St georges hills coral bay

Discussion in 'Cyprus Property' started by dplees, Oct 19, 2008.

  1. dplees

    dplees New Member

    I have paid 115,000 CYP pounds for a one bed apartment at St Georges Hills, Coral Bay.

    Could someone please tell me if I have paid too much? And is it easy to sell property in Cyprus - I should have done a lot more research before I made my decision!


    www stgeorgehills com
     
  2. Andy R

    Andy R New Member

    i think you paid a bit to much.
    i paid 143, 000 for a 3 bedroom villa with a pool nearer to paphos which was one year old in 2004.
    the one next door sold for 185k last year and the prices have gone up since then due to the euro, but how much is hard to say.
    it's a buyers market on apartments.

    it might be ok if it has a good sea view, but there are still a laod on the market.
    put it in buy & sell which is the major tool for selling in cyprus.
    at least they will give you a market price.



     
  3. Nigel Howarth

    Nigel Howarth New Member

    If it's St. Georges Hills, the Leptos development, it's at Chloraka Village.

    If it's St. George Hills, the Alpha Panareti development, I believe it's on the outskirts of Tremithousa.

    Cheers,
     
    Last edited: Oct 20, 2008
  4. Veronica

    Veronica Administrator

    Looking at the pictures on the site it is the Alpha Panareti one. It is Tremithousa overlooking the quarry.
     
  5. Lysos

    Lysos New Member

    dp,

    Did you buy off-plan site unseen ? Glossy brochure or property show ?. Rental will cover the mortgage etc. ?.

    I think you already knew that you'd been shafted, That price is way, way over the odds. In the Paphos area there is a glut of identikit 1/2 bed apartments. If. as Pippin says you have only paid a small deposit, take the loss & walk away, lesson learned.

    Go for a resale; there are lots of desperate sellers who were also taken in by agents hype .
     
  6. dplees

    dplees New Member

    i did visit the area and i thought that it seemed much nicer than the main area of paphos. it was much more rural and had character - rather than a concrete jungle, which was my impression of most of cyprus.

    what are rentals like in cyprus?
     
  7. Nigel Howarth

    Nigel Howarth New Member

    It's better to look at the long-term rental market in the suburbs of Nicosia and Limassol rather than relying on the vagaries of the tourist market.

    The number of Brits holidaying in Cyprus has been in decline for quite some time. Figures just released by the Cyprus Statistical Service showed that 157,863 Brits visited Cyprus in September compared with 178,664 in September 2007 - a drop of 11.6% - and the number of Germans and Greeks holidaying here have also dropped -2.4% and -3.5% respectively.

    But in a more positive note, the number of Russians & Swedish tourists are up. (But note that Russians seem to prefer Limassol and Scandinavians the Ayia Napa areas)

    But although the number of tourists from the UK has been declining, the number of holiday homes being built has been accelerating - the consequence is that there's an oversupply of holiday apartments & villas with too few tourists chasing too many properties.

    Regards,
     
  8. Veronica

    Veronica Administrator


    There is a glut of short term holiday rental properties with to few hoilday makers these days.
    However we are finding that we are getting a lot of enquiries for long term rental as an increasing number of people are now wanting to rent for a year or two to see if Cyprus is right for them before they buy and we find it hard to satisfy the demand.
    Long term rentals dont earn you as much money but they are much less hassel.
     
  9. Gashead

    Gashead New Member

    I paid Cyp 95k for a 90m2 2 bed sea view apartment with a balcony and a 45 m2 terrace in Kapparis 18 months ago, it's probably worth 115k now so it sounds to me as if you paid too much.
     
  10. innocent1

    innocent1 New Member

    I bought a property at the St George Hills site through Roseberry Holdings and the developer Alpha Pannetti. It is a 1 bedroomed ground floor apartment in Nessia House.
    Both Paphos town and the beaches are about 15 minutes drive from the property.The airport is about 30 minutes away.
    The project is set in an area of outstanding natural beauty, with panoramic views across open farmland and forest to the sea, from Paphos right round to Coral Bay.
    The price we paid was£103.000 (Sterling). I was aware that we could have bought a property that was larger and almost certainly cheaper.
    But the reason we made this choice was the village resort will have 7 outdoor pools and 1 indoor, a Gymnasium with Jacuzzi, tennis and squash courts and even a jogging track. The village will be home to a range of small shops, including a beauty therapist, a mini-market, bank with ATM, a taverna and there will be a children’s play area, even a small chapel, which is already built. A Clubhouse with restaurant and bars will be available to all owners and their guests throughout the year.
    Buying a stand alone property was not for us as it can get tedious if not lonely if you are not part of a 'club'.
    We have an excellent rental package in place and look forward to taking posession on September 1st 2009.
    We paid the price we did because we got in on the ground floor when we bought it in April 2006. Overall I am very happy with the property and the way the we have beentreated by the the developers.
    Ken.
     
    Last edited: Feb 3, 2009
  11. grumpy001

    grumpy001 New Member

    , I hope not literally as you will have very little views. Its one of the few complexes we have not recommended to anyone.

    It is also so remote that any holidaymaker is going to feel and be very exposed in the middle of nowhere, yes some people like solace and peace on a holiday, however 7 pools and all the extras will put paid to that.

    Its just one of these complexes where you feel its over priced, over sold, and just in general uncomfortable with it.

    Theres a great selection of new and resale properties about which can be had at great prices (£115000 cyp is way too much).
     
  12. Veronica

    Veronica Administrator

    Have you actually seen the development? If so how can you describe the area as one of outstanding natural beauty?
    Have you been told (in writing) what your communal charges will be? With all of the facilities that are supposed to be there your community charges will be high.
    It is also not unheard of for many of the promised facilites never to materialise.
    Also no one, no matter who they are can guarantee rentals, especially in this current economic climate.
    Also as grumpy says unless you have a frontline property you will not have any sea views on the ground floor. In fact you will be lucky to have any views worth mentioning.
     
  13. grumpy001

    grumpy001 New Member

    Pippin, you missed out the word 'sky' from before the high.
     
  14. Veronica

    Veronica Administrator

    tut silly me:D;)
     
  15. Rob Mc

    Rob Mc New Member

    Hi All,

    I also acquired a property at St George's Hill in 2006.

    The apartment referred to by Ken will have excellent sea views as it is a front line property within the second phase of the development. This stage of the development is presently at the foundation stage and is situated to the left of the present development (if standing facing the coastline) on the side of the hill.

    The area below the development is hardly a 'tip'. Yes, there are a number of items that appear to have been dumped below the property, however, I understand that a new access road will be built below the property, which will hopefully lead to the removal of this rubbish. Notwithstanding this point, when looking from the development your eyes are drawn to the beautiful sea and coastline. I would not have noticed the 'tip' if I had not previously read about it on this thread.

    I last visited the site with the developer a week ago and was delighted with the progress that is being made. The view down towards the sea is excellent and I have no problem with its proximity to Tremithousa. I like the mixture of on-site amenities (which are described in the contract of sale and therefore will be provided) and locality to a 'proper' rural Cypriot village. Tremithousa is hardly inaccesible though as it is minutes away from the main Polis to Paphos road.

    I have also acquired a ground floor property in phase 2 of the development and will have a sea view. Of course the idea of year round rentals is ludicrous (as it is in most of Paphos) but I have invested in a property that I know that my family and I will enjoy for years to come. I am under no illusion that the property will pay for itself with rental income and entered into the purchase on that basis.

    The communal facilities will mean a higher than average management charge, however, as is so often the case with this type of development, the management of the site will be properly looked after by a management committe that will consist of residents of the site.

    I am really excited about the prospect of being able to use my apartment at St George's Hill and continue my love affair with the country of Cyprus (and particularly the region of Paphos).

    I felt the need to add to this thread to show that there are potential holidaymakers and investors that will enjoy the St George's Hill development.

    As an aside, Pippin, I regularly review the website of Elysian Fields Properties (which I assum that you are involved with) for re-sales and notice that you are offering a studio apartment for sale on St George's Hill for a price in excess of the price that I paid for a 1 bed apartment. Do your client and potential purchasers know of your feelings in respect of this development?

    Rob
     
  16. Veronica

    Veronica Administrator

    If we have anything for sale on that development it is through an associate and it has slipped past us.
    I will investigate it and if we have indeed got anything for sale on that developement it will be removed immediately.

    Regards Veronica
     
  17. Veronica

    Veronica Administrator

    RobC

    Thank you for pointing it out, we have indeed let one slip past us,
    It has now been removed from our website.
    The reason we did not realise it was on that development is because it came to us as a resale from an associate and therefore the developers name was not given to us.
    Having looked more closely and read the details we realise it is on St. George Hills development and as everyone by now knows our feelings about this development I am very grateful to you for pointing it out to me.

    Regards Veronica
     
  18. grumpy001

    grumpy001 New Member

    Hello Rob Mc, Its certainly not my job to come to pippins defense (big, ugly etc come to mind), however often when taking properties from 3rd parties it is difficult to keep an eye on them. Sadly trying to manage the unrealistic expectations that some clients have for their own resales is a nightmare. For instance we often are offered resales by customers who were told by the developer they would be buying for 100K and sell for 140K immediately and thats just not the case. The mortgage can be 100K, property value 90K and a client wanting to sell for 140k+, so there has to be a balance drawn.

    Hopefully this current period of uncertainty will bring more sensible prices and a return to a 'normalised' market, with normal prices and 'normal' selling techniques. The era of the massive marketing companies has I hope disappeared from these shores (certainly for the time being), to be replaced by better practices.

    The management committee you refer to can and may take years to establish, if ever, and fees considerably higher than average. Remember you will also probably be responsible to pay the early years communal fees back to the developer during what appears to be the free period. This normally happens when a committee takes over.

    I do not have any objection to you buying and defend your rights to do so, however it is not a complex I like, the location and too many of the facilities have been misrepresented to too many people, so where a complex is sold like that its a recipe for future disaster.

    Good luck Rob Mc.
     
  19. Universaldave

    Universaldave New Member

    The theory behind St George Hills is good in that you are not just purchasing an apartment along with 40 others all sharing a hankerchief sized swimming pool. What you are getting is a whole host of amenties which should appeal to both permanent residents and renters alike. However I would not boof my plane ticket for a sSeptemebr delivery just yet. There has been a lot of rain in paphos this last month and construction on mosts sites is now welll behind.
     
  20. Veronica

    Veronica Administrator

    I wouldnt bother to book flights until September 2010:(
     
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