Cyprus-Forum.com

[Z4]

But when you see them coming up on Ebay, you know something is not quiet right. The market is flooded at the moment, too many rentals and not enough clients, IMO.

Purdey, how is your development coming on in Pissouri?

[purdey]

Nothing will be happening there for a while Simon, so you won't have too look into my toilet yet. As for your place, all ok now ? I understand there are still a few minor niggles.

[purdey]

Me thinks I misread your comment. A little sarcasm maybe. IMO, you have a good product in an area that is neither busy or quiet. I believe all the properties on your developement were sold as Buy To Let, which seems to have been the way forward.
IMO, once family, friends, and their friends dry up you have to market the property to a wider market, this genrally happens after two seasons. You are then in direct competition with travel companies and the wider Buy To Let brigade, which is when the realities of keeping a property in another country start to affect the pocket.
As the market is flooded you then have to be able to offer competitive prices or a property that stands out against the others. Or you may wish to join a travel company or create your own website. Travel companies will hit your profits very hard, and a website will put you again in a very competitive market.
As we said on another thread, the developer never loses out, the client is the one taking all the risks, and I believe Buy To Let in Cyprus is a huge gamble.
I hope you proove me wrong Simon.

[roseandchan]

just been looking in the uk.on rightmove,looks grim to me some places i think have dropped about 25k since i last looked.

[Z4]

Me thinks I misread your comment. A little sarcasm maybe. IMO, you have a good product in an area that is neither busy or quiet. I believe all the properties on your developement were sold as Buy To Let, which seems to have been the way forward.
IMO, once family, friends, and their friends dry up you have to market the property to a wider market, this genrally happens after two seasons. You are then in direct competition with travel companies and the wider Buy To Let brigade, which is when the realities of keeping a property in another country start to affect the pocket.
As the market is flooded you then have to be able to offer competitive prices or a property that stands out against the others. Or you may wish to join a travel company or create your own website. Travel companies will hit your profits very hard, and a website will put you again in a very competitive market.
As we said on another thread, the developer never loses out, the client is the one taking all the risks, and I believe Buy To Let in Cyprus is a huge gamble.
I hope you proove me wrong Simon.

WOW, where did all that come from Purdey? Why was I being scarcastic I only asked you how your project was coming on

We have a few small issues with the complex. The cracks round the pool are not good and there are a few other things which are not finished off yet.

You should never buy a property with the idea you will rent it out to pay the mortgage it will never work and it is a very risky thing to do

[purdey]

Appologies Simon.

[Z4]

Appologies Simon.

No problem Purdey

[Z4]

You are right though. Many apartments on our complex have been purchased as Buy-to-Let. This is very risky if the owners are looking to re-coup their mortgage from rentals. Buy-to-Let is much more safer here in the UK than CY. We had one for 12-18 months are our house was rented during that time. Holiday-Buy-to-Lets are different!

[Nikitas]

Some things about this "developing" thing has me confused.

Buying in places like Cyprus is primarily a vacation-retirement destination. The value of such property lies in large part to the UNDEVELOPED land which surrounds the "developed" area. Cyprus, as far as I know, has no incentives for the retention of undeveloped, ie natural land, around developed parts. In other words Cyprus, like Greece, and other places in the Mediterranean region, has no zoning laws. In effect you can buy in the country today and end up being surrounded by concrete "developments" in five years time. So why buy?

[pantheman]

Some things about this "developing" thing has me confused.

Buying in places like Cyprus is primarily a vacation-retirement destination. The value of such property lies in large part to the UNDEVELOPED land which surrounds the "developed" area. Cyprus, as far as I know, has no incentives for the retention of undeveloped, ie natural land, around developed parts. In other words Cyprus, like Greece, and other places in the Mediterranean region, has no zoning laws. In effect you can buy in the country today and end up being surrounded by concrete "developments" in five years time. So why buy?

Nikitas,

you are wrong on this. Cyprus does have zoning laws, the land is categorised as:

residential
agricultural
industrial
tourist
farming
forestry
halitika

and these are then sub divided into different build densities.

So it depends where you buy, you cannot expect that nobody will utilise his land because, say nikitas bought this plot so we cannot develope ours???

I don't see what you are trying to say.

Sorry