.......would I get a realistic return if I bought from a large, well known developer, who deals with the rentals as well???..............done lots of homework & visiting there again soon..........any advice from ex-pats who have done this already, and living in Cyprus??...any advice (only from those who are not developers, estate agents or the such please!!!!!!!!!)

Look forward to hearing comments off those with true experience!

Thanks

Sue
x

Hi Sue
Yes it is worth it if you buy at below market value and in areas where there is guaranteed growth. I know of a development in Nicosia for off plan purchase which will then be resold to the Cypriots. .100% growth no problem in 18 months.
Contact me if you are interested and i will put you in touch withthe agent of the developer.
regards
Tim

 

[Veronica]

Hi Sue
Yes it is worth it if you buy at below market value and in areas where there is guaranteed growth. I know of a development in Nicosia for off plan purchase which will then be resold to the Cypriots. .100% growth no problem in 18 months.
Contact me if you are interested and i will put you in touch withthe agent of the developer.
regards
Tim

Sorry but this is nonsense. In the present market you would be lucky to het 20% growth in 18 months.
Do not be fooled by promises by developers that they will resell for you.
We have heard this many times and know of many people who have been left with apartments they cannot sell and cannot afford to pay the mortgage on.
Make certain you are very very sure that you are not being led up the garden path by greedy developers and their equally greedy agents.

 

[thewett]

Sorry but this is nonsense. In the present market you would be lucky to het 20% growth in 18 months.
Do not be fooled by promises by developers that they will resell for you.
We have heard this many times and know of many people who have been left with apartments they cannot sell and cannot afford to pay the mortgage on.
Make certain you are very very sure that you are not being led up the garden path by greedy developers and their equally greedy agents.

Hi Sue, Sorry I missed out the vital part. 20% down payment and 100% return on this amount over 18 months. All backed up by surveyors and valuers and a separate agent to sell the apartments before they are finished and are sold on to locals. Different story to those horror stories. For your info I bought five villas and am selling at 150% of bought value after 2 years and a deposit of 17%. Its just a matter of knowing the right people.
Just do what your gut instincts tell you. However I have not made any mistakes.
I also have access to a guaranteed rental and growth financial plan, no not a false one but backed by a European ins co.AA min rating. This will be available for a few projects coming up in the next six months or so.
Invest well
Tim

 

[Gashead]

Hi Sue
Yes it is worth it if you buy at below market value and in areas where there is guaranteed growth.
Tim

You're not wrong there. But you're not handing out timeshare flyers so treat people on this forum with a little bit of respect eh?

If it sounds too good to be true then inevitably it is.

Cyprus is dead for at least a couple of years IMO. It'll follow the UK down the toilet and sadly there are a lot of new comers who've watched holidays in the sun or whatever on C4 and they are about to get a nasty shock and supply (esp. newly built) is about to totally outstrip demand. As an investment you'd be better off putting your money in the building society but if you like the place then maybe buy in a years time when it may have almost bottomed out... it may not recover for several years but that's no good if you want a holiday home to use. My advice steer well clear of anything off plan, with resell at least you're not leaving it in the hands of a developer who may go bust.

 

[Veronica]

You're not wrong there. But you're not handing out timeshare flyers so treat people on this forum with a little bit of respect eh?

If it sounds too good to be true then inevitably it is.

Cyprus is dead for at least a couple of years IMO. It'll follow the UK down the toilet and sadly there are a lot of new comers who've watched holidays in the sun or whatever on C4 and they are about to get a nasty shock and supply (esp. newly built) is about to totally outstrip demand. As an investment you'd be better off putting your money in the building society but if you like the place then maybe buy in a years time when it may have almost bottomed out... it may not recover for several years but that's no good if you want a holiday home to use. My advice steer well clear of anything off plan, with resell at least you're not leaving it in the hands of a developer who may go bust.

I agree 100% Gashead.
Resales are the best bet at the moment because there are people who for one reason or another need to go back to the Uk and its is a buyers market for resales with lots of scope for bargaining.
Off plan on large complexes is a risky business but if you find the right small developer (but have them checked out by a solicitor first) there is still plenty of scope for a lovely home if it is for living in but even in this market there is no scope for buying for investment at the present time.

 

[thewett]

Property in Cyprus

You're not wrong there. But you're not handing out timeshare flyers so treat people on this forum with a little bit of respect eh?

If it sounds too good to be true then inevitably it is.

Cyprus is dead for at least a couple of years IMO. It'll follow the UK down the toilet and sadly there are a lot of new comers who've watched holidays in the sun or whatever on C4 and they are about to get a nasty shock and supply (esp. newly built) is about to totally outstrip demand. As an investment you'd be better off putting your money in the building society but if you like the place then maybe buy in a years time when it may have almost bottomed out... it may not recover for several years but that's no good if you want a holiday home to use. My advice steer well clear of anything off plan, with resell at least you're not leaving it in the hands of a developer who may go bust.

Sadly you are completely wrong. I am a professional investor with my own money. I do not sell Timeshare or promote other properties where i have an interest.
Since you think that the banks and building societies are so good even after the 50billion bailout I respectfully suggest you put your money into an account with the NORTHERN ROCK. watch it grow!!!!!.
Have fun investing but better to leave it to the professionals, you are obviously an amateur and I would not like to see you loose your money. Please do not bother to answer this message.
Have a nice day.

 

[Gashead]

Don't post on a message board and tell someone not to reply, that's the whole point fo them, to encourage debate. We'll see what happens in the next year.

And as for the difference between amateur and professional investors. Do you mean a professional risks more? Knows more? Risks a higher % of his or her assets? Is self employed? Chooses hisgher risks? What's the difference??? To say I am 'obviously an amateur' does you a discredit. I suspect I have delivered (in my capacity as commercial manager for one of the worlds largest project management and construction companies) more residential and hotel space in the last 2 years alone than most people will ever deal with in their entire life. Then again I may be 'completely wrong' again. But when I use my own disposable income for property investment be assured I treat it with as much, possibly even more, care than I do in my day job.

So as I said, please treat people with a little respect and you and the rest of us may learn something from each other.

 

[thewett]

Don't post on a message board and tell someone not to reply, that's the whole point fo them, to encourage debate. We'll see what happens in the next year.

And as for the difference between amateur and professional investors. Do you mean a professional risks more? Knows more? Risks a higher % of his or her assets? Is self employed? Chooses hisgher risks? What's the difference??? To say I am 'obviously an amateur' does you a discredit. I suspect I have delivered (in my capacity as commercial manager for one of the worlds largest project management and construction companies) more residential and hotel space in the last 2 years alone than most people will ever deal with in their entire life. Then again I may be 'completely wrong' again. But when I use my own disposable income for property investment be assured I treat it with as much, possibly even more, care than I do in my day job.

So as I said, please treat people with a little respect and you and the rest of us may learn something from each other.

No disrespect meant but obviously you have a problem with this word and the meaning of it!
The forum is more for investors of their own money. Your previous profesional experience is of no interest as it bears no relation to this topic. I am not adverse to risk and take risk all the time. 50 properties in Liverpool. bought and sold at a very healthy profit before any gearing, however the subject matter is Cyprus. You can make money but with the right product. Yes there are a lot of crooks but find the correct product and you will make money,. Nicosia as an example has developments offering the off plan route that will allow investors to be able to sell to locals at a healthy profit.Only 20% deposit and resold within 24 months. There might even be a guaranteed growth financial PACKAGE included for 10%,( backed by AA Insurance co ) therefore giving a 50% profit. These type of deals take time to find and RISK. Only take risk that you can afford to loose.
Are you on holiday or using your employers time to benefit your pocket!!
Have a fun day and if you want to email feel free. With utmost respect of course!!

 

[misch.chief]

If your talking rentals, personally I would go for the south every time and a slightly (biased) view is that offplan property in Cyprus is crtainly worth it. There are a lot of players in a very small place, so prices are still competitive.