adamshaw Posted April 28, 2006 Share Posted April 28, 2006 Hi there, new member here as i have only just found the site. So Hi to everyone. I have read the post on cyyprus as i am currently considering purchasing a property overthere. However having read the post i am now unsure as there are alot of developments at the moment like people state. Do you guys think it is a worthwhile investment at the moment or will the market crash. i thought with BuySellCyprus launching on TV prices would increase furthur, however now i am unsure! Also what will happen to prices if cyrpus were to join the Euro in 2008? With all the developments now, is Supply due to be in excess of demand? Thanks for your advice Adam Quote Link to comment Share on other sites More sharing options...
mikey27061 Posted April 28, 2006 Share Posted April 28, 2006 Hi there, new member here as i have only just found the site. So Hi to everyone. I have read the post on cyyprus as i am currently considering purchasing a property overthere. However having read the post i am now unsure as there are alot of developments at the moment like people state. Do you guys think it is a worthwhile investment at the moment or will the market crash. i thought with BuySellCyprus launching on TV prices would increase furthur, however now i am unsure! Also what will happen to prices if cyrpus were to join the Euro in 2008? With all the developments now, is Supply due to be in excess of demand? Thanks for your advice Adam I bought in Northern Cyprus in January 2 bed bungalow 100 yards from the beach for £42 k the same prperties are now selling for £52 k http://www.evergreendevelopments.com/ Quote Link to comment Share on other sites More sharing options...
dogbox Posted April 29, 2006 Share Posted April 29, 2006 Hi there, new member here as i have only just found the site. So Hi to everyone. I have read the post on cyyprus as i am currently considering purchasing a property overthere. However having read the post i am now unsure as there are alot of developments at the moment like people state. Do you guys think it is a worthwhile investment at the moment or will the market crash. i thought with BuySellCyprus launching on TV prices would increase furthur, however now i am unsure! Also what will happen to prices if cyrpus were to join the Euro in 2008? With all the developments now, is Supply due to be in excess of demand? Thanks for your advice Adam Welcome Adam. I spend a lot of time researching foreign property. N Cyprus still has prospects although the time to buy was 3 years ago really. Beware many investors comming unstuck despite prior legal permission Greeks are reclaiming thier property. S Cyprus is not an investment, too overdone too much supply. As an example S Africa is now peaking and as a result of oversupply the rent yields are not sub 4% so investors our now leaving the market. Cyprus will soon reach this point. Also you must consider yield not just capital growth. Cyprus doesnt have a sufficient winter demand to drive yields. Morocco is this years hotspot for me. Dubai developers have picked Morocco as thier latest target with companies such as EMAAR investing £19.1bn. Huge projects are underway including Marina Du Casablanca and Saidia. The Med coast in particular (not so much the Atlantic) is set to become a 12 month destination so rent yields will be good and capital growth will be v high. To ensure you get good growth and good year round yield (which drives growth also) you need a large development with year round facilities. Only 'Saidia' meets this. If you want to amke money you need to get into markets early. Dubai, Cyprus, Bulgaria et al, were all markets of 5 years ago. Many people are reporting difficulty selling in Dubai and Bulgaria due to vast oversupply. The Saidia site is a vast self contained site but there is a limited amount of property and no more will be built. The up market tone of the site will draw big money (Gucci and many other up market brands are opening shops on site) as will the 800 berth marina. Once the property here is sold, thats it, no more access to this most prestigious Moroccan developmet. There will be another prestigious development a hundred miles away (again like Saidia part of the Kings PLan Azur), but Im hearing the property there will be double the cost of Saidia due to the Saidia property selling so fast. In fact Im paying 3 x less than the prices Im hearing for the other upmarket site planned! Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 2, 2006 Share Posted May 2, 2006 Depends what you want it for. As an 'investment' I would advise against right now. Lots of empty developments here and more being built. Lots of 'For Rent' and 'for Sale' signs. Rents are falling, a new two-bedroom flat in Limassol, Nicosia or Paphos now rents for around 350 CYP a month. Slightly lower in Larnaka and Protaras/ Ayia Napa area (due to chronic seasonality) Older apartments in range of 250-300 CYP Friend of mine is trying to rent her flat out right now. Its 7 years old in a small family block, 10 minutes walk from the beach and shops, and in bloody good nick - parquet- new kitchen - the lot. However she is struggling to get more than 280 CYP. Property here does not seem to be a good bet right now, I think it will tank but so far things seem stable. God knows why -tourist arrivals for 2006 so far have been the worst in 5 years, and since we joined the EU Cyprus has become VERY expensive. However, if you decide to go ahead, I can direct you toward three empty developments in Limassol which have sat unsold for nearly 18 months. Perhaps they will give you a good deal. Quote Link to comment Share on other sites More sharing options...
adamshaw Posted May 2, 2006 Author Share Posted May 2, 2006 Depends what you want it for. As an 'investment' I would advise against right now. Lots of empty developments here and more being built. Lots of 'For Rent' and 'for Sale' signs. Rents are falling, a new two-bedroom flat in Limassol, Nicosia or Paphos now rents for around 350 CYP a month. Slightly lower in Larnaka and Protaras/ Ayia Napa area (due to chronic seasonality) Older apartments in range of 250-300 CYP Friend of mine is trying to rent her flat out right now. Its 7 years old in a small family block, 10 minutes walk from the beach and shops, and in bloody good nick - parquet- new kitchen - the lot. However she is struggling to get more than 280 CYP. Property here does not seem to be a good bet right now, I think it will tank but so far things seem stable. God knows why -tourist arrivals for 2006 so far have been the worst in 5 years, and since we joined the EU Cyprus has become VERY expensive. However, if you decide to go ahead, I can direct you toward three empty developments in Limassol which have sat unsold for nearly 18 months. Perhaps they will give you a good deal. Thanks for all your advice guys. I did like the idea of cyprus mainly for a holiday home. However i do not which to purchase somewhere if i will not make any money on it. (does not make financial sense - i may aswell just holiday two - three times per year) I was looking at a couple of apartments in Protaras originally, but 65k CYP pounds did seem high. www.buysellcyprus.com, development 2850 http://www.buysellcyprus.com/nqcontent.cfm...ting_codes=2850 If you have the details of those in limassol mate that would be good. It may well be worthwhile me looking anyway as there is no harm in that. I am also travelling over towards the end of may. However judging by your guys opinions i am now starting to think against investing in cyprus, although it would be good for a holiday home. Also thanks for the advice on morroco, i will also take a look there. I am ideally looking for somewhere as a holiday home but with investment rewards (like everyone else i suppose) Thanks in advance for your comments Adam Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 4, 2006 Share Posted May 4, 2006 Hi Adam Sorry for my late reply - I was travelling. Youpis Developers have a complex in Limassol behind the seafront Mcdonalds -about 22 detached villas with pools - only 3 sold. They have been on the market for over 18 months with very little interest. Am trying to find a web link to this development but no luck so far. Anyway its easy to find. In the same area is the big Athanasiou complex which i suspect is also undersold- although I have no proof. It just always looks empty. Galaxia Estates also have an unsold complex of apartments and villason the seafront next to Molly Malones - about 10 sold out of 30 I think. Call them up - I know the owner, I spoke to her recently and she was telling me how nothing is selling and how they are experiencing cashflow problems. Might be worth a look. I think we are on the cusp of a crash but nobody I speak to agrees - they think prices will stagnate and maybe even rise further. Maybe I am wrong but I dont think so... we had a massive stock market bubble here in 1999-2000 which burst and took many people under, and this looks like it might go the same way. At the end of the day, you pays your money and you takes your chances the east of the island suffers from chronic seasonality. ayia napa/ protaras/ paralimni are empty during the winter months. better for investment might be Limassol and Paphos as they have activity year-round ...? Have you spent much time in Cyprus at all ? Quote Link to comment Share on other sites More sharing options...
dogbox Posted May 5, 2006 Share Posted May 5, 2006 Also thanks for the advice on morroco, i will also take a look there. I am ideally looking for somewhere as a holiday home but with investment rewards Adam Adam, I am not only buying for investment, Morocco is a 3 hour flight and the beaches are vast unspoiled playgrounds, not too mention all the exotic Moorish culture! I will use year round given the unbelievable facilities and mild winter climate. Low cost airlines are clamouring for the routes. I think Ryan Air start flights to Oudja (closest airport to Saidia) this summer. Current transfer time is 35 mins but the Yanks are building a new highway so transfer time is to be cut to c23 minutes. Again Saidia is an up - market 'total resort' not to be compared with other current Moroccan developments. Some big name retialers and hoteliers have bought space on the resort, and they will have done thier homework. Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 6, 2006 Share Posted May 6, 2006 Recent article in one of the property journals: Cyprus property market sees 2005 slowdown5 May 2006 Antonis Loizou, FRICS The year 2005 has gone by without any major changes in the Cyprus property market. Prices have shown a reduced speed in increase, mainly due to the increased property purchase cost. The increase in prices/cost has lessened the buyers' possibilities including both local and foreign ones. Yearly percentage increases: 2002-2003: 25-30 per cent per year 2004: 10 per cent 2005: 5 per cent In particular, the foreigners' interest has dropped by around 20 per cent during the year and the demand has been mainly based on sale prices rather than the location. So we notice that foreign investors have turned their interest from Paphos (the most expensive district of Cyprus) to Larnaca (the lowest-priced one). The reduced speed in price increase in Paphos was mainly due to the reduction in prices (mainly for houses appealing to foreigners) in the form of either increased commission (8-10 per cent in comparison with other districts - at 3-5 per cent) or by including in the selling price - i.e. fixtures and fittings, discount from the advertised prices and delayed payments. This reduction was due to the highly-priced properties in Paphos in comparison with other districts, as well as the steady increase in property supply, while the up till then 'sleeping'- Larnaca district has offered highly attractive property prices around 15-20 per cent lower than the ones in Paphos and 10 per cent lower than the ones in Limassol. In general lines, this year could be characterised as a year of stability, with prices showing an increased trend, not exceeding 5 per cent though, while in certain areas there has been a drop (Paphos) by 10-15 per cent. At the end of the day, the Cyprus property market will be affected by the developments regarding the Greek Cypriot properties in the occupied areas. The way things have been moving there is a possibility that there will be an almost free property development in the occupied areas (in the event that the Greek Cypriot owners are compensated) thus abolishing the only restriction existing now, regarding property purchases in the occupied areas by foreigners. At the same time, the "recognition" of Greek Cypriot titles by the Turkish Cypriot "State" is also expected to attract the interest of both Greek Cypriot owners and others - i.e. Greek Cypriots' involvement in companies abroad - while the government's appeal to "hold back", we believe, will not have any effect. Our prediction is based on what is happening today in the casinos and the social gatherings in the occupied areas. We will be back at the end of 2006, in order to compare our predictions in relation to the real facts and we will give you the trends regarding the course of the Cyprus property market in the middle of July 2006. Quote Link to comment Share on other sites More sharing options...
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