We `ve just bought a Penthouse in Cyprus and here`s why:-
- Entering the Euro monetary system in 2008-interest rates should go down and property prices will go up.
- Government is introducing a 15% tax on land purchases after January 2008-therefore land and subsequently property prices will increase.
- New PGA golf course being constructed at Tesafanou, 10 minutes from Larnaca.
- Larnaca airport currently under expansion to accommodate massive increase in tourism-expected to grow from 2 million passengers a year to 6 million. Airport only 10 minutes transfer time from city centre and main holiday resorts.
- 340 days of sunshine a year, meaning a year round tourist season.
- One of the best locations for scuba diving, attracting divers from all over the world.
- Tax haven attracting high net worth individuals, which increases property prices.
- Recent statistics suggest that Cyprus has enjoyed record levels of investment from foreign buyers this summer.
- Much like the UK, Cyprus has strict planning control, also being an island, land will always be a premium.
- Similar banking and conveyancing systems to the UK.
- English is widely spoken everywhere and they drive on the left.
- Cheap cost of living.
- Capital appreciation currently at 30%. per annum.
- Laranaca is 30% cheaper than the holiday hotspots of Paphos and Limmasol, so significant room for growth.
- 4 hour flight time from the UK, with a wide choice of carriers, including British Airways, Air Cyprus, Excel and Thomas Cook.
- One of the lowest crime rates in Europe.
Both my wife Vanessa and myself have only ever used two basic principles to any sensible investment...science and mathematics...actually there`s a third, taking action, without this the other two won`t produce results.
What all of the above says to me is go and buy one.
3 years ago we applied the same process with London. We recognised N1, N5 and N7 as the biggest growth areas and started buying as much as we could. We have 7 in London now, we bought them, collectively, for £1,351,000 and their now worth £1,805,000 so £454,000 in growth, all of them owe us nothing and they all pay for themselves. In todays market it`s very difficult to get the maths to work without putting in a whole lot of cash...time to move on...Cyprus.
Larnaca Cyprus. That`s the place to buy. It`s in the same (or even better) situation as London was 3 years ago, just before the big growth curve.
The irony with Larnaca is it has such a beautiful coast line, it`s only downside was the oil depot, which was a nasty sight. However, it has ceased trading and is currently being dismantled, therefore, Larnaca will once again be transformed into the beauty that it should be. This amongst the whole host of other implications that I have suggested above will make this area very valuable and needless to say a sought after investment.
When do you want to make your investments before or after the growth? Get in there now and make the most of it, you`ll be hard pushed to beat 30% growth anywhere. With this growth there`s even sense in buying in Cyprus to build a deposit for a UK property!
You`ll do well by using the developer we chose, Jewel of Cyprus. Put it this way, under normal circumstances I`m very distrusting of any sales environments. However, my wife went to a Cyprus presentation delivered by them a while back. It obviously went well as She wanted to put down a deposit on an apartment and to my surprise, and their credit, they would`nt take the deposit stating they would prefer her to go on a inspection trip first so She could make the right decision!!!!! Now usually most salesmen would bite your hand off for a reserve cheque...how very refreshing.
Anyway we went on the 4 day trip (very informative, we met lawyers, bankers etc and grilled all of them) and bought a 3 bed penthouse with a huge terrace cheaper than you can buy a 1 bed flat in London for and with the same potential as our "stock" in London had, we should make quite a tidy return.
I feel very safe with the transaction, all the aspects from Law - Land Registry have been covered and after a thorough grilling we gave the bank we chose to borrow the money in Swiss Francs, arguably, the cheapest interest rate you can get.
OK so your interested, well you need to take action. I am happy to rcomend Jewel of Cyprus and have negotiated a special rate for inspection trips for my personal contacts. If you book your inspection trip through them and reference my name, Nick Tadd, you will get the trip for a discounted price of £150 all in. That`s got to be worth a go.
You`ve really only got a small window of opportunity before the roaring hoards...may I make a suggestion...get on with it.
If you need any assistance with your investment career please drop me a line nicktadd@mac.com
Great article and shows that the write has searched and searched well on the subject. An act as a guide for those looking to investing in Cyprus.
Posted by: Larnaca Developers | December 30, 2008 at 10:06 AM