Alpha Panareti

Have you bought 'off-plan' and having problems?
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Posts: 10
Joined: 31 Jan 2009 15:15

Alpha Panareti

Post by julie »

Hi there,

Just wanted to know if anyone can offer any reassurance ( suspect not!) to someone daft enough to have purchased a a 2 bed villa off-plan at the St George Hills Development which is being built by Alpha Panareti at Tremithousa, Paphos. We bought into the hype back in 2006 I'm afraid. AP properties seem to be expensive anyway (which they justify by hight build quality, upmarket development, good landscaping, indoor pool, spa, club house with restaurant / bar etc etc etc) but given the current financial climate ( exchange rates, Swiss Franc Mortagage) and the news that the market is collapsing in Paphos ( & Cyprus generally) should we just give up and declare ourselves bancrupt now! We were hoping to rent out the property to cover some costs - but doesn't sound like there's much hope. AP of course say everything's fine and nothing to worry about & the agent who sold it say rentals won't be a problem for a nice villa ( versus identikit apartment) anyone buying / renting villas in Paphos anymore? Also does anyone have any experience of Swiss Franc mortgage - will the current exchange rate it's £100 000 more than we anticipated :-!

Nigel Howarth
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Posts: 2534
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus

Re: Alpha Panareti

Post by Nigel Howarth »

Hello Julie and welcome to the forum,

I'm not sure if there's anyone here who's bought on the St George Hills Development - I'll ask around for you.

I'm afraid that the credit-crunch and the exchange rate is hurting a lot of people, but it seems to be improving a little. The GBP/CHF is currently at 1.6752.

There are a number of agencies in Paphos that specialise in long-term lets. I think this will be better for you rather than relying on the vagaries of the tourist market.

The current problems are not only affecting Cyprus - tourism, travel and property sales are down throughout the world - no-one seems to be escaping.

Hopefully things will improve by the end of the year and eventually return to 'normal'. A couple of days ago the Cyprus government announced measures to help the tourist sector - so hopefully these will encourage more visitors to the island.

Nigel Howarth
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