Overseas investment - Cyprus(Southern)

Anyone on here have any experience of investing in the Southern half of Cyprus. I'm led to believe that there is a great chance of making good profits in the next 5 or so years. Or is this just "Sales" talk ?

PAUL,

My uneducated guess is that it is sales talk.

I went to the Property Investors Show and met many people selling overseas property (inc. Cyprus). I very much felt that I was being given the sales pitch. These people are in the luxurious position of knowing that we can't argue with price, area, rents, legals etc etc.

I decided like another poster on this forum to stay in the UK as I understand this market.

Apologies for being so pessimistic.

Cyprus seems filled with rogues. Wouldn't touch this s%*t with a barge.

I am interested in Cyprus too. I read the following recently, but does it apply to private landlords, and what are these controls? Do they apply to multiple residences?

Am struggling to find answers!

"An agreement has been signed with the European Union which stipulates that the acquisition of secondary residences by European Union citizens remains subjected to controls until 31st December 2007"

Is there no value left in the North then?

I have spoken to a couple of people recently developing in the North so there must be a market out there, no?

I have invested in Southern Cyprus and so have several of other investors. It's true that there a few rogues out there, but there are rogues here in the UK too.

If you are serious about investing in Cyprus I can put you in touch with a reputable UK based developer who has quality properties for sale in the prime regions of Southern Cyprus.

Ps.. Heres a snippet from a magazine that I've taken the liberty to include:

"A Place in the Sun", the UK's best selling overseas property magazine says in its February 2005 edition: "Cyprus is currently experiencing the beginning of a property boom as it becomes more and more popular with British buyers, after Spain and France. Property for sale offers excellent value for money so its popularity isn't surprising. After all, how many of us regret that we didn't buy that bargain property in Spain a few years ago, before prices shot up."

Pps.. For your own peace of mind, if you are serious about investing in Cyprus why not meet with several other investors who have not only invested in Cyprus for profit but are also looking to buy a home to live in out there, send me an e-mail and I'll put you in touch with them. My e-mail address is roger.moroney@gmail.com

Hi Roger, just read your posting re Cyprus. I was out there looking at property north from Paphos via Coral bay to the NW peninsula. I needed more time really but I know from friends living there that prices are rising pretty quick. I'm hoping to go out again Q2 this year for another look. Bearing in mind the scale of developments I can see a lot of people buying and then struggling to get enough rental income. I'm also trying to decide whether the typical 3 bed villa with pool is more viable than a smaller unit with shared facilities & pool. I'm looking for reasonable net rental return with some capital growth (aren't we all) but primarily I want subsidised holidays to visit and entertain family and friends early and late in the season (april and Oct say)with prime rental time earning income. Since you have already invested there can I please pick your brains for opinion and experience?

Whereabouts have you invested? Where would you favour for maximum rental potential? What type of property do you think offers best rental potential? Do you think a 4+ hour flight reduces rental prospects compared to say a 2 hour flight destination?

Any thoughts gratefully received, All the best, Paul.

Yes - be interesting to know flight time? Average cost of flights (and are these trending up / down)?

Also, is climate there for year-round letting, or is it seasonal?

cheers

John

I have invested heavily in Cyprus. Of course there are rogues there, but there are everywhere you look. Actually if you are looking at investing abroad, if you do your homework, Cyprus is one of the most investment friendly places with great return on investment. All of the property law in based in UK law, everyone speaks English, my contracts have all been in English and they even drive on the same side of the road! If you use a licensed agent, a bonded developer (which most are not) and a reputable lawyer then you will substantially reduce your risk.

I'm hoping to get close to 100% ROI this year (I'm actually hoping for more - but trying not to get carried away), and I have good reason to believe that conditions will stay the same for several years.

If anyone is interested in any details of the investments that I have done, or similar, I am happy to supply details. Please let me know you name and email address and I can send information to you.

Paul Dawsey pauldawsey@hotmail.com

To answer some of your specific posts:

There is no limitation on the numbers of properties EU citizens can buy in Cyprus (as a UK citizen I have bought several, with no additional paperwork).

Cyprus is the sunniest island in the Med - 340 days sunshine / year.

It is a 4+ hour flight. There are 2 international airports in Southern Cyprus, with the number of flights going into Paphos increasing rapidly. There are no 'super cheap' options at the moment - you'll be lucky to get a flight for less than £200, but it is possible. There might well be a cheaper option in the pipeline, but this is unconfirmed as yet.

My judgement on Northern Cyprus is that it was too risky. This is because a lot of Greeks in the South still beleive that they will get the land that they lost in the North back one day. If they do, even if you've bought property on it, you'll lose it all. It is unlikely, but it is a risk I wasn't prepared to take, especially as the returns in the South are so good.

Sorry for the late response, I've not logged on here for a while so hope it's not too late to answer some of your queries.

Many investors are out there for the capital growth. Prices are rising all the time, and have been rising 10-15% pa for the past 3 years. This is expected to continue for the next 5 years, then the market will have peaked so the key is to get in now while there is still a great chance for capital growth. With regards to rentals, I have not investigated ther market fully as my strategy currently does not include rentals. However having said that, my contact out there is guaranteeing 7% return for 7 months of the year on certain developements which are primarily villa's.

The areas that I have concentrated on are Paralimni, Derynia and Kapparis (the Famagusta region). I've looked this region in particular as when the barriers come down after the re-unification (predicted 2007-08) there will be a massive boom in the area because of the Famagusta knock on effect. Famagusta will be regenerated (it's a ghost town at present) and this is fantastic opportunity for capital growth. Papos I've not looked at because it's a bit pricier and theres less room for growth. Not to say it's not a worthwhile investment, it just doesn't fit in for me at present.

The flight time to Cyprus is 4 - 4.5 hours from London. Hope this helps. Regards

Roger RJM Properties (Cyprus) Ltd RJM.Properties.Cyprus@Gmail.com

Ps.. Don't touch Northern Cyprus. It's far too risky and there has been a recent court case where the purchaser of a villa has had to pay substasial costs to a Greek landowner, as well as demolish what they'd built at loss.

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.

If you are interested in attending these seminars, please drop me a line to:

rjm.properties.cyprus@gmail.com

I will reserve seating for you subject to availability (seating is limited so I will have to confirm this before I reserve).

Alternatively book yourself onto an investment weekend, running approximately every 6 weeks where accommodation (in quality hotels, Larnaca, Ayia Napa and Paphos) and meals are provided, all you pay for is the flight. E-mail me for dates and availability.

I hold information and literature on all developments on offer and can meet, or forward any documentation onto anyone who is interested beforehand.

Best regards

Roger J Moroney RJM Properties (Cyprus) Ltd RJM.Properties.Cyprus@Gmail.com

We have a free seminar taking place next wednesday (25 May) in London. The seminar is free and runs through the economics of investing on the island as well as the right areas to invest in.

Seating is limited and needs to be reserved in advance. Email me to reserve a place - rjm.properties.cyprus@gmail.com

www.freewebs.com/RJMProperties

New seminar date: Tuesday 24th - Londons West End (starts 7pm prompt) e-mail me to reserve seats

We are looking to invest in the a cyprus proprty with the possibility of moving there in 2 years time can you give me any hints of links to reputable developments that can give us the rental return we will require.

Lyn,

We have property available in Protaras region that are offering a guaranteed 7% summer rental (7 months) for 2 years from the developer. All property comes as standard with white goods, air con and swimming pool or jaccuzzi spa. E-mail me at rjm.properties.cyprus@gmail.com for details or visit www.rjm-properties-overseas.com

Regards

Roger

I have spent alot of time looking into Investments in Cyprus for my clients and have found a company that is both supportive and offers a full service. End to End process from buying off plan to furnishing the property and letting it out (even food packs for new guests)

The developer works closley with a Manangement Company (UK & Cyprus based) and a major bank in Cyprus, they can offer very low rate capped mortgages upto 75% for the term of a mortgage. English speaking Solicitors are avialable to help with the transacttions and both UK and Cyprus customer support is avialable.

The properties are high quality, aimed at invetors looking to maximise buy to sell or letting potential. Built just outside of Paphos with 4 outdoor pools, 1 heated in door, Gym Sauna, restuarant & bar, tennis court etc, these properties will attract customers.

From 55GBP for a Studio, upto 150GBP for a 3 Bed Maisonette, with 2 beds and Penthouses in between, they have Air Conditioning and are finsihed to a very high standard, these are very affordable.

If anyone would like more information on this development, please let me have your email address and I will send you information. email: homeloan@btinternet.com

Chris

Cyprus is still the in place to invest in Europe. The ROI on a property that has had a recent valuation has gone up by a whopping 99% in just 2 years, and thats based it on the lowest valuation.

roger@rjm-properties.com Web www.rjm-properties.com

Hi guys,

Any more seminars coming up? Where do they take place? I'm in Rotherham.

Thanks,

Bob

Bob.. Seminars are now finished for 2005 (will possibly start again in Feb 2006) but if you want details on properties let me know. Drop me an e-mail to roger@rjm-properties.com

8% pa rental gurantee is now available in Cyprus.

80% LTV finance also availble.

Please contact me for further details.

Paul Dawsey

0800 019 8835 paul@thepropertyinvestmentshop.com www.thepropertyinvestmentshop.com

I have just become aware of a very interesting development in the west of Cyprus - apartments that are available within a hotel complex.

The apartments start at CYP £40,000 inclusive of furnishing with a £5k deposit and the remainder due in March of next year. Owners are able to use the hotel booking system to let their apartments out, plus all of the other facilites of the hotel. The apartments are ready now, so you can take it immediately and let it through the Hotel booking system before the March payment. Up to 80% LTV mortgages are available.

If anyone is interested then please contact me:

Paul Dawsey 0800 019 8835 paul@thepropertyinvestmentshop.com

Paul, would you please reply to my email.

Regards, Malik

Hi Malik,

I've just been travelling for a couple of weeks, but I've checked my emails and I don't think that I got an email from you. Please resend and I'll be happy to respond.

Many thanks

Paul 0800 019 8835 The Property Investment Shop paul@thepropertyinvestmentshop.com

Cyprus seminars and investment weekends are to begin in Feb 2006. The seminars are packed with free information regarding investing in Cypriot property and are highly recommended. Email me for advance reservations. Regards Roger overseas@rjm-properties.ocom