MPI

[Evofirst1]

We are interested in retiring to Cyprus and was looking at the different properties available. As we are keen to build our own but might not be able to get involved on the day to day affair, we were looking at alternative available. We noticed that MPI or Marriott Property Investments have some special offers for investors like us. However having read your advice in your site, we wonder if you could give us an insight on MPI. Thanks. Evofirst

[Nigel Howarth]

Hi Evofirst1 and welcome to the forum,

I have no information on the property investment company you mention, but I suggest you take a look through the news articles in my Cyprus Property News - including the 'Property Prices Section' and the presentation given to my Rotary Club by Pavlos Loizou MRICS at 'Property market review and expectations for 2012'.

I'll leave you to draw your own conclusions.

Regards,

[Evofirst1]

Thanks Nigel for your prompt response. We will have a look at your link. In the meantime, please find below the link to MPI that we found on the rightmoveoverseas website:

We were also reading up on your latest news and wondered if this would be the right time to buy property in Cyprus with all the problems that Cyprus property market is facing.

What is your take on that?

Cheers

Evofirst

(Edited - advertising link removed please read Terms of Membership )

[Scots Lad]

Evofirst 1

Is this not the project a couple off people/Salesmen types where posting on the Property News Section a few months ago, Where they stated that there Cypriot Lawyer had assured them that the latest measures brought in by the Authorities protected the buyer ?

They also did not think much of many other posters views.

The posters also stressed that Eco type log cabins where the future in Cyprus, Personally with the amount off Insects/Termites on the Island they would need some amount of protection.

Does that help ?

[Nigel Howarth]

Hi Evofirst

Yes - it is a good time to buy property on the island - providing you focus your search on properties that have been issued with their Title Deeds - and, most importantly, appoint an independent lawyer to look after your interests.

The British High Commission publishes a list of lawyers that speak English. You can find that list at http://ukincyprus.fco.gov.uk/resources/ ... yers-south - I suggest that you meet with one of these before you start looking for property. And do not sign any papers or hand over any money until you have checked with your lawyer.

(I'm meeting with the High Commission at the end of the month to discuss property matters).

Referring to the link you posted - As Scots Lad has pointed out, there were a couple of people trying to promote log cabins through my Cyprus Property News site a couple of months ago. They were under this mistaken belief that all the problems with Title Deeds had been solved - I understand that the lawyer who may have given them this advice was struck off the British High Commission's list of lawyers and has also been removed from one of the bulletin boards servicing the eastern end of the island.

(And please do not place links to adverts here - please read the Membership Terms)

Regards

[Evofirst1]

Hi Scot Lad and Nigel

Firstly, my apology for the link, newbie error and thanks for removing that.

Secondly, noted about your comments about these people and will definitely check for the lawyers and your advice does definitely help.

We are making a recce this November to have a look around and will definitely looked at properties only with Title Deed. Would Famagusta be a good area to look at?

As we would not be moving immediately (retirement in a couple of years), we were wondering if we purchase an investment unit at the moment, would we be able to utilise property management companies to assist us in renting and managing our property?

We also understand that property prices is attractive to buy however renting is also affected, so for investment, which area should we consider?

Thanks in advance for your advice.

Evofirst

Evofirst

[Scots Lad]

Evofirst,

As you are not retiring just now would it be wise to invest in buying, Cyprus is facing a very tough future with a bailout required some say as much as 20 Billion, There is also a large amount of houses Empty or half built etc. Cyprus House Prices will I think drop some think 30 to 50% etc.

Why not leave your money in a Fixed Bank account for now, And if you do come to Cyprus rent for now till you find the area you like. My own personal thoughts is Malta is far safer to buy and live with lawyers and courts you can trust.

regards

[Nigel Howarth]

Hi Evofirst

I would say that all areas are worth looking at - I wouldn't recommend any specific area to you. Different people have different wants, needs and expectations and it's important that you take some time to look around before deciding where you want to live.

Some people rush to buy something and later live to regret their decision. Some find that family ties are too great, or they've bought in the 'wrong' area, or they cannot settle in a foreign country.

If you're planning to retire here, I suggest hat you rent somewhere for a minimum of six months before buying. This will give you time to visit different parts of the island to find somewhere that's just right for you - and avoid making a mistake that you may later regret.

Also, you need to consider why you want to buy - as a permanent retirement home or as an investment; the two are quite different. I don't think you'd want to live permanently in a tourist development where many of the properties would be empty for most of the year, you wouldn't have any permanent neighbours, possible noisy tourists partying until the early hours.

Take the next two years to carry out a proper investigation - come over here on holidays and get to know the island. When you retire, rent something for a minimum of six moths before deciding if and where you want to settle permanently.

Regards,

[Evofirst1]

Hi Scots Lad and Nigel

Yes, we have been keeping an eye on Malta and love the place however the prices in Malta especially in the area we were looking at seemed to be overpriced. We wonder if the property bubble will also burst there in the near future...as for the present moment, it seemed to be an expensive country to retire to and also due to the retriction and requirement that the Maltese imposed on foreign investors. Malta however is still very much still a strong contender for our retirement place as we are very comfortable there and love the place...

As a cheaper alternative, we were introduced to Cyprus but I am not familiar with the country (my partner have been there) and we have heard from friends of friends that it is a wonderful country with friendly and warm people. Hence this visit in November will be a good introduction for us to get a feel.

Based on the information in your site and others, Cyprus does have a lot of tough and imminent challenges. Due to the country's status, we are very concerned on how the economic, political and property situation will pan out as many who invested had got burnt.

We are considering if it is good timing (since we are not retiring till a couple more years) to capitalise on the cheap property market now while it is affordable as we might be priced out when we are ready to retire in the next couple of years.. (Of course, it is also dependent on how we feel about the country when we visit in November).

Considering what we have read about the country, we are getting the vibes that any investment property now is unlikely to get a good return and we can expect for most of the time the property would be empty like the rest of the empty houses around.

We were wondering however if there is a silver lining in the horizon on what the government is doing to bail itself out and whether in the next couple of years, would you be seeing a recovery or not? Or is it likely that more reduction is imminent as per what you mentioned, reduction by 50%... so it might be better to hold our horses and wait for it to reduce further...

Your suggestion of spending time in the country and researching properly is wise and very much appreciated. We will definitely do that and not rush into it as the more we researched, the more informative we are and we thank you for your time in assisting us in this forum.

We are on the look out for a retirement home (rather than an investment but if it could be rented out for a period of time, we are open to that option). Ideally we prefer to be self sufficient and like eco homes, overlooking a lake or sea with space for a garden (a little bit of land 1 to 2 acres) hence the reason we were attracted to MPI proposal (which however seemed too good to be true, hence our posting).

We like the quiet and to be away from the hustle and bustle but enjoy the comfort of modern living as such do not want to be too cut off from the shops, restaurant and public amenities (as long as it is within 15-20km by car, it would be fine)... I prefer to be near the water, either the sea or lake is fine rather than mountainous area. We have rented a car so if you know of any areas that meet our criteria, please let us know so that we can go and have a look. We are also looking forward to using the local buses to get around to get a better feel.

Thank you again for taking your time to answer our questions and my apologies for writing a book... I do get carried away...

Cheers

Evofirst

[Scots Lad]

@Evofirst 1

Regarding Malta You will find the prices Cheaper in the Central Part of the Island, Most Investors go for the Northren section. Gozo also is quite Popular, The Areas St Julian, Pembroke etc have a number of Bargains.

As to Cost of living You find that by Shopping in the Central part of the Island Supermarkets + Lidls etc makes a big Difference to the Supermarkets in the more Tourist Areas, Electricity and Water utilities are Expensive Slightly under Cyprus rates.

Another Country you may Concider as a Investor is Tunisia Djerba Island would suit your eeds on Sea & Lakes plus has a International Airport on the Island, Villas/Apartment prices are cheaper, Djerba was also Quiet compared to Tunis during the Arab Arising.

[Nigel Howarth]

Hi Evofirst

If you want to be near water a lake or the sea, you could start looking villages near the reservoirs. Get yourself a map when you come over, there are plenty of both here.

From your postings I feel you need to do a bit more thinking about precisely what you want and where it should be. You'll be very lucky to find an ecological house set in 1 - 2 acres for sale.

It sounds to me as if you should buy a plot and have a house built to your design and specifications (this is what I did). Ground source heat pumps, grey water systems, PV generating systems, etc and other products are available here from specialist companies - there was an article in the Cyprus Mail a few days ago about eco friendly accommodation for the army - see http://www.cyprus-mail.com/cyprus/kudos ... s/20121018

Regarding your comment on the MPI proposal, if something sounds to good to be true, it generally is. I did look the timber homes being advertised - there is one very nice alpine-style 3-bed cottage at Avgorou. I've seen an almost identical house at Moniatis (a village in the Troodos mountains). But the photos claiming to be of the house in Avgorou are questionable - the photos of the house on the lake look as if they were taken in Scandinavia, Canada, Scotland or somewhere similar.

There is also a problem with their structural guarantee - it's limited to a mere 10 years. In Cyprus, by default, you get a lifetime warrantee against structural defects.

You need to be very careful when buying here, there are many sharks in the property business and much misleading advertising. I suggest you get a copy of my free "Golden Property Commandments" and also the Association of Independent Property Professionals (AlPP) guide "How to Buy Overseas Property Safely".

You don't have to worry about the political situation here, it's stable. As for developments in the economy relating to construction and real estate, keep an eye on my Cyprus Property News.

Regards,

[Evofirst1]

Hi Scots Lad

Thanks about Malta and noted about this place in Tunisia, will have a look.

Hi Nigel
Ok, will definitely pick up a map and have a look around. Yes, a land is under consideration and will have a look at the link. Yes, we get the impression that we have to be on our toes in Cyprus and we will definitely be cautious before commiting anything. And will definitely keep an eye on the Cyprus news.

Will update you when we return from our trip in December.

Thanks for all you do,

Evofirst

[Nigel Howarth]

You're welcome Evofirst - good luck with your search.

Rgds,