Houses for Sale in Cyprus - Too Expensive?
The Problem:
Charles and Geraldine Cooper are considering purchasing retirement property in Cyprus but are wondering if the cost of a villa there is too expensive and whether such a purchase is a good investment.
The Coopers are in their late fifties and have been promising themselves a retirement home abroad. The Coopers aren’t looking for a permanent residence abroad, only a place where they can visit for extended lengths of time. This is what started them looking at Houses for Sale in Cyprus. The Coopers own a mail order company and have worked very hard for many years running the business. The motivating factor behind all the hard work has been a villa in the sunshine as a reward. While not quite ready to retire, they are slowing down and have been letting their son gradually take over the business. Hence, their heightened interest in purchasing a dream retirement home. The rising overseas real estate prices is also fueling that interest.
The Coopers have noted that prices seem to have increased the most in Spain, Italy, Cyprus, and Portugal, causing them to consider some of the newer popular destinations such as Bulgaria and Croatia. They did look at Houses for Sale in Cyprus along the Algarve and the Spanish Costas but prices there have gone up so much that most homes are now out of the Cooper’s price range, which is around £70,000 - £75,000 maximum.
After going to a Houses for Sale in Cyprus exhibition, however, the Coopers reported seeing some lovely homes available in Croatia and Turkey with prices that were extremely competitive. The homes looked like they offered excellent value for the money. The problem the Coopers are wrestling with is whether these countries are safe for investment and whether purchasing real estate there is a good move.
The Advice:
At first glance, Bulgaria, Croatia and Turkey and other such countries seem like they offer good value for your money so it’s not surprising that the Coopers expressed an interest in them. The problem with investing in many of these countries is the lack of developed infrastructure.
A good suggestion for the Coopers would be for them to take a trip to one of the countries in which they are considering a real estate purchase and examine the existing infrastructure (e.g., medical facilities, roads and highways, and general services). While the first few days of sitting in a shady cafe overlooking a sun-drenched fishing harbor might be charming, the charm will wear off rather quickly if that’s all there is.
A no less significant consideration regarding Houses for Sale in Cyprus is the winter climate. Many of these other countries have very harsh winter climates, which would make traveling and touring difficult during the winter months.
The phrase ‘Value for money’ is commonly bantered about but it needs to be put into the larger context. Even if the home looks nice and has a great view, its value is greatly diminished when there are frequent disruptions in services, very few English-speaking inhabitants, and difficult roads to traverse just to get there. The investment aspect is also an important consideration – many of these emerging countries have unstable economies.
This isn’t to say that these emerging states aren’t worth a look-see, but it should be countered with a visit to a popular investment country like Spain or Cyprus. The Coopers might feel as if they can’t afford property in these countries but there are, in fact, a number of very attractive Houses for Sale in Cyprus that can be bought within their budget with far fewer ‘unknowns’. And, Cyprus has been tried and tested by British buyers for a number of years.