Creating a property company

General questions & discussions on Cyprus property related matters
Post Reply
celadon
Posts: 10
Joined: 25 Oct 2008 10:33
Contact:

Creating a property company

Post by celadon » 22 Nov 2008 21:50

I am it seems a strange entity but am in process of buying an apartment in pathos off plan. I hear only bad news about buying and seem to be the exception but have carried out extensive research and due diligence. Timing is not perfect by any means but the world has to carry on!!It is 3 years away so credit crunch willing should deliver a return and a home in due course. Question i have is is it better to own a property personally or through a company for investment purposes.

I have heard many arguments but would dearly love to hear from someone who has tried this and what experience have you had?

Colin



Nigel Howarth
Site Admin
Posts: 2499
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Creating a property company

Post by Nigel Howarth » 23 Nov 2008 01:08

Hi Colin

I happened to be driving through Paphos last evening and noticed that one of the developers was offering €6,000 worth of furniture with their properties - and a report in today's Mail said that property sales in Paphos have fallen by 40%.

So there should be some good deals around at the moment if you're prepared to haggle. It's also worth mentioning that every investment carries a degree of risk - and the higher the potential return, the higher the potential risk.

Whether it's better setting up a company to own a property or owning it personally I can't say - I don't know anyone who has set up a company.

You'll need an accountant to churn the numbers to see what the costs/benefits look like. But I doubt that you'll gain anything if you're just looking to buy a single apartment.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

Post Reply