Cyprus property prices-a long shot
Discussion
I think Northern Cyprus has had much much lower prices than Southern.
If its the south, then you might get figures out of RICS Cyprus (which falls under the umbrella of RICS UK.) They started a property price index for the south recently, but howlong their records go back, no idea.
If its in the North, I guess its pretty much whatever the locals tell you.
If its the south, then you might get figures out of RICS Cyprus (which falls under the umbrella of RICS UK.) They started a property price index for the south recently, but howlong their records go back, no idea.
If its in the North, I guess its pretty much whatever the locals tell you.
You'll be lucky to recoup your money if you're looking to sell. The Greek Cypriot market is on its arse at the moment for all sorts of reasons:
(1) Locals don't buy holiday homes, they simply build on a field wherever they want to.
(2) You're relying on ex-pats, who will struggle to move to Cyprus if they're selling a UK home
(3) The days of people buying a second home are long behind us in the Era of Austerity so your market is drastically reduced
(4) Cyprus is not the retirement destination it once was, it is now dearer than the UK to live in with a strong Euro
(5) The Occupied area is now becoming available and is much cheaper and more scenic so people are buying there instead
(6) Regional variances are huge, if it's in the wrong area / village then it'll never sell.
I've got 42 villas out there and and am continuing to rent them long term, although I've currently got more unoccupied than ever before.
Rent it out, rather than sell it and go for ex-pats who are already out there, you'll get good income from it
(1) Locals don't buy holiday homes, they simply build on a field wherever they want to.
(2) You're relying on ex-pats, who will struggle to move to Cyprus if they're selling a UK home
(3) The days of people buying a second home are long behind us in the Era of Austerity so your market is drastically reduced
(4) Cyprus is not the retirement destination it once was, it is now dearer than the UK to live in with a strong Euro
(5) The Occupied area is now becoming available and is much cheaper and more scenic so people are buying there instead
(6) Regional variances are huge, if it's in the wrong area / village then it'll never sell.
I've got 42 villas out there and and am continuing to rent them long term, although I've currently got more unoccupied than ever before.
Rent it out, rather than sell it and go for ex-pats who are already out there, you'll get good income from it
Welshbeef said:
42,,, talk about all your eggs in one basket. Unless you have similar portfolios elsewhere you are very exposed - possibly "balls deep"
Good luck with that one - seriously if it works out you'll make some money lots possibly if not your finished.
I've got tons of land as well. I'll never lose it all, but even if I did it won't kill me, it was a bit of an idea that just grew.Good luck with that one - seriously if it works out you'll make some money lots possibly if not your finished.
Not sure I see the difference though with someone who has 42 properties over here though.
R1 Loon said:
I've got tons of land as well. I'll never lose it all, but even if I did it won't kill me, it was a bit of an idea that just grew.
Not sure I see the difference though with someone who has 42 properties over here though.
I'd say holiday home is pure indulgence and as such a smaller Market whereas here you need a home to live in. Not sure I see the difference though with someone who has 42 properties over here though.
Still I agree 42uk homes leveraged balls deep wouldn't be a comfortable position to be in
Welshbeef said:
I'd say holiday home is pure indulgence and as such a smaller Market whereas here you need a home to live in.
Still I agree 42uk homes leveraged balls deep wouldn't be a comfortable position to be in
They aren't holiday homes, they're let on 5 - 7 year lease to expats.Still I agree 42uk homes leveraged balls deep wouldn't be a comfortable position to be in
No debt against any of them either.
R1 Loon said:
They aren't holiday homes, they're let on 5 - 7 year lease to expats.
No debt against any of them either.
no debt nice position - however you are no doubt having to wait out for the Market to rise else crustalise the loss. Unless of course you can make more elsewhere so take the hit now. No debt against any of them either.
Problem is Greece issue and the other PIGS money is going to be tight.
But as you say you own them so no need to sell
Welshbeef said:
no debt nice position - however you are no doubt having to wait out for the Market to rise else crustalise the loss. Unless of course you can make more elsewhere so take the hit now.
Problem is Greece issue and the other PIGS money is going to be tight.
But as you say you own them so no need to sell
I didn't build them to sell them, I built them to see what they'd be worth down the line after a long time of being rented out. We're in weird times, but give it 10 years and everything will have settled down and everyone will be wondering what the fuss was about ........................... until the next recession.Problem is Greece issue and the other PIGS money is going to be tight.
But as you say you own them so no need to sell
On a different note you say you have a fair bit of inlet currently.
We might require a place last week of aug - not sure if you have villas flats or places with a pool or where they are resort we like the nicer places decent beaches quiet nice places to eat no nightlife relax in hot sun
We might require a place last week of aug - not sure if you have villas flats or places with a pool or where they are resort we like the nicer places decent beaches quiet nice places to eat no nightlife relax in hot sun
blindswelledrat said:
Good question.
I didn't know they differed.
Either/both?
Know what you're getting into then? I can sell you a lovely place in Famagusta, very quiet. I didn't know they differed.
Either/both?
I can't give you any figures, but Cyprus would probably have been a good bet in 2003. It joined the Euro a few years ago and in the run up to that and for a while afterwards property was a pretty strong investment. Last I heard it was suffering on that front, as seems to have been common elsewhere.
As for now, I wouldn't like to predict, it's hard enough to know what's going to happen here. Not a bad country to have a reason to visit every once in a while though. I wouldn't buy on the North side though.
Welshbeef said:
On a different note you say you have a fair bit of inlet currently.
We might require a place last week of aug - not sure if you have villas flats or places with a pool or where they are resort we like the nicer places decent beaches quiet nice places to eat no nightlife relax in hot sun
Sorry, but I don't do holiday lets. The villas are completely empty when unoccupied and all get a full coat of whitewash / repair as soon as the tenants leave, all pools are drained too. The whole holiday let idea is more money on paper but way too much hassle.We might require a place last week of aug - not sure if you have villas flats or places with a pool or where they are resort we like the nicer places decent beaches quiet nice places to eat no nightlife relax in hot sun
R1 Loon said:
I've got tons of land as well. I'll never lose it all, but even if I did it won't kill me, it was a bit of an idea that just grew.
Not sure I see the difference though with someone who has 42 properties over here though.
42 debt free is very impressive, I have a couple in Southern Cyprus, one of which the tenants have just moved out of (Oil employee heading home). Any tips on finding ex-pats willing to sing lengthy tenancy agreements would be much appreciated? Not sure I see the difference though with someone who has 42 properties over here though.
Sideways Rich said:
42 debt free is very impressive, I have a couple in Southern Cyprus, one of which the tenants have just moved out of (Oil employee heading home). Any tips on finding ex-pats willing to sing lengthy tenancy agreements would be much appreciated?
Let me correct my appalling grasp of the Queens above, whilst I do appreciate peoples vocal talents I did mean "sign"...
Sideways Rich said:
42 debt free is very impressive, I have a couple in Southern Cyprus, one of which the tenants have just moved out of (Oil employee heading home). Any tips on finding ex-pats willing to sing lengthy tenancy agreements would be much appreciated?
I would guess R1 will be using all his tips to fill his own places first! 
Piersman2 said:
I would guess R1 will be using all his tips to fill his own places first!
You're not wrong 
Sideways Rich said:
42 debt free is very impressive, I have a couple in Southern Cyprus, one of which the tenants have just moved out of (Oil employee heading home). Any tips on finding ex-pats willing to sign lengthy tenancy agreements would be much appreciated?
My approach is a bit leftfield, but has served me well.Get to know all the local restaurant owners, in the smaller towns outside Paphos, they tend to be the local bigwigs and know everything that's going on. Get your Mum to move out there with her partner (who happens to be minted) and get the stuck in the middle of the expat social scene. Listen, learn and pay attention to what's happening then get a few villas rented at low rates to the first few couples, but treat them like royalty.
Sooner or later the others come knocking and you get a better rent off them.
In all honesty, my Mum being over there was what got me thinking about this originally, as the expats were whingeing about their landlords etc, so I took an opportunity that was presented to me.
I started out with a small loan from my Mum's partner and took it from there.
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