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| Cyprus Buying Guide Newsletter |
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| Hello! How are you? How’s everything going? The days are getting longer and spring it’s on way – yeah! I really love the spring time. <Real quick - before I get on with my newsletter...I'm looking for a property buyer that has had difficulties in Cyprus where they've lost money and then were able to recover it (perhaps through the courts or through insurance, etc.) A Place in the Sun Magazine recently interviewed me and asked if I knew of anyone that has lost money and then got it back...If this is you, can you please email your phone number and a brief outline of what happened?> On to the newsletter...Just today I had a visitor from Cyprus – there is an extremely good estate agent that I work with in the Famagusta/Larnaca region and one of the directors had to do some business in the UK and popped in to have a chat. My first question was about the market in Cyprus… I asked my friend Chris what his thoughts were for Cyprus in 2008. This is what he said:
On the whole, Chris said things are looking really good for 2008…AND…thus far, we’ve had eight Cyprus Buying Guide readers buy a property in Cyprus with our help. If you would like help finding a good agent/developer or need some contacts in Cyprus, please fill out my property form at: http://www.cyprusbuyingguide.com/requirementsform.htm Furthermore, a recent report in ‘The Times’ rated the best places in the world to retire based on eight key financial categories – income tax, inheritance tax, property tax, property costs, ease of gaining residency, healthcare, climate and culture. The comprehensive research, conducted by the Homebuyer and Property Investor Show, gave the 10 most popular retirement countries a mark out of 10 in each category, to come up with an overall score out of 80. Cyprus topped the list. Moving on…I have quite a bit of good information for you this month, so I hope you enjoy it all. Have an outstanding month and hopefully I’ll hear from you soon. Kind regards, Kim Brown |
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Nightmare in CyprusOkay…I hope you know by now that I love Cyprus and I am not all about doom and gloom. I hope you also realise that my main objective in life is to get you to do your homework, find an independent solicitor, enjoy the property buying process AND live happily ever after, inviting me to your lovely Cyprus home for a glass of wine…! Having said that, I do get horror stories often and I sometimes like to send them out so that you can be aware of just how badly things can go wrong. I’d get sued if I put in the actual names of the companies, I’ve taken them out…but I received this recently:
You don’t
want something like this to happen to you! If there is anything I can
do to point you in the right direction please email me at: mailto:Kim@CyprusBuyingGuide.com
or fill out my property form: http://www.cyprusbuyingguide.com/requirementsform.htm
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How Much will Euros Cost you?by Smart Currency’s Charles Purdy.Sterling was holding the middle ground until our beloved government decided to nationalise Northern Rock. Not a great outcome but it will hopefully draw a line under an event that proved very damaging to the UK’s reputation. Sterling has lost significantly against most, if not all, currencies since the problems at Northern Rock were made public. Last week, the Governor of the Bank of England highlighted the problem of rising costs and a faltering UK economy. UK inflation could be as high as 3% by year end whereas the target was 2%. As a result, the market has tempered its expectations as to the speed and extent of UK interest rate reductions. I still believe sterling is oversold: by this I mean that sterling should strengthen over the medium term but the reality could be a lot different. Also beware of another major shock like Northern Rock as we would then see sterling slide rapidly. The € sits at €1.324/£1 inter bank. Euro land cannot defy gravity and be an economic wonderland as all around is failing. It cannot be the only economy that bucks the trend as it is very dependent on the US and UK as trading partners and, as they suffer, Euro land will begin to suffer too. Interest rates were held at the current level by the European Central Bank. Germany saw a rebound in business confidence albeit this was from historic lows. The € has the feeling of a safe haven currency at the moment and is offering a reasonable yield but I continue to wonder how long this will last. As you can see from the above, although I think sterling should strengthen given its fall from grace following the Northern Rock debacle, there is no certainty in this happening in the short to medium term. Just as possible is sterling losing further ground as the problems in the finance sector throughout the world have a greater affect on the UK economy than most. That is why we highlight the importance of developing a currency strategy so as to ensure your financial planning is done efficiently and effectively – by people who really know what they are doing. To get a Better-than-Bank
quotation and more information from a Smart representative, plaese go
to: http://www.smartCurrencyExchange.com/smartsquotation.htm
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A Cyprus Development worth looking at!
Have you heard about Pyla yet? Pyla is north of Larnaca and located at the top of Larnaca Bay. It’s only 15 minutes away from the airport, 5 minutes from the Dhekalia seafront and has a fantastic selection of bars, restaurants and excellent beaches (the beaches are Blue Flag beaches – The Blue Flag is an exclusive eco-label awarded to over 3300 beaches and marinas in 36 countries across Europe, South Africa, Morocco, New Zealand, Canada and the Caribbean. It is owned and run by the independent non-profit organisation ‘Foundation for Environmental Education). Pyla is a great location for people that want to get off the plane and get to their property quickly. The prices are around 20% lower than those found on the west side of the island and there are many plans on the horizon that will ensure Pyla will be a very solid investment (new airport, potential golf course, new marina in the area, etc.) I’ve found a development in Pyla that will be completed at the end of 2009 and it caught my eye. To try and paint a picture for you… (other than the actual pictures)... …it comprises of four small apartment buildings, providing a total of 58 high standard apartments, 8 two bedroom penthouses with large verandas, 8 ground floor two bedroom apartments, 16 two bedroom and 26 one bedroom apartments on first and second floors. All four buildings are raised on columns to provide space for covered parking and at the same time allowing for good views of the surrounding area. Each building offers a combination of one and two bedroom luxury apartments over three floors. The good-sized ground floor apartments lead out towards the swimming pools through private gardens. I’ve been told that the apartments have been carefully designed to overlook the pools towards the sea. All the awesome two bedroom penthouses benefit from en-suite bathrooms and large south-facing terraces with stone barbeque areas. There is also privacy – something that I find very important! When I’m entertaining or just sitting by myself, I don’t want my neighbours sticking their head over trying to join in on the fun! (unless my neighbours have wine to offer, of course!) Anyway, there are ground-floor covered parking spaces allocated for all units and tiled pathways leading to the apartment entrances and elevators (yes – there are elevators!). Additionally, the development benefits from two fitness centres for residents to enjoy a healthy lifestyle. This would be good for me – if the fitness centre is right next to me, I may actually use it more often! I am also told that the communal areas will be finished to a very high standard. The swimming pools will be surrounded by lawns that look like a hairdresser has trimmed them perfectly. And of course, you’ll also find very nice Mediterranean gardens. I love palm trees! There are wooden bridges that will cross the swimming pools along with children’s pools, sun beds, parasols and changing areas. This development is offered off-plan with completion due to take place at the end of 2009. This project has a 10-year guaranteed or variable rental scheme and a property management agreement through one of property management contacts.
As for the
financial aspect of the development… So…if this is something that interests you and you’d like to take advantage of the 5% discount, please email me at: mailto:Kim@CyprusBuyingGuide.com or give me a ring 0207 898 0549. Or…if you’d like help finding a property anywhere in Cyprus, please give me a shout as I’d be happy to help! Fill out my property finder form at: |
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What’s love got to do with…a financial planner?In the spirit of Valentine’s Day, Sharon Hollinger, who is with the company that helps all our Cyprus Buying Guide readers to effectively and efficiently PLAN their purchase, investments and their future life in Cyprus, has provided a bit on love… What’s love got to do with a financial planner? Everything actually! You need to find a financial partner who will love you enough to allow you to realise your financial freedom. They will educate you and enable you to make great investment choices whilst building on a strong, permanent relationship. The very best partnerships are based on trust, integrity and long-term goal setting. Building on these values provides the perfect marriage for a life-long partnership where outstanding success is achieved in every area of life. The key credentials you need to look for when selecting your financial partner are: Trust - Do you, hand on heart, trust their advice and expertise? Do they have your best interests at heart? Integrity - They must be honest and straightforward from the outset and not lead you on by making false promises. Unlike the majority of partners, they will not spend your money, rather invest it and make it work for you so that you can start to build success into your future plans. Long-term goal setting – Like any protective partner, they must promise to keep a watchful eye over your assets to ensure that they receive adequate protection and see the fruits of your labour increase. Sharon’s information holds true for anyone that you decide to work with regarding your plans to buy in Cyprus. Regardless as to whether you need an agent, a currency exchange company, a removals company or someone to help you with your financial planning, you MUST make sure that they’re a reliable company with good people that want to LOOK AFTER YOUR INTERESTS! There are many good companies out there so never settle for anyone that doesn’t really appeal to you…If you’d like me to get our financial planning partners to email/call you to introduce themselves, please fill out my resource form at: http://www.cyprusbuyingguide.com/resources.htm All the resources that I recommend are people that I have personally met with and feel to have the best interests of Cyprus Buying Guide readers at heart, so drop me an email or phone and I can introduce you to some wonderful people.
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Top Ten Ways To Avoid Problems with your Lawyer in CyprusI’m not kidding when I say that every week I have at least 1-2 people that are having problems with lawyers in Cyprus. It’s one of the most important things to get right, so please absorb this information provided by Louise Zambartas, a Solicitor in Cyprus: Many new clients come to me having instructed a lawyer and then encountered problems with him/her. Clients are often left wondering where it all went wrong with their lawyer and whether they could have avoided the situation. I have seen first hand the heartache and distress that this can cause and I cannot deny there are some difficult lawyers out there to deal with. However, I firmly believe that you can avoid all the problems with some careful thought and prudent questioning, before instructing your lawyer. Here are my top ten tips for avoiding problems with your lawyer in Cyprus: 1. Hint Number 1 – Find an Independent Lawyer I cannot emphasise enough how important it is that your lawyer is independent. If you instruct the lawyer that the seller is using then this is a sure fire way to get into trouble. Think about it – would you instruct the same lawyer as the other party in the UK? 2. Hint Number 2 – Get an Estimation of Costs up front Don’t leave yourself open to confusions later on. A lawyer should always be able to provide you with a clear estimation of the exact costs of a transaction. All the costs involved in a transaction must be clear from the very start, if he/she cannot provide you with this (in writing) – find another lawyer! 3. Hint Number 3 – Does He/She carry Indemnity Insurance? In the UK every practising Solicitor must carry full indemnity insurance – but do not assume that this is the case in Cyprus. Hopefully you will never need to use the insurance – but if anything did go wrong and you made a loss, you need to know your losses will be covered. 4. Hint Number 4 – Does He/She Reply To Initial Contact Promptly? One of the number one complaints about lawyers in Cyprus seems to be that they are slow! If the lawyer you choose does not reply to your initial contact quickly expect the same throughout your transaction – find someone else! 5. Hint Number 5 – Reputation is Everything There are numerous resources for finding out about what other people think of a lawyer in Cyprus. Ask around and you’ll get a very quick idea as to what past clients think of that lawyer. Ex pat discussion forums are also a valuable source of information and can often give you a better idea about a lawyer than his/her own website (if they have one!) 6. Hint Number 6 – Get it all in Writing Once you’ve instructed a lawyer in Cyprus make sure that you get all his/her advice down in writing. That way there can be no confusion as to what was said during a phone conversation. 7. Hint Number 7 – Ask Questions Your lawyer is human – he/she can not be expected to advise on every case scenario in your transaction, so ask as many questions as you can. He/she needs to take the time to explain the transaction to you so you understand so make sure you ask plenty of questions. 8. Hint Number 8 –Use the Support Staff You need to remember that your lawyer has other clients and transactions going on and cannot be available to speak to you at any given time. If he/she is not available then often the support staffs are familiar with the files. They should be able to answer routine questions for you when your lawyer is busy. 9. Hint Number 9 – Know Your Rights You need to know that if you are experiencing problems with your lawyer in Cyprus you are not alone. The lawyer should have a complaint’s procedure in place at his/her firm which you can follow if you have a problem. Moreover, for really serious issues, you can consult the Bar Association on whether your lawyer has acted appropriately. 10. Hint Number 10 – Remember the System Is Different The legal system in Cyprus is different to the UK and your lawyer should be able to explain the differences to you. You cannot expect the same procedures, searches and checks to be carried out in Cyprus as would be carried out in the UK, so make sure you have a lawyer you can trust who can guide you through the system. Never presume that because it happens in the UK, it must also happen in Cyprus. If you’d like
me to get Louise to email/call you to introduce her services to you
please fill out my resource form at: http://www.cyprusbuyingguide.com/resources.htm
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One of the Cyprus Buying Guide readers got in touch with us regarding finding a property in Cyprus and we put them in touch with our incredible property contacts on the island. On browsing through the Overseas Guide Company forum (http://www.CBG-Forum.com) he became extremely concerned to learn about the number of cats they have in Cyprus! The reader explained that his wife has an allergy to cats and this situation would cause her severe distress. My property contact helping this reader explained, “I have tried to research the latest update. I have discovered that last year the Cyprus Government started a neutering programme on the wild cat population ( bad news if you are a pussy cat). This programme ran until the end of 2007. If their research finds that the results were successful then they may consider repeating the programme. I also contacted a local animal welfare centre, which confirmed that this programme was indeed conducted in several regions. However, they could not give me any further information. I have conveyed all this in an email to your reader. I cannot lie and say that all the cats have disappeared, but it’s good to know that the government is doing something about it!” In all honesty, I’ve never seen hordes of cats or thought that the country was overrun by them…In fact, I think there are far more cats in Greece than in Cyprus. PLUS…from what I’m told, cats kill snakes and spiders…so as far as I’m concerned, I don’t mind them being around! But then, I’m not allergic to them….I guess that kinda makes a difference. Have a great month and I truly hope that you find value in these newsletters and the other emails I send out. If there is anything I can do to assist you further, give me or one of my associates a call on 0207 898 0549… Kind regards, Kim Brown |
