Anyone renting in Cyprus??

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Foxandsot
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Joined: Thu Apr 20, 2006 10:24 am
Location: Pervolia, cyprus
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Post by Foxandsot »

Hello David

Just looked at your website and it looks really good, loads of information. I was thinking about adding some info about ski-ing in the Troodos mountains. I know the facilities are not great but maybe could sell it as a taster for ski-ing for those who have never done it before?

Out of interest (i am very nosy), I see that you have more than one property on your website, are they all yours? My husband and I, were thinking that if this first villa goes well, then we may look into getting another one. Did you start with one?

Thanks

Michelle
david a
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Joined: Sat Jan 14, 2006 9:13 am
Location: Peyia, Cyprus
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Post by david a »

Hello Michelle

The other property is my wife's parents, they came out with us to watch our boys while we went looking and when we showed them the site they dicided to buy the three bedroom one. To be honest their's hasn't rented as well as ours but hopefully next year will improve.

Glad you like the website it's a bit of a never ending job and i always feel it needs teaking.

Regards

David
thistle143
Posts: 3
Joined: Fri Oct 27, 2006 5:30 pm

Hi

Post by thistle143 »

Hi All

Great site, we are looking into buying property in Cyprus as a investment for the future.

We are going over in January next year to have a look but I am a bit confused as to what area would be best for rental potential and hope you guys can help. I am steering towards Kapparis, Protaras area but not sure do you know if the budget Airlines fly to Larnaca or would we be better down at Pafos area as I know our local airline have budget flights to Pafos stating next year.

We are going over on our own rather than a inspection trip as we do not want to rush into anything.

Also do you know of any quality developers building on the island as we are going to contact them direct.

Anything else that could helpl let me know.

Thanks

Shirley :)
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Angel
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Location: Kapparis, Cyprus
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Post by Angel »

Hi Shirley

Marion here from the Eastern board and owner of the Kapparis site!

Currently, none of the budget airlines like easyjet, bmibaby or Ryanair fly to Cyprus. There are far fewer flights to Larnaca during the winter months as the main resorts of Pernera, Protaras and Ayia Napa close down November to April. Kapparis is open all year as it has quite a lot of expat residents who appreciate the bars and restaurants down Kennedy Avenue.

You'll find that everyone in Cyprus, no matter where, is having a tough time with holiday rentals because supply far outstrips demand. You really have to treat this as a business and draw up a business plan, clearly identifying your target market and their characteristics. Then find a suitable property.

Do consider resales, as there are some bargains to be had and you can see the finished property in its location. But always remember that more buildings could interfere with a current wonderful seaview!

HTH

ps Do tell us who's doing the budget flights! Paphos is only two and a half hours from Kapparis.
thistle143
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Joined: Fri Oct 27, 2006 5:30 pm

Post by thistle143 »

Thanks for you advice Marion, my local airport is Aberdeen and Flyglobespan are doing flights to Pafos Cyprus from May next year for £50 one way.
david a
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Joined: Sat Jan 14, 2006 9:13 am
Location: Peyia, Cyprus
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Post by david a »

Hello Shirley

Welcome to LMH, We have our place in Peyia on the western side of the Island (Paphos end). I would say it is important to find somewhere you like and to know what market you are aiming for

I think buying of plan is dearer and there are often hidden costs involved ie air con, pressure systems, key fobs which you need but are often not told about.(As we found out).

There are a lot of properties online so you can get a good idea of prices in different areas so i would suggest having a good look at all thats available.

We were very lucking with bookings last year but it take a lot of time to advertise and build websites so be prepared for lots of hours in front of your pc,

However don't be put of it can be fun and very rewarding.

Regards

David
thistle143
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Joined: Fri Oct 27, 2006 5:30 pm

Post by thistle143 »

Thanks for the tips David, we are planning to go out and look at resales as well as off plan, we are doing loads of research at the moment. I think it is just taking the plunge is the scary thing.

Cyprus was on the top 20 places to buy a couple of weeks ago on a place in the sun, they reckon that it is a good investment for the future mind you Romania was no 1 but it doesn't have the same appeal to me as Cyprus!!!
cyprus andy
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Joined: Sun Apr 29, 2007 2:05 pm
Location: Larnaca Rental Property
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Ayia Thekla and Protaras

Post by cyprus andy »

Bookings for Ayia Thekla and Protaras have increased for this 2007 season.
we are recieving more enquiries for Ayia Thekla this season than Protaras! very popular with families looking for the entertainment of Ayia Napa and the Waterpark for the children.

Just began building the new site for Ayia Thekla, and already google is listing us , and climbing!
www.ayiatheklavillas.com
www.pervoliahomeservices.com
Larnaca rental properties Cyprus
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Angel
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Location: Kapparis, Cyprus
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Post by Angel »

But IMHO, Ayia Thekla itself has nothing much to offer the holidaymaker - or am I wrong?
cyprus andy
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Ayia Thekla Villas

Post by cyprus andy »

Good Comment.
maybe the waterpark. maybe the Fact Ayia Napa is a short taxi / bus / car journey. Ayia Napa is certainly very popular, but there are not many private villas available for rent . All the villas are in Ayia Thekla.

also it demands lesser rents than Protaras.
www.pervoliahomeservices.com
Larnaca rental properties Cyprus
Tanny
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Joined: Tue Jan 20, 2009 6:19 pm
Location: Pafos
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Post by Tanny »

It would be good to see how the previous participants now view their comments given the change in the marketplace.

Would they have done anything different?
Do they regret anything?
What mistakes have they made?
What have they done right?

Hindsight can be a brilliant thing.... lets experience from it!!
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Angel
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Location: Kapparis, Cyprus
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Post by Angel »

Hi Tanny

Well, on hindsight, we wouldn't have done it. Yes, we've had plenty of rentals and great guests but other things have turned it sour. The water shortage and GBP/EUR exchange rate don't help, but we've got problems with our complex which I won't elaborate on.

For anyone thinking of buying in Cyprus, visit these websites:
- Cyprus Property Action Group
- Buying Property in Cyprus
- Cyprus Property Magazine

We're not taking bookings this year, except for a family who wish to return for a month despite the problems. I still believe in being open and honest!

And Google Earth/Maps still shows images from September 2003 for our corner of the country!!
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poppydonut
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Location: Pervolia, Cyprus
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Post by poppydonut »

Hello there

It's been a full 2 years since the last post here so I am wondering whether anyone is still listening on this thread.

I have been renting my apartment for just one year now in Pervolia and it all looks a bit like a money pit. Jewel of Cyprus have been very helpful but this year I think I personally have to try much harder to get bookings.

I told my husband we'd give it a year and see if we could still afford it or whether it might be better to sell. I really want it to work for us as an investment and I am looking for different ways of marketing it. Finishing off the leaflet I have been designing (for the last year!) would be a start. I would really love to offer broadband for our guests but apparently the Cyprus equivalent of BT hasn't stretched their lines down to our block yet!

The snagging company that inspected my apartment sent me details of a company helping people to offload their unwanted properties and the email went something like this:

"Mainly due to the global crisis and the fact that many properties were oversold the property values in most areas have dropped by up to 50% and property is now changing hands at around the price levels of 2003.

Rental incomes have also dropped dramatically and there is a great surplus of rental availability.

There does not appear to be any sign of improvement on this situation in the near or distant future and this has been compounded by many projects being placed on hold seemingly indefinitely including the promised Marina at Coral Bay and several golf course developments.

As a result of this many owners have become unwilling or unable to maintain their commitments. To assist people who find themselves in this situation a UK based company - Marcus James - have launched what they call a ' Property Recovery Scheme'. "

An article in the Independent explains what is all about:
http://www.independent.co.uk/money/spen ... 24577.html

Hopefully we won't have to resort to this!

On a cheerier note I went over last October with my sister and Pervolia itself looked like it was doing well with the addition of a new cafe and computer services. It reinforced my desire to try and stick with my apartment as I loved being there so much in the sunshine!
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Angel
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Location: Kapparis, Cyprus
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Post by Angel »

Hi there, Jayne. Looks like I'm the only one still around.

Well, I still hold the same views as two years ago ie disillusioned. We still own and rent out our property but only because the property market is so dire that selling, even at breakeven, is not an option.

Cyprus keeps shooting itself in the foot, what with its airport fees keeping flight costs up, and the continual shameful revelations of the antics of property developers, banks, lawyers and the courts.

www.lyingbuilder.com is truly eye-opening.

I would certainly beware of any so-called recovery schemes. Best to keep up by joining the east Cyprus forum at www.easterncyprus.com which also covers Pervolia.

But, as you say, it is a joy to visit!
youngydriver
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Location: Larnaca, Cyprus.
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Post by youngydriver »

Hi all,

I thought i'd say a quick hello to anyone who's still keeping tabs on this post!

My Wife and i bought 'off-plan' back in 2006 in the village of Oroklini in Larnaca and rentals have been steadily getting worse despite promises of '90% rental occupancy' from the estate agent.
We were lucky in that we'd budgeted so that rental income was a bonus but i pity the poor people who need the rentals to cover their costs; it must be terrible.

We pretty much got lucky with our apartment in that the process was pretty smooth with the developers and whilst there were tiny problems, they were nothing like the horror stories i've heard from others, such as mortgages taken out on their apartments to fund other projects and then the developers go out of business, taking the apartment you own with them.

Has anybody else had a similiar experience as that?

Anyway, good luck to the posters above who were having a bad time of it, i hope it's worked out for you.
Kalimera Sas!
The only thing that goes with the flow is a dead fish...
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