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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Villas ‘The property is cheap in the north of Cyprus,’ says Pauline Gallagher, director of property agents Halcyon. ‘It’s that simple. But you really have to ask yourself why it’s so cheap ” and the apartments and villas for sale north cyprus answer is that you may not be paying for the land your property is on. If it belonged to a Greek Cypriot before the invasion in 1974, you could find yourself having to pay a compensation claim or losing the property.’

Sale Unification now seems more likely than ever, with the election last week of a pro-unification Turkish Cypriot President, Mehmet Ali Talat, but property rights will remain a major sticking point in any settlement agreement.

North Though somewhat overshadowed by publicity surrounding its controversial northern neighbour, the Republic of Cyprus (southern Cyprus) still offers a strong property market apartments and villas for sale north cyprus  with something for virtually every taste and wallet. Admittedly the days of snapping up a home for pounds 50,000 are over, as are the years of 40 per cent annual price rises, yet more and more agents are beginning to sell property in southern Cyprus as the market flattens elsewhere in Europe.

Cyprus ‘I like to describe it as a safe market,’ says Gallagher. ‘It’s always going to be popular with Brits because of our links with the island as well as the wonderful climate and scenery. There is a strong domestic market too. You can expect steady growth and a good return on your investment. You do have to be selective, though. It won’t pay to buy the cheapest property because your rental yield and capital appreciation will suffer.’

Though it is widely acknowledged that the property price boom is over, agents in the Republic of Cyprus are confident that prices will retain a healthy eight to ten per cent annual growth  and a good rental market will continue with a season lasting some eight months from April to November. Much of this growth is being sta apartments and villas for sale north cyprus ked on young people and families from all over Europe choosing Cyprus as a place to live and work ” an option made available to them upon its accession to the EU on 1 May 2004. Tax breaks and a high quality of life are pulling in businesses and self-starters. Cyprus is no longer the preserve of the retiree and holiday maker.

Despite this shifting market, favoured destinations remain largely unchanged. Paphos and the stretch of coastline up to quiet and picturesque Peyia have always been a favourite with tourists and homebuyers alike. Paphos, with its bars, restaurants and lovely harbour, boomed first. The town has some of the highest property prices on the island ” though of course returns match this. While a well-positioned two bedroom apartment with a communal pool might cost CYP80,000 (pounds 93,400), it could achieve a rent of around CYP300 (pounds 350) a week for much of the year. If all goes to plan, capital appreciation should run at around 15 per cent.

Confidence is high at Peter Stephenson Properties  apartments and villas for sale north cyprus where all homes at their latest development, an eight-minute drive from Paphos, are being sold at around half their market value in return for allowing the developer to rent them out for six months annually for the first 10 years. The 74 one-, two- and three- bedroom townhouses will have a communal pool and roof gardens, prices start from CYP34,950 (pounds 40,800).

Larnaca and Limassol are two other important areas for buyers. Larnaca is the cheaper of the two with two- bedroom apartments available from around pounds 65,000 and small villas with pools from pounds 100,000. The city is a Cypriot business town ” albeit one with an attractive sea front and an international airport. Proposals to improve the marina and build a golf course could change the place significantly however and send property prices in certain districts through the roof, at least in the short term. Halcyon is selling one and two bedroom apartments at nearby small complexes. Royal Gardens, Regal Gardens and Helen of Troy boast communal pools, tennis courts and prices from CYP58,000 (pounds 67,800).

Limassol, too, has a beachfront and a bustling town, though it’s a little pricier than Larnaca. Antonis Loizou & Associates are offering a luxury two- bed apartment situated in a prestigious elevated beachfront location for CYP120,000 (pounds 140,000). For those with a smaller budget, a second-floor studio apartment a little further back but within a short walk of the beach is yours for just CYP35,000 (pounds 40,800).

Head to the villages just outside these major towns apartments and villas for sale north cyprus for a unique, historic stone house. You may have to pay a premium and rentals property agents won’t be so good, but capital appreciation should be in line with the rest of the island. In the village of Maroni, Halcyon is selling a converted 150-year-old Olive Mill for CYP185,000 (pounds 215,800), with exposed beams and stone floors, three double bedrooms, a walled courtyard with swimming pool.