A Dream Home on Cyprus
A DREAM HOME ON.. CYPRUS
CYPRUS HAS ALWAYS BEEN POPULAR WITH BRITS BUYING ABROAD… SO MUCH SO THAT SOME ARE NOW SNAPPING UP MORE THAN ONE PROPERTY. IF YOU’VE GOT AN EYE ON A HOLIDAY OR RETIREMENT HOME ON THE COPPER ISLAND, TRAVEL EDITOR GILL WILLIAMS GIVES HER EXPERT ADVICE ON HOW TO GO ABOUT IT…
15/04/2007 Sunday Mirror – Homes and Holidays
ENCOURAGED by the spectacular rise in the value of holiday homes in southern Cyprus – prices have gone up by as much as 80 per cent in the last five years – buyers are returning for the second or even third time.
With ambitious plans to build new tourist attractions – including 10 major golf resorts in addition to the three already open, two new marinas, yacht clubs and sports centres – the future is looking up for the island.
Projects to upgrade Larnaca and Paphos airports and improve roads are also fuelling confidence, says Litsa Chrsostomou of BuySellReal Estate – a company which specialises in finding Cypriot property for British investors. “The redevelopment should lead to growth in tourism as well as new investment opportunities,” she predicts.
Mark O’Sullivan, of international money transfer agency Currencies Direct, says: “The Cyprus property market has gone from strength to strength since its accession to the EU in 2004.
“It’s a particularly attractive investment at the moment as the market has grown at a stable rate for a number of years, yet prices remain competitive. In addition, the strength of Sterling against the Cypriot pound has allowed UK buyers to increase their purchasing power.”
Steve and Julie Hughes bought their first holiday home in Cyprus in 2004 and were so impressed by how much money it made that they decided to return and buy a second place.
“We could see a good return on our investment, so we decided we wanted to put more money into Cyprus,” says Steve, 38, who runs a contract cleaning company in Cannock, Staffs.
The couple’s first property was a two-storey holiday home in Ayia Napa with three bedrooms, three bathrooms, garden and pool, which they use as a holiday home every year. It was bought off-plan for £184,000 and is now worth an estimated £256,000.
Steve says they found it so straightforward to buy in Cyprus that they had no hesitation in looking for a second place – and have now bought a seafront villa in Ayia Thekla purely to rent out.
“The villa was originally being used as a show home and wasn’t up for sale… but it was the only property we really liked.”
The couple – who have two children, Laura, 13, and Bradley, 11 – got their estate agent to contact the developer and persuade him to sell the property, which has three bedrooms, two bathrooms and a swimming pool. He asked for £220,000 but they bargained him down to £180,550 and bought in April last year.
Steve and Julie, 36, reckon the villa is now worth £256,000. They say it is important to use a local agent to help find good investment opportunities and strike a hard bargain.
“Several of the developers don’t speak good English so the agent can help with translation and negotiations.” says Steve. “Even after the sale, our agent was still there to help us along, registering for water and electricity. We keep in touch with him all the time and we’re always looking to buy more properties out there.”
WHERE TO LOOK
EXPERIENCED buyers are looking beyond Cyprus’ busiest resorts to where prices are slightly cheaper. Larnaca and the capital Nicosia are two up-and-coming areas where asking prices are about 15 per cent below those in popular Paphos.
Values in Larnaca are expected to rise sharply when a new marina and cruise ship port go ahead. There are also plans for the city to shut down its eyesore oil refinery.
Another neighbourhood near Larnaca attracting more than a second glance from investors is Tersephanou, 10 minutes from the blue flag Mackenzie Beach and five from the airport. This village will become even more appealing for holiday lets if plans are approved for a large golf resort and five-star hotel. Ayia Thekla, where there are plans to build a huge marina, is also proving popular.
FINANCIAL INCENTIVES
AS confidence grows, property owners are also taking advantage of government incentives to restore traditional homes. Some of the most lucrative grants are in the Old Town of Nicosia.
The subsidies are generous – as much as 40 per cent of the renovation cost, up to a maximum of about £46,000. Better still, rental income from these historic properties is tax-free.
If you do want to buy in the busiest resorts then look around Coral Bay in Peyia, near Paphos, where there are plans for a new marina. Rental returns are also expected to grow in the Anarita and Mandria neighbourhoods of Paphos because they are close to the airport.
GETTING THERE
FLIGHTS to the south of Cyprus arrive at either Larnaca or Paphos. Cyprus Airways and British Airways both have regular services, from around £240 return.
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