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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.

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If your thinking of buying a boat then also have a look around the Polis/Latchi area, but stay away from the local developer based in Latchi as they seem to have a few unsatisfied customers.
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?
Prices are generally similar in the Polis/Latchi area but may rise due to the new golf course which is under construction.

There are boats for sale in the Latchi Marina but I don't know your budget so can't really be more helpful.

We picked this area because it's more rural but still reasonably handy for Paphos.
Even if the title deeds are available, what other 'dangers' are lurking in the process?
The planning rules are different here so you may not be consulted on any further developments. You need to be wise about what may be built nearby.

Check the rates (known as bins), some areas seem to be able to create rules so that you may pay double what the locals do.

Check the price of water, our is cheap and not currently scheduled to increase. Other areas are predicting a 100% price increase according to the press.

If the property includes community spaces then check the charges and what is included in the fees and if there are any measures to check if the services have been delivered.

Like the UK it's good to look at properties in the winter months if possible to find any areas where damp may penetrate as it tends not to show once dried out, establish where the prevailing wind comes from then look around the window frames and even though there may be double glazing it may not be draught proof.
I've just seen Veronicas post, you need to choose your lawyer wisely. They are not all the same and it's best to get a recommendation rather than get one from the yellow pages. If someone involved in the sale points you in a direction then ignore it.

Lawyers here don't seem to be accountable, sad but true.

This thread seems to be painting everything black, it isn't, you just need to be very careful as the usual checks and balances don't seem to be in existence here.
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