Hi Karen,
Dont know when the shows are sorry,
Are you thinking of buying a property in Cyprus?
Alice

I am. Do those who have property in cyprus really think the prices are going up fast just now?

Hi Alice,
Yes we are looking to buy out there next year, just doing research now.

Fiona, look on Cyprus Living.

Karen

We signed our contract October 2003 paid £49K for 2 bedroomed apartment. Completion was October 2004 3 months late but we had allowed for that, March 2005 same size in same block asking price £75kwent for £72k

I do beleive now is a good time to buy there are lots of properties being built and George who works for an registered estate agents in Paralimni told me there are sometimes bargains to be had when a developer maybe just has the last one to sell on a project
Elizabeth

I read that when you buy property in Cyprus you are not meant to be renting it out but authorities turn a blind eye- is this the case?
Thanks Karen. I know property has gone up by 20% a year- just wondering when it stop!

Don't want to put a damper on your 20% increases, but I have been watching the market for the last few years and haven't seen a 20% increase in the Paphos area, in fact so much building has been going on in recent years that the market is saturated with new properties. Resale is becoming increasingly difficult, but not impossible. Have a look at the following site and ask the same question there: http://groups.msn.com/CYPRUSLIVING/welcome.msnw
here are a lot of people on that site who are Cypriot residents and offer a lot of good advice.
Hope this helps
Jim

Jim
You are not putting a damper on things- it is best to know exactly what is happening just now.

Jim
been looking through the forums.
Now I am completely confused!!

Hi Kazzzza,
We went to a presentation put on by Parador Properties and were quite impressed by them. They do have a comprehensive website with loads of links and may be worth a look. Wish you well in your venture.

This is my experience, I bought off plan in June 2002, I was told by the developers that prices were increasing by 20% per year, this sounded great, but it wasn't the reason I bought. I bought for the long term investment, I plan on renting it out for 5-10 years (holiday lets) hopefully in that time I will see some decent appreciation, by this time hopefully I will be looking at retiring to the sun.
In reality my propertyy has increased by 10- 15% since I bought in 2002. Certainly not the 60% the developers assured mewould be the case!!

Reading others comments on the forums, it seems to me that the Cypriot property market follows the trend of the Uk market, i.e. it is in a slight decline at the moment. This could be an ideal time to buy, if you haggle and negotiate with a developer, as supply is exceeding demand. Take any claim of a 20% increase/annum with a large pinch of salt.
Jim

when a developer maybe just has the last one to sell on a project

Like us
We bought the last in a small dvelopment of 16 with only 4 months to go until completion and got it at a very good price.
The agent we were with even wanted to put it back on the market when it was completed at 40% markup - this was before we even had the keys I think thats because there is a long lead time on new property and if people want a new property NOW, some will pay it.

Ady

thanks again Jim
The more I know from those who are living it just now, the better prepared I am. I am going to a property exhibition on Friday and feel I can "test the waters" now!
I was feeling a little under pressure to get in there now( before VAT bites) but now I can see that there really is not the pressure. I had thought that ideally I would want more capital behind me to do this but kept thinking that property would rise at a far greater rate than I could save!
(I am also looking further afield- Goa but am awaiting some answers from a legal point of view before any decisions- it seems a minefield there!!)

I think the Eastern side of the island has been seeing a good return on the investment, but just like the Paphos area this will slow down as more properties become available,

I would not recommend anyone to buy with the hope of a good rental return, Most owners I have spoke to are not getting the rentals they envisaged,
Maybe if cheaper flights are introduced , there might be an upturn in the rental market.

Unless you have a very good source for promoting rentals I would think again if you will be depending on this money to pay for the property.

Elizabeth

Hi Thanks for all the info.
I will keep looking in weekend papers. I've asked my parents to do so too.

No it is our property to live in, I will not be renting it out.

Karen

Simple answer is that there are far to many properties being built chasing not many buyers, most people would love to live in the sun but at the moment Cyprus is not too good an investment regarding making money on a property, great place like me to live, but I am not looking to make money, although I did buy a town house in Peyia it did make double it's original cost, but at the moment as Jim pointed out it is a buyers market and slow sales..

Jim CyprusLiving web site.

http://groups.msn.com/CYPRUSLIVING/welcome.msnw

Ady
thanks for the input - I did not notice it when I posted last!
to everyone -
I am now swaying away from buying in Cyprus. Mind you, I have not decided definitely yet as there may be some bargains if it is a buyers market. If you listen to the developer you would believe that property is getting snapped up and by the time your off plan buy is built you could resell at 30% profit! Input from those who live in Cyprus or who have bought has been invaluable.

Fiona..

You have to remember it is not just Cyprus in the property doldrums, because of the decline in UK the property market this has a knock on effect everywhere in the Med area at the moment, CY is the place to buy and is a good long term investment, property prices here are still far lower than Spain, and we do have an all year round climate that is at least as good as southern Spain, also Spain does has similar problems over development and fewer buyers, if you are buying it would be a long term investment, if you are buying to live the life here in CY NOW is the time to get in here, and I would personally stay well away from the developers and new builds, buy pre-owned every time, you get all those expensive extras and you do get to see what is or has been built around you..very important..anywhere you should buy!

Jim

http://groups.msn.com/CYPRUSLIVING/welcome.msnw

also look at this for a large selection and not one developer or agent involved saving you at least 5% in commision fees....

http://groups.msn.com/cyprusliving/housesforsale.msnw