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Buying a Home in Cyprus
26
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

The next big thing - If you think this describes Cyprus, I’m afraid you’ve
missed the boat by seven or eight years. So now when you open up your
Sunday supplements and read about Cyprus being the “new pearl”,
“hidden treasure”, “unspoiled landscape”, “step back in time”, etc you
can bet your life that it’s a journalist angling for a free holiday in return
for an article.
Don’t believe the marketing hype; do your own independent research to
assess the true situation for yourself.
Don’t waste your money on low-cost inspection visits. Put the money
towards a two week holiday in Cyprus, hire a car and tour the island to see
what’s on offer.
Biggest myths
(apart from those of ancient Greece and the Arthurian legends)
Guaranteed rental returns. Invariably, these are built into the price you're
paying, so you're actually paying over the odds but being made feel you're
doing very well out of the deal. Some developers offer ‘guaranteed rental
income’ for the first one or two years; some even ‘give’ away cars in their
efforts to induce speculators.
Long rental seasons. Cyprus is always touted as an all-year-round holiday
destination; this is a fallacy. If you think you're going to rent out your holiday
home for 10 months of the year, think again!
The best you can reasonably expect is 10 to 15 weeks rental - and that’s
assuming you’ve got a top-of-the-range property in an ideal location. If all
you have is a ‘typical’ holiday apartment, your chances of covering even
your basic running costs are extremely small.
Prices certain to rise. Yes, property prices have been increasing for a
number of years. Since the start of 2004, prices have risen by an average
© Nigel Howarth
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