Cyprus-Forum.com

by **shaz** » Sat Jul 08, 2006 6:00 pm

I have visited Cyprus many times and I am considering buying an apartment in the Peyia area. I would be looking to rent it out for the usual holiday months but also use it myself. I am not looking to make a quick profit but want to hold onto the place for the futue. Any information on developers and pit falls would be appreciated. I am looking at Leptos Estates at the moment.

Thanks Shaz

by **Radio** » Sat Jul 08, 2006 7:44 pm

I strongly suggest you go to:

www.cyprus-property-buyers.com

sign up for the free quarterly news letter and buy Nigel's excellent guide to property buying - it is invaluable, and will save you money and stress !.

by **Svetlana** » Sat Jul 08, 2006 8:10 pm

Leptos are not customer friendly, once you have paid up. Very inflexible in my opinion.

Lana

by **nhowarth** » Sat Jul 08, 2006 11:22 pm

Hi Radio,

Many thanks for the plug - that's a beer I owe you

Regards,

by **nhowarth** » Sat Jul 08, 2006 11:26 pm

Hi Shaz,

> I would be looking to rent it out for the usual holiday months but also use it myself.

Paphos & Pegia are awash with holiday apartments. Unless the one you buy stands out from the bunch, you're very unlikely to get more than 2% return on your investment.

And why buy new? There's A LOT of resale property around at the moment.

Regards,

by **shaz** » Mon Jul 10, 2006 7:09 pm

It seems like there is a push to sell new properties as the interest rate etc is lower, why is this and how does effect the re sale of your property when you come to sell.

by **simonwjones** » Mon Jul 10, 2006 11:07 pm

Hi Shaz

We are in the 'middle' of purchasing property in Cyprus. Paphos and Pegia is full of apartments and the other posts are correct, you won't make much money renting out. We are looking at renting but to be honest I think we will just keep the place as an investment and holiday home. I passed some older properties that were built by Leptos (don;t know how old they are) and they looked pretty shabby.

Why don't you take a look at www.interlinkproperties.com and contact either Ryan or Andreas. They have been pretty helpful to us.

Good luck!!!

by **nhowarth** » Tue Jul 11, 2006 8:42 am

Hi Shaz,

> there is a push to sell new properties

That is very true - there's more money to be made out of selling new property than resale - around 30% profit margin on new and 8% on resale.

And remember that a number of developers are building like there's no tomorrow - if they fail to sell, they'll probably go bankrupt.

Regards,

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