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CYPRUS Life in Cyprus: word on the street


THE HOLIDAY LET OWNER


Rowena Becker is the owner of a two-bed townhouse in the village of Anarita, near Paphos, and writer of ‘Diary of a Home Owner’ on blog.holidaylettings.co.uk


“We’re into our second full year of renting our holiday home on the resort of Anarita Chorio and we’re off to a fantastic start. I was concerned about the impact the economic crisis in Cyprus would have for us, but I’m pleased to say that so far I can’t see this has put anyone off from visiting the Island. “We’re getting plenty of


enquiries. We have the whole of August and two weeks in July already booked and, combined with repeat bookings, it’s actually looking like 2013 will be a better year for us than last year. “We’re still not quite


covering our costs but I’m confi dent that our rentals will improve year-on-year. T e people of Cyprus are welcoming and friendly and Cyprus is looking to build on the tourism industry to make it even stronger and to help support the economy. Whatever the future holds


we love our home and get great pleasure from the positive feedback we receive from our guests. (see holidaylettings.co.uk/163206)


THE POTENTIAL BUYERS


Paul and Lynne Winfi eld moved from Dorset to a rented villa in Peyia in April, putting plans to buy in Cyprus on hold due to the banking crisis and ongoing title deeds fi asco.


“T e Euro crisis hasn’t aff ected us as we have retained our UK bank accounts and just use the hole-in-the-wall here when required. We plan to open a local bank account for paying bills, but don’t intend to keep loads of cash out here. Most locals seem to have got over the crisis, as only large investors were aff ected by the ‘haircut’. While things just seem to carry on, the lack of employment would be an issue for anyone who came here needing to fi nd work. Food is still cheaper here than in the UK and there are benefi cial arrangements to declare UK pensions over here so that you pay less tax, with €19,000 being the starting threshold before tax starts, and there are loads of European banks to choose from.”. T e Winfi elds researched their move using www.CyprusBuyingGuide.com.


THE RESORT MANAGER


Loucas Kitrou is the Real Estate Manager for the leading resort in Cyprus, Aphrodite Hills (aphroditehillsproperties.com)


“We are the biggest resort in Cyprus, with 50-51 per cent of our purchasers from the UK. Initially there was a lot of confusion about the lack of information amongst our owners/buyers but all our clients are OK with the situation. T ey are not in Cyprus for the economic situation but the lifestyle – sun, sea and facilities – and that has not changed. “T e banking situation has


now stabilised and things are slowly improving and internet banking transactions are almost 100 per cent. In the past month we have seen an increase in the people coming into our sales offi ce – [properties from €280,000] and our rentals occupancy is at 65 per cent – 3-5 per cent down on last year.”


THE PART-TIME RESIDENT


Nan Ensor is a semi-retired PR and lives between Kato Paphos and Glasgow with her retired husband.


“T e mood here in Cyprus is not so bad. T e Cypriots ARE hurting – they have had their state pensions cut by up to €200 a month and electrical bills are atronomical – we’ve had offi cially the highest price hike in Europe and my monthly bill is around €100 (for a two-bed apartment/ no air con). “T e cost of food has gone


up too, with shops having to pay cash for supplies [due to banking controls on cheques]. “But, unlike the Greeks, the


Cypriots haven’t rioted, they are calmly getting on with things. T ey have buried their heads in the sand for so long, but are determined their country will rise again. It helps that the Russians and increasing volumes of Chinese are investing in Cyprus.”


THE SMALL DEVELOPER


Tony Martin is the CEO of Apollonico Development, a Nicosia based company that refurbishes historic homes (apollonicodevelopment.com)


“We’ve cut our profi t margins by 70 per cent, reducing the price of each property by €100k, to keep sales going but we are a diff erent element to the beach-property market, where prices have really been slashed. If you are currently a cash buyer, you can negotiate hard and Cyprus really is a good place to come. It’s a buyers’ market and you will get bargains. You need to get your money out of the banks and invest in bricks and mortar! T e banks are releasing their controls gradually: they don’t want to turn down inward investment so they are looking at cases individually.” (see page 18 for an example of Apollonico’s properties)


“If you are currently a cash buyer, you can negotiate hard and Cyprus really is a good place to come. It’s a buyers’ market and you will get bargains.”


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