Russian Invasion !!!!

[arthurdiane1960]

Hi All,

I have a question for all the property experts on here of which im sure there is a few!! I have heard that the Russians are buying up alot of property in cyprus at the moment, is this true?? I have a property in Bulgaria and they have tried doing the same there but its suitcases with cash. im thinking of buying in cyprus myself but a suitcase of cash im lacking probably looking at a mortgage deal. is it true about the russians?? and what good mortgage deals are out there at the moment?? Thanking you in advance.

Arthur

[Veronica]

Originally Posted by arthurdiane1960

Hi All,

I have a question for all the property experts on here of which im sure there is a few!! I have heard that the Russians are buying up alot of property in cyprus at the moment, is this true?? I have a property in Bulgaria and they have tried doing the same there but its suitcases with cash. im thinking of buying in cyprus myself but a suitcase of cash im lacking probably looking at a mortgage deal. is it true about the russians?? and what good mortgage deals are out there at the moment?? Thanking you in advance.

Arthur

There are certainly Russians buying property here but not with suitcases full of money etc.
The Cyprus government is very strict that you can prove where your money came from when you bring large amounts into the country because of the implications of money laundering.
Developers can't just take huge amounts of cash for a property and turn a blind eye because they have to account for it.
As for you buying here, you will need at least 30% downpayment for anything you buy as the banks are no longer giving 90% mortgages (in some cases the developers can arrange 80% but that is maximum)
Also in the case of resale properties the banks are not gving mortgages on properties that do not have title deeds so that means you will have to buy from a developer unless you find a property with full title deeds.

Regards
Veronica

[Cleo Shahateet]

The majority of buyers are still British coming straight over from the UK but many come over from UAE in my experience too. There are Russians of course and others. Also, like Veronica said you will need full title deeds to more easily get a mortgage or cash. Banks require a lot of background info, lots of proof you can re-pay and proof of your assets making it a rather lenghty process in most cases. We have seen many more cash buyers, but the money is always in banks in the buyers home country and transferred over.

[arthurdiane1960]

Hello Veronica,

Thank you for your email. I see your an agent in cyprus can you send some information to me about the developers and the deal of 80% LTV im only looking for an investment property im not interested in areas that are considered holiday home buyer areas. also what is the market like for distressed property???

Arthur

[Veronica]

Originally Posted by arthurdiane1960

Hello Veronica,

Thank you for your email. I see your an agent in cyprus can you send some information to me about the developers and the deal of 80% LTV im only looking for an investment property im not interested in areas that are considered holiday home buyer areas. also what is the market like for distressed property???

Arthur

Arthur I have sent you a pm.

Veronica