Cyprus-Forum.com

[CBBB]

Cyprus outperform stocks n' shares
Thursday, December 11, 2008

Catherine Deshayes

More Brits are taking their money out of 'traditional' investments and putting it into the safe haven of Cyprus...

As many Britons face an uncertain economic future, a growing number of people are taking their savings and putting it into Cypriot property to hedge against the current economic turmoil in stocks, shares and plummeting UK property prices.

Derek Hatton, Director of Cyprus specialist Morpheus Investments, said, "This is supposed to be a quieter time of year, but we are fielding a disproportionate number of calls from worried Brits looking for a safe haven for their money."

According to the latest Natwest UK House price information, house prices across Britain have fallen by 13.9 per cent since November 2007, or around £25,000. The average house price in the UK now stands at £158,442.

Other independent statistics also confirm the decline, with the latest Global House Price Index from Knight Frank showing UK price growth as a whole has fallen 10.2 per cent since Q3 2007 and dropped 19 places on the world rankings.

"Lithuania, Canada, the UK and Norway saw the biggest falls in Q3, with prices falling by around five per cent in just three months," confirmed a Spokesperson.

The global economic downturn has also hit stocks and shares, with many Britons facing an uncertain retirement, after literally billions of Pounds were wiped off the value of investments.

The value of the FTSE 100 has plummeted from around 6,500 points in December last year, to just over 4,100 at present, while the Dow Jones Industrial Average has gone from 13,625 points to just over 8,000, wiping away the value of people's pensions that are invested in traditional funds.

As a result, research from benefits provider B&CE Benefit Schemes, found that some 44 per cent of workers in Britain are saving for retirement but not opting for a pensions scheme and have chosen property as their asset.

In contrast, Cyprus house prices have weathered the economic storm and held up well against the turmoil at present.

"The Knight Frank Index shows Cyprus price growth of nine per cent in the last three months of this year," added Mr Hatton.

"This is great news for our investors and we expect this trend to continue. The Cypriot legal system is based on the British model, and all investments are safe, particularly when compared to the volatility of the stock markets.

"A lot of people in their fifties are coming to us and asking us to provide them with a financial vehicle that will help secure their retirement. The added benefit of this is that you can use your investment as well, with over 330 days of sunshine per year."

Mr Hatton continued, "A client of ours purchased his property in Cyprus last summer for £164,314 and had it revalued this summer at £222,873. This is growth of around £61,189 and we expect this to continue as the country is not overdeveloped and a lot of buyers from overseas are coming here, helping establish a strong rental/resale market."

"Fortunately, Cyprus is as close to the UK as can get, minus the rainy weather, expensive living and increasing crime rate. Cyprus has an English Common Law system, making it easy to buy your property, is part of the EU so relocating is straightforward, personal tax rates are one of the lowest in the UK and crime rates are also negligible."

Source: Morpheus Investments

http://www.themovechannel.com/news/1DF0AF7E-25A8/

[SSBubbles]

Mr Hatton continued, "A client of ours purchased his property in Cyprus last summer for £164,314 and had it revalued this summer at £222,873. This is growth of around £61,189 and we expect this to continue as the country is not overdeveloped and a lot of buyers from overseas are coming here, helping establish a strong rental/resale market."


I would like to know where in Cyprus this is, as I have seen nothing but falling prices island wide!

[Tim Drayton]

If this figure is in pounds sterling, then the fall of the pound against the euro accounts for some of this increase.

[CBBB]

If this figure is in pounds sterling, then the fall of the pound against the euro accounts for some of this increase.

That is true!

However, I still wonder which desert he they have their heads stuck in.

[roseandchan]

how can anywhere in cyprus be a good investment for property with so many title deed issues in both the south and the north?

[Tim Drayton]

If this figure is in pounds sterling, then the fall of the pound against the euro accounts for some of this increase.

That is true!

However, I still wonder which desert he they have their heads stuck in.

The article makes reference to an individual case rather than a general trend. It is perfectly feasible for the value of an individual property to rise even during a general downturn due to particular local factors. For example, the Russian market is apparently keeping the demand for beachfront properties in Limassol bouyant.

[Snad]

OMG are these people mad??

They only have to look at cases such as Connor Odwyer to see that some developers are ripping people off big time.

Some are even taking out mortgages on land that properties have been built on and have been paid for in full and the purchaser doesn't even know.

Be careful to anyone who is thinking of sinking your hard earned cash into Cyprus new build house without title deeds. You could be in for a rude awakening, God help you!!

[Get Real!]

OMG are these people mad??

They only have to look at cases such as Connor Odwyer to see that some developers are ripping people off big time.

Some are even taking out mortgages on land that properties have been built on and have been paid for in full and the purchaser doesn't even know.

Be careful to anyone who is thinking of sinking your hard earned cash into Cyprus new build house without title deeds. You could be in for a rude awakening, God help you!!

So how many other cases do you know besides Connor's?

[Get Real!]

how can anywhere in cyprus be a good investment for property with so many title deed issues in both the south and the north?

This should answer your question regarding Turkish Cypriot Properties in the unoccupied area…

http://www.moi.gov.cy/moi/citizenschart ... enDocument

[CBBB]

OMG are these people mad??

They only have to look at cases such as Connor Odwyer to see that some developers are ripping people off big time.

Some are even taking out mortgages on land that properties have been built on and have been paid for in full and the purchaser doesn't even know.

Be careful to anyone who is thinking of sinking your hard earned cash into Cyprus new build house without title deeds. You could be in for a rude awakening, God help you!!

So how many other cases do you know besides Connor's?

I am not impressed with Mr Connor's case. I don't agree with the alleged beatings he got, but to me it looks as though he thought he could screw the developer.