Investing in Cyprus
Discussion
Sideways Rich said:
Absolutely, it's a minefield, having said that some of the most beautiful parts of the island are in the North. Have you invested in Cyprus Eric?
No.I haven't even been there - but I know a couple who have holidayed in the north and the south and found the north much nicer. Unfortunately, its legal status is not recognised internationally except by the Turks so any business involvement there is open to all sorts of problems.I made a good investment in Malta, much smaller than Cyprus/similar climate etc. Cost €350k in 2004 which was £230k then. Sold a couple of months ago for €750k, so with the increase in Euro strength made a profit of €400k or now around £360k 
I banked on Malta joining the EU after I bought the place which was a bit touch and go (around 54% voted for EU) and that helped boost prices since loads of EU money then came to the island.
I banked on Malta joining the EU after I bought the place which was a bit touch and go (around 54% voted for EU) and that helped boost prices since loads of EU money then came to the island.
Edited by Silver993tt on Wednesday 30th December 14:14
CrashTD said:
You have missed the boat in my opinion.
Tourism is saturated in Cyprus. It is very expensive to holiday in Cyprus and as a result nobody wants to go there.
People are going to eastern Europe, Turkey and Northern Cyprus.
I agree, particularly if you're from the UK with £££ to spend. The Eurozone is 30% more costly than a couple of years ago due to the weak £. Doesn't affect those actually in the Eurozone to anywhere the same extent.Tourism is saturated in Cyprus. It is very expensive to holiday in Cyprus and as a result nobody wants to go there.
People are going to eastern Europe, Turkey and Northern Cyprus.
Interesting opinions guys, Silver 993T congratulations on an excellent investment.
I invested in Cyprus 3 years ago and bought two off plan penthouses one of which is built (Tersefanou) and the other is being built (Limassol). Was interested to find out if any other PHer's have invested in Cypus.
I invested in Cyprus 3 years ago and bought two off plan penthouses one of which is built (Tersefanou) and the other is being built (Limassol). Was interested to find out if any other PHer's have invested in Cypus.
For any property investment abroad, particularly in the Med, you need to buy top quality properties in 'exclusive' developments. It's these places that attract the money from Eastern Europe/Russia/Swtizerland etc. This is what keeps prices growing and acceptable levels and also restricts the availability to potential buyers (due to much lower numbers of such properties). There are lots of apartments for sale in Malta but most are rubbish and take ages to sell. There are 2-3 top developments with private marinas/private security etc. It's these that are worth buying. They'll need quite a bit more up front but the return is much more certain - never guaranteed but much less risk. They are also far easier to rent out to professionals which have their companies paying their rent.
Also,always buy a property that you would love to live in. Worst comes to the worst at least you can enjoy it yourself for a while.
Also,always buy a property that you would love to live in. Worst comes to the worst at least you can enjoy it yourself for a while.
Edited by Silver993tt on Thursday 7th January 16:11
CrashTD said:
You have missed the boat in my opinion.
Tourism is saturated in Cyprus. It is very expensive to holiday in Cyprus and as a result nobody wants to go there.
People are going to eastern Europe, Turkey and Northern Cyprus.
Couldn't agree more went there on holiday last year and although it was nice talk about costly! I know people living there (Cypriots & English) and they reckon this year will be very quiet on the tourism front due to the ever increasing pricesTourism is saturated in Cyprus. It is very expensive to holiday in Cyprus and as a result nobody wants to go there.
People are going to eastern Europe, Turkey and Northern Cyprus.
Eric Mc said:
Interesting legal develpments are now coming to the fore regarding foreigners who bought land and property in Northern Cyprus. It's looking increasingly likely that they will be forced to sell their investments.
Sell?? How much are they going to get for a house that is on land most likely owned by somebody else?Edited by Gareth79 on Friday 22 January 12:59
Agree with most of the comments above.
Northern Cyprus has much unspoilt areas but infrstructure is nothing as well developed as in the South.
You're fine investing in pre-74 titled land/property but find yourself a good lawyer, preferably from outside the area in which you invest or via one of the ex-pat Cypriot forums.
Yes, the south is very expensive at present due to a combination of exchange rates and the Cypriots just pricing themselves out of the market, even the wealthy Russian tourists are slim on the ground.
It is however a buyers market and one can undoubtedly get some great deals via hard negotiating.
Bid them in the ball$.
IMO it's not only top end 'new' developments, which most average Brit's cannot afford anyway but something in the first line along the beach in a good area. Nice views and a short walk to the beach will always command a few bob more.
I purchased a distress sale in Limassol's tourist area and then bid them down a further 40% with cash and 30 minutes to decide or I walk.
I had the keys in a week for £80K GBP five years ago. 3-bed, first floor with two balcony's overlooking the med.
The deals are out there.
Limassol's great due to being in between both airports, multi-cultural best beaches, coffee shops and the second largest city after the capital Nicosia.
The market is dead at present and may get worse befit gets better, but it will get better.
I'm around 2Km along this beach: http://www.apartmentsincyprus.eu/LIMASSOL%20SEAROA...
The beach is 15Km long!
Phil
Northern Cyprus has much unspoilt areas but infrstructure is nothing as well developed as in the South.
You're fine investing in pre-74 titled land/property but find yourself a good lawyer, preferably from outside the area in which you invest or via one of the ex-pat Cypriot forums.
Yes, the south is very expensive at present due to a combination of exchange rates and the Cypriots just pricing themselves out of the market, even the wealthy Russian tourists are slim on the ground.
It is however a buyers market and one can undoubtedly get some great deals via hard negotiating.
Bid them in the ball$.
IMO it's not only top end 'new' developments, which most average Brit's cannot afford anyway but something in the first line along the beach in a good area. Nice views and a short walk to the beach will always command a few bob more.
I purchased a distress sale in Limassol's tourist area and then bid them down a further 40% with cash and 30 minutes to decide or I walk.
I had the keys in a week for £80K GBP five years ago. 3-bed, first floor with two balcony's overlooking the med.
The deals are out there.
Limassol's great due to being in between both airports, multi-cultural best beaches, coffee shops and the second largest city after the capital Nicosia.
The market is dead at present and may get worse befit gets better, but it will get better.
I'm around 2Km along this beach: http://www.apartmentsincyprus.eu/LIMASSOL%20SEAROA...
The beach is 15Km long!
Phil
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