June 25, 2005 at 11:48 am #51145
I’ve just found a beautiful region near Polis in Western Cyprus which is at the beginning of good growth, 10-15% p.a. not the wildly exaggerated claims of 25-40% p.a. still being touted by some agents in Spain. A place where you can buy off-plan 2 bed townhouses within a walk of shops, restaurants, facilities and a really nice beach and bay, all for £100k sterling or less, with views. You’d be hard pushed to find a decent 2 bed apt. for anything like that around the C. del Sol.
Less ‘dodgy’ Agents, Lawyers and Developers than in Spain, and so few reported horror stories, unpressurised sales tactics, where English is commonly spoken, they drive on the left and on good uncrowded roads, cost of living and beaurocracy is low, good climate, friendly people, lots of new EU money going in, plus inevitably investors moving their money, etc.
Certainly one to watch for the future, remember the area Polis and Latchi, less crowded and developed than Paphos.
June 25, 2005 at 3:13 pm #58427
I hate to depress you, but the dodgy agents from Spain are currently moving to Cyprus. I see exactly the same over-development and selling property as an “investment opportunity” there as I saw here a couple of years back. You’re already years too late to make any fast returns on property there.
June 27, 2005 at 12:44 pm #58430
However Bert it depends which area you mean, the area I’m talking about is relatively untouched unlike Paphos and Ayia Nappa, it is much cheaper than Spain and has potential for good honest growth and you are wrong, it is not too late. This coming from someone who has had much experience of Spain and does a lot of homework now to try and avoid the various pitfalls.
It is also a much smaller market and inevitably safer with a British Legal and Banking system and they do sell re-sales unlike lots of Spanish Agents. More golf-courses are planned etc and no you haven’t depressed me at all judging by what I’ve seen. Choose your area wisely and it should be good.
June 27, 2005 at 4:46 pm #58432
I hope you can force my words down my throat in a couple of years. 😉
June 28, 2005 at 9:21 am #58438
Bert, I’m not looking to ‘force’ words down anyone’s throat as you say.
My original post on this was only talking about modest growth being quoted of 10-15% which is far from the wild claims of agents in Spain who still quote 25-40% growth p.a., but hopefully safer because of that. One other thing I noticed was that the re-sale market is more active there too and by agents willing to market alongside off-plan development, unlike the likes of
Estates P. Banus for example.
And for Brits., driving on the left is not too bad either!
June 29, 2005 at 2:46 pm #58444
I didn’t mean it nastily! We need some better e-motions round here. 🙁
There are still areas of Spain that are undeveloped – some where I would forecast 20% annual growth over maybe 5 years, until the prices are in line with similar areas elsewhere. They’re not coastal, mind, and therefore not everybody’s cup of tea. Also, these areas are unlikely to permit masses of off plan development, so it’s more for those who are looking to reform existing property – which involves rather more time than just relaxing while a developer does the hard work.
Of course, you can take a chance on leaving the reform in the hands of a local builder. Then all you have to do is put up the dosh, and I suppose it’s no more risky than dealing with unknown developers.
September 15, 2005 at 1:49 pm #58849
Again more interested in the growth potential than the overall logistics of the area.(I do think that you will find growth statistics shown on this site do not indicate the end of the property market in Spain just v yet!) There are so many reasons as to why Cyprus lags behind more popular areas of Spain. These reasons are why Spain continues to be immensely popular with people looking for a property with traditional reasons in mind,try self use?
Yes of course one can by a property in Cyprus,Bulgaria etc. for a whole lot less than you can in many areas of Spain, for many though it will not truly offer an overall value alternative. The long term outlook though is that Spain will continue to prevail.
September 15, 2005 at 3:36 pm #58851
October 5, 2005 at 12:14 pm #59023
Just don´t buy in Spain. I am Spanish and can tell you for sure the Huge housing bubble we got here is about to burst.
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