Cyprus-Forum.com

[sconie]

Hi everyone, I have enjoyed reading many of your posts and decided to join the forum, I am looking to tap into your wealth of knowledge to see where you would recommend me buying around the Paphos area, as I can easily get flights there all year round from my local airport, I would like a quieter location away from the bars that is within easy distance to the beach, I see a lot of you are happy around the Peyia area.

Although the property is mainly for family use I would like the option to rent it out for some of the year to help cover costs, to get the best value for my money should I be looking at buy off plan propeties, I have seen some developers offering a purchace scheme where you only pay for 50% of the property and they pay the other 50%, the property is fully furnished and is the buyers from day one, but the developer gets to rent the property for six months for the first nine years, whereafter the property is totally for your own use.

I would like to retire to Cyprus but that is at least 10yrs off, so an investment and holiday home is my idea.


Sconie
Thanks in advance for any suggestions or ideas you may have .

[Svetlana]

Hi sconie

You might like to consider Peyia or Chlorakas - or even Coral Bay if you are after a villa (not many tonwhouses/apartments there).

The 50% development is at Marathounta; great views.

Lana

[sconie]

Is the development at Marathounta near completion do you know ? the deal seems good for a long term investment, I would be interested in hearing from anyone with experiance/knowledge of the area.

Thanks.

[Svetlana]

Hi sconie

It starts in September, I think, (Cyprus builders don't work in August) it is a very quiet village, with one tiny coffee shop and one unappetising looking taverna. You would need a car, there are some great tavernas nearby.

Lana

[sconie]

Thanks Lana, from your experiance, wolud you the development sounds like a good idea, given the location and local property market ? or would I find better value looking at resale.

Thanks for your time.

Sconie

[Svetlana]

There are pros and cons regarding resale v off plan purchases:

Resale +

i) No waiting, you can start using it/renting it immedaitely
ii) It will have white goods/air con/landscaped garden/lighting/blinds etc which you will have to pay for with offplan.
iii) You will not have to live on a building site
iv) You will know what is built around you, no (fewer) nasty suprises.

Off-plan +

i) You get to choose tiles/colours and may be able to influence design
ii) Probably faster/greater equity growth.


My view: for best investment go for off plan.
For your own residence, I have usually gone off plan but have also bought resales. (Have to say in my own residence I always look for investment growth too!).

Lana

[sconie]

Thanks again for the information, I will consider this Marathounta development, but if unsuccesful there, I think I will be on the lookout for a similar development that offers capital growth and lower outlay, I am going to try and find a good solicitor and sorting ou financing, on the Marathounta development the builder is offering 4% interest mortgage for the 9 yrs they are involved, I thought that sounder quite good, although I can easily take equity from my Uk home to cover the cost.

Thanks again for your help and time.

Sconie.

[susanbunny]

Do as much research as you can, go on all the forums and ask questions about the developers before you commit yourself. Also get an independent lawyer.

Susanbunny

[sconie]

Thanks for your reply, having researched more, I have found out that this project is not for me, I am going to lok for a resale two bed apartment around the Paphos are that is built and debt free, I am going to use a lawyer by the name of Demetris , who is recommended by many.

Thanks again.

[lesmel]

Hi Sconie

I was looking at the Marathounda Developement also, can I asked what changed your mind?

Lesmel