Holiday let in Cyprus help!

  • Thread starter Barretts-Selfstorage
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Barretts-Selfstorage

  • #1
    I have been offered the chance to buy a property in Cyprus, and we intend to rent it out as a holiday let. I'm just wondering how the housing and rental market are in Cyprus at present. We have been told the potential rental yield is between 12,000 to 15,000 euro's per year.

    The house we have been offered is a 3 bedroom place in Xylofagou

    I look forward to hearing any feedback anyone has on this.

    Many thanks
    Adam
     
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    Straydog

    Free Member
    Jun 28, 2010
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  • #5
    Forget it, no chance of acheiving that kind of rent

    property market here is glutted and in freefall

    xylofagou is in the middle of nowhere, between ayia napa and larnaka. it's an unattractive village with few decent beaches and a lot of pig farms.

    proceed with extreme caution
     
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    sla3

  • #7
    Barretts-Selfstorage said:
    buy a property in Cyprus
    Click to expand...

    Do you speak Greek? Have Cypriot family? Have Cypriot family who live in Cyprus? Have Cypriot family who live in Cyprus in the sake village? Have Cypriot family who live in Cyprus in the village who know a Cypriot lawyer who lives in Cyprus in the village? Have Cypriot family who live in Cyprus in the village who know a Cypriot lawyer who lives in Cyprus in the village and is a friend of the Mayor?

    No? Forget it.

    Just saying.
     
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    Straydog

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    Jun 28, 2010
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  • #9
    sla3 said:
    Do you speak Greek? Have Cypriot family? Have Cypriot family who live in Cyprus? Have Cypriot family who live in Cyprus in the sake village? Have Cypriot family who live in Cyprus in the village who know a Cypriot lawyer who lives in Cyprus in the village? Have Cypriot family who live in Cyprus in the village who know a Cypriot lawyer who lives in Cyprus in the village and is a friend of the Mayor?

    No? Forget it.

    Just saying.
    Click to expand...

    buying property here is safe and easy IF YOU DO YOUR HOMEWORK !

    problem is that most expats do not, and end up getting ripped off

    cypriots are decent people, the island is a safe and quiet place to live but the locals (and I am one of them) have an inbuilt inability to walk away from a fool and his money

    property here is a bad investment right now, and holiday lets is a glutted and cut-throat sector where you will find it very hard to make a few euros.

    the CTO are also slapping heavy fines on illegal lets nowadays, so if you get caught you will have problems

    you would be better off investing in property in the UK right now. the yields are much better, it's safer and easier and this is where the hot greek and greek cypriot money is going right now (including my own)
     
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    sla3

  • #10
    Straydog said:
    buying property here is safe and easy IF YOU DO YOUR HOMEWORK !
    problem is that most expats do not, and end up getting ripped off
    cypriots are decent people, the island is a safe and quiet place to live but the locals (and I am one of them) have an inbuilt inability to walk away from a fool and his money
    Click to expand...

    That's kinda what I was saying. No intent to slur the fine Cypriot people who have been friends of the British for generations.
     
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    Barretts-Selfstorage

  • #12
    Thank you for all the replies! We have decided not to pursue looking into purchasing this property in the northern part of Cyprus - we spoke to someone who currently owns a property in the south of Cyprus and the letting market is down, and the northern part is even worse!

    Thank you again for the information.
     
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    Straydog

    Free Member
    Jun 28, 2010
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  • #14
    Xylofagou is in the Republic of Cyprus, the recognized and legal part.

    The north of Cyprus is an illegal state that was created after the Turkish military invasion of 1974 and it is not offcially recognized by any country except Turkey.

    How can you even contemplate pouring your money into a property here when you are not even sure where it is located and if that part of the island is legally recognized ???

    There's one born every minute I suppose.
     
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    Deleted member 130387

  • #15
    You can find good deals to buy property here (Cyprus) because of the crisis. If you have the cash and will not depend on the rental income you will be fine. Places like Protaras, Ayia Napa, Limassol you can get high yields for the summer period. April to Octomber you can find tenants.
    But you need to buy a nice villa, close to the beach etc.
    Places like Xylophagou forget it!!!!

    If you need advice let me know. I used to work for a local bank and financed many local developers as well many British buyers. I learnt a few things. The most important is to research a lot or ask an expert.
    I do not mean I am an expert, do not misunderstand me.

    Andreas
     
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    propertyinturkey

  • #16
    i have been selling properties since 2001 and if you are looking for investment do never buy in cyprus ..... you will not get back what you out in. send me and private email to find out more. i have been going to cyprus every year and it is not worth it
     
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