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Buying a holiday home

4882 Views 41 Replies 8 Participants Last post by  Veronica
I am sure that this query has been covered in several posts previously, but after a quick search i cannot seem to find any suitable answers.

I am seriously looking at buying a holiday property in Cyprus (3 bed villa with pool in Paphos / west coast area) for personal use and short periods of rental. I would appreciate any feedback / advice on the following:

- What would be the average price of this type of property?
- Are there bargains / deals to be had?
- Have prices stabilised or still falling?
- What are the average running costs for this sort of property?
- I know a pool is essential, but what are the running costs?
- Is it cost effective to 'shut down' the pool during winter?
- What are the average rental charges for this type of property?

Any general advice, do's and dont's, etc would also be greatly welcomed.

Neil
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John Palmer is only one of many British scum bags who have swindled their fellow Brits. We have had several of them working here in Cyprus, Andrew Nolan, Ian Beaumont, Darragh McAnthony are just some examples.
These people are parasites who prey on others and when things get too hot they run off and start again in another country.
One project that has been in the news is Paradise Hills which was covered on the TV programme holiday homes fromn hell. The programme failed to mention that the 'developers' were in fact Brits and left people assuming that it was Cypriots.
One of the partners was a British Born Cypriot while the others were a husband and wife who were British. One of the partners in fact ended up in jail for drug dealing. The scum of the earth.
It has been interesting reading these threads, but also have to agree that property swindling is global.

I have a good friend in the UK, she is very astute, she and her Turkish husband bought an apartment in Turkey which they used, only to get a phone call one day from a neighbour to tell them all their belongings were outside in a heap.

The solicitor who dealt with their purchase had moved in.:mad:

Years later the issue is not resloved, they appeared on TV on Holidays Homes From Hell, they have a London lawyer acting for them, when they were purchasing, they were told that because the husband was Turkish, some of the paperwork was irrelevant.

I think the moral is 'Trust No-one', not even your own countryman, better to have recommendations from others.

I did a house swap 18 months ago, we had four lawyers involved, the 2 Brits I knew well, I worked with one, my Cypriot lawyer was highly recommended, the other Cypriot lawyer was a pain, holding things up, getting docs wrong. I was relieved when it was finalised.

DO YOUR HOMEWORK AND GET RECOMMENDATIONS FROM OTHERS.;)
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Due to all of the bad publicity regarding developers in Cyprus, I am looking for a resale property only. Unfortunately, all developers in Cyprus have been tarnished by the 'rogue traders', even the good ones, of which I am sure there are many.
Again, buyer power will force the construction industry to self regulate as people will steer clear of new developments. It is a buyers market now and will remain so for many years to come.

With regards to the Polis / Latchi area, are prices generally similar to towns around Paphos?

Are there boat sales in the Latchi marina?
I'll say it again, you need someone you can trust when property buying, who better than Elysianfields?? Veronica and Denis will make sure you have the title deeds and a professional lawyer. I ran my Cypriot lawyer past Veronica before I instructed him and he got the thumbs up.
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