THE PROBLEM
Apartments Jenny Oborne wants to buy an investment property in Villas Apartments for Sale North Cyprus. She has a budget of around pounds 135,000
Villas “I live in North Bedfordshire where I also own a rental property. I’ve been thinking about buying another one and while my other one is bringing in good money, I’d like to use the income to buy somewhere in the sun.
Sale “I’ve considered buying in Spain but I’ve only been once and ended up in Magaluf, which put me off for life. When someone suggested Cyprus I thought it sounded like a good idea as so many people go on holiday there. I went for a look and didn’t find it the prettiest place but the people love the British, and the atmosphere and the food persuaded me that this is the place to buy. We even went to Ayia Napa, but didn’t see anyone drunk, which you can’t say about Bedfordshire. http://www.apartmentspain.co.uk/
North “We want to buy somewhere quiet but not too out-of-the-way. We’ve got to have a villa with pool as the weather gets very hot and we’d be happy with just two bedrooms. We plan to use it ourselves for two to three weeks of the year when it is cooler and rent it out for the rest of the year. We plan on keeping the property for between three to five years and then selling it, so it must be highly saleable. We will only buy new-build, preferably off-plan so that we can make the maximum amount of money. I don’t want to be at the Paphos end of the island as the prices are higher there. It’s more built up and not as pretty.”
Cyprus TONY’S ADVICE
“I’m not surprised Jenny is thinking of Cyprus as everyone is now buying there. But I am biased – I love the place, and have been going there for 17 years. Cyprus is now coming to the forefront as people are feeling that the lack of building restrictions in Spain have made it overdeveloped so they are seeking an alternative. It really is a marvellous place and has everything; everyone speaks English, there’s a great climate, golf courses and you can go walking, snorkelling and even skiing from November to February up in the Trudos mountains.
“As a company we’ve really researched the market in Cyprus and will only deal with established developers who are producing high quality buildings. There is something for all price ranges.
“We’re predicting that prices are going to double again in the next 18 months. Two-thirds of properties are off-plan sales to UK buyers. This is the best way to make money and will be a very good investment for Jenny. She has three options. She could go for an apartment in Limasol, which has a more cosmopolitan feel. It’s very good for sitting around and drinking coffee until 2am. It’s not great for holiday lets, however.
“Her second option is to go for a two-bedroom detached villa near the Villas Apartments for Sale North Cyprus beach in the Protaras region and pounds 125,000 would get her one with a pool. Ayia Trias has a superb location, it’s a good investment – many of my friends are buying there and it’s where I’d buy myself.
“Her third option would be to buy a three-bed detached villa in Coral Bay. Tourists do want this area and our developer will guarantee a 6 per cent return if they sign the property over for between three to five years. She could put down pounds 135,000 and raise the rest via a mortgage in Cyprus. If you’re not ready to retire there, it’s one way of getting the house paid for by the time you do.”
Tony Gane works for David Headland Associates: 01933 353333 or www.headlands.co.uk
THE VERDICT
“Having visited the island, I’m now almost definitely decided on Ayia Trias. It is a fabulous plot with wonderful views. Nothing about the development has put me off yet and we’re planning on going back soon so that we can be 100 per cent sure – you’ve got to be where it comes to money.
However, I don’t feel that there is any risk and the only question at the end of the day is how much the property will be worth in a few years’ time.”
INTERVIEWS BY GINETTA VEDRICKAS
THREE PROPERTIES FOR JENNY TO VIEW
Property three: Villa in Coral Bay (right).
Price: pounds 230,235.
Agent: Headlands: 01933 353333, www. headlands.co.uk.
Agent’s details: A three-bedroom, detached villa in the Ilyuinan http://www.apartmentsvillas.com/ development, Coral Bay, which is 10 minutes from Paphos. It has an open-plan kitchen, dining room and lounge, a formal sitting room, two bathrooms (one en suite), carport and swimming pool.
Property one: Poseidonas Gardens, Limasol (left).
Price: pounds 144,564.
Agent: Headlands: 01933 353333, www.headlands.co.uk
Agent’s details: A two-bedroom detached villa at the Poseidonas Gardens development in Limasol comprising an open-plan kitchen, dining room and living area, bathroom, cloakroom and parking space.
Property two: Ayia Trias Beach Gardens (above).
Price: From pounds 116,000.
Agent: Headlands: 01933 353333, www.headlands.co.uk.
Agent’s details: Situated next to a beautiful, sandy beach and small, picturesque marina this new development will have 93 properties made up of two-, three- and four-bedroom detached houses on a substantial site east of Paralimi Village. Living areas range from 92m2-180m2 with gardens and option of private pool.
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