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Buying a Home in Cyprus
24
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Top Tips for property investors
Cyprus has become increasingly attractive to overseas property investors
with the buy-to-let property market now accounting for more than 25%
of overseas property sales. The 'traditional' investment market has
concentrated on the increasingly over-developed tourist sector where
income from buy-to-let properties has fallen considerably in recent times.
Research published in November 2008 by the influential Global Property
Guide placed Limassol in Cyprus near the bottom of the list at number
65 out of 69 locations surveyed.
With a gross rental yield of 3.45% Cyprus was rated as being “Very
Poor”. The Global Property Guide also gave it a long term investment
rating of 1 star out of a possible 5.
Buying unseen
I’m surprised by the number of people who contact me having invested
in Cyprus without having visited the island to see what they are getting
for their money. It comes as no surprise to me that many of these end up
being disappointed with their purchase.
Some investors truly believed they are saving money by not visiting
Cyprus! Would you buy a property in the UK without visiting the area?
Of course not!
Do not buy property in Cyprus without visiting the island to see exactly what
you are getting for your money and where it’s situated.
Some property developers and overseas marketing companies offer low-
cost property inspection trips from the UK. If you take one of these, you
may be given very little free time to carry out independent viewings.
© Nigel Howarth
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