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27
Buying a Home in Cyprus
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

of just under 10% per annum (although some of the increase is due to the
introduction of VAT). However, recent price hikes, bad publicity and the
credit crunch are taking their toll.
Make money by buying and flipping. The days of buying an off-plan
property and then selling it at a profit before it’s finished are long gone (as
investors who bought 1,500 holiday lets in Paphos District recently
discovered).
Your rental income will cover your mortgage. I can assure you that it will
not!
No-one’s going to build in front of you. Oh yes they will! Maybe not next
week, maybe not next month, but sometime in the not too distant future.
Exhibitions
These are fast becoming a waste of time for everyone; lots of hype, hard
selling and glossy brochures.
I was recently contacted by someone who’d been to one of these
exhibitions and was interested in buying an apartment in Limassol. Not
only was the apartment hugely overpriced, it was bordering on the
Linopetra industrial estate and on top of the Limassol/Nicosia motorway.
Not an ideal location for a jet-to-let holiday apartment!
Exit strategy
One day, you may want to sell you investment on to someone else. So
think about what’s attractive to others.
Just because you want a secluded place away from the sea and the main
towns, that doesn’t mean others will. Work out your exit strategy.
© Nigel Howarth
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