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25
Buying a Home in Cyprus
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Under absolutely no circumstances should you allow yourself to be
pressured into buying something without doing some independent
research and taking independent legal advice. Visit the island independently
and assess the true situation for yourself.
A more sensible investment strategy is to buy property in one of the
residential suburbs of the major towns or Nicosia (the capital city) where
there's a steady demand for long-term (one year and more) rentals.
Although the weekly rate you achieve will be lower, this will be more than
offset by the longer rental period. And your overheads too will be
considerably lower.
Marketing ‘hype’
What looks ideal on some of the overseas property TV channels, may not
suit you in the slightest. Many of these programmes get their expenses
paid by agents and developers touting for business.
There is a very well known overseas property marketing company that
publishes a number of glossy property magazines and has its own
television company.
As you may appreciate, the costs of running a TV company, making TV
programmes and producing glossy magazines are huge - all paid for by
their customers who swallow the marketing hype hook, line and sinker.
Remember that overseas property magazines rely on advertisers to pay
their running costs and salaries. They will therefore paint very rosy
pictures of owning investment properties to keep their advertisers happy
and the money rolling in.
Have you seen those TV programmes in which Mr & Mrs X have been
flown to a country to find their dream property? How many times have
they decided not to buy the property they liked, but said they’d like to
visit the country again for a better look around.
© Nigel Howarth
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