1st Time Buyer Maybe Buying Apartment In Cyprus Help Please

Leon_Telford

I've seen a property I like the look of abroad to spend time and rent out when I'm not there : -

http://www.cyprusprop.com/advanced-search/p_id/10178/

Is the property I'm interested in, I make around £16,000 per year however am a first time buyer so don't think the mortgage would be a problem.

Anyone else bought a property like the one above?

Ian_W

Have you visited this resort?
Have you viewed this development?
Do you know the tourist rental market in Cyprus?
Do you know what taxes you will pay to buy?
Do you know what costs & taxes you will pay annually?
Do you know how much you could borrow from a Cypriot bank?
Do you know what deposit the bank would expect from you?
If off-plan does the developer have any bank guarantees?

There are probably more questions than that - but if the answer is "NO" to any them you need to do a hell of a lot more research including site visits.

We owned a holiday apartment in the Canaries for 8yrs which was a huge success for us both in terms of rental income and capital appreciation. However, we'd visited the resort half a dozen times, knew the property and letting market quite well and had friends who already owned there. Even so it took us 3 visits to find the right place.

Oh, and the friends still own an apartment and over the last couple of years have seen bookings drop from 40+ weeks a year to about 20 due to the recession and £/€ relationship. And they're established with repeat visitors. I'd say it's buyer beware x 2 when considering overseas property, particularly if you haven't owned in the UK.

Fire_Fox

And ....
Can you speak/ read Greek?
Is there a middle man or are you buying directly from the developer?
Are you certain this development has planning permission?
Do you have a UK based conveyancing solicitor who understands Greek law?
Do you have enough money for several visits to Greece during the build/ purchase?

socrates

Leon_Telford wrote: »

I've seen a property I like the look of abroad to spend time and rent out when I'm not there : -

http://www.cyprusprop.com/advanced-search/p_id/10178/

Is the property I'm interested in, I make around £16,000 per year however am a first time buyer so don't think the mortgage would be a problem.

Anyone else bought a property like the one above?

I am from Cyprus (Greek) - the recession is just beginning there in full effect.

They have priced themselves out of the market both flights and prices for tourists on everything - hotels and villas/apartments are @ 40-45% occupancy.

Apartment prices especially are falling through the floor - now is NOT the time to buy in Cyprus.

Furthermore you will not have any deeds for this property as the developer will still owe money against the project - you may never get deeds - there are currently 30,000 people who live in properties they have bought and paid for without deeds.

10,000 or so are foreigners the others are locals.

Nice place to go on holiday but Napa is very very quiet this year.

Simple answer:

DON'T DO IT

mlz1413

agree with all above my mum has bought in cyprus but it took years for her to find the right place and then there has been a problem with the management co as the rules were not written in stone the tenants have argued about what they are prepared to pay towards the maintenance costs - scary!

Leon_Telford

Learning Greek as we speak. :-)