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Is Off-Plan Property in Cyprus still a viable Investment?

Despite recent economic events, most overseas estate agents still try to tell you that off-plan property in Cyprus is a great investment. These claims, however, now sound decidedly hollow.

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Indeed, buyers are no longer favouring off-plan properties in Cyprus...

 
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Things have changed dramatically on the Cyprus property sales market since the boom times of 2002 - 2008.

Back then, ever growing numbers of prospective buyers were flocking to the shores of Aphrodite's Isle in search of easy profits. Ferried here by a gaggle of eager overseas real estate agents, and greeted by a swarm of property developers offering a massive choice of large-scale off-plan housing developments, buyers were uniformly assured that an investment in any old Cypriot property could not help but make substantial short-term profits.

Unfortunately for the majority of small investors, these claims were grossly exaggerated. Read on...

 

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In fact, 'any old' off-plan property was likely to turn into a nightmare for its buyers

Few of the countless off-plan villas and apartments sold actually lived up to the hyperbolic claims made by overseas estate agents and Cypriot property developers.

These days, the term 'off-plan property in Cyprus' has developed something of a sour reputation among both overseas homebuyers, as well as overseas real estate investors. Buyers are increasingly shying away from the large-scale seaside housing estates being constructed by most developers in the Republic, and opting for smaller, more individualised developments, or even one of the many bargain-price resale homes now available.

This, in turn, has negatively affected the local construction industry, and 2011 is likely to be the year which separates the good, the bad and the downright ugly, as a number of less reputable property developers are already teetering on the edge of financial oblivion.

 

Seafront Holiday Villas at Pachyammos Village

Beachfront Villa at Ayia Marina in Western Cyprus

 

But despite this upheaval in the Cypriot housing market, the right off-plan property can still make healthy long-term profits.

Take, for instance, the forthcoming Limni Golf Resort. Conceived and constructed by the largest investment conglomerate in Cyprus, and incorporating signature Links by Jack Nicklaus and Gary Player, it is rapidly turning into one of the most talked-about leisure developments anywhere in the eastern Mediterranean.

And although no off-plan properties have as yet been released for sale (Feb 2011) on the resort itself, it is clear that these will be in huge demand when the time comes.

Similar things can be said about such high-profile projects as the Limassol Marina, and a number of other leisure and education developments which we are not as yet at liberty to publish as part of our site.

The simple fact is that anyone contemplating the purchase of an off-plan property in Cyprus for the purposes of investment must be willing to carry out a substantial amount of research for themselves.

For years, too many overseas homebuyers happily followed the outdated, and often inaccurate advice given by Television programs, or took slick overseas estate agencies at their exaggerated word. The disastrous consequences of such blind-faith investments can now be seen not only in Cyprus, but in a great many nations along the Mediterranean and the Atlantic seaboard.

Similarly, if one wants to make a profit from buying off-plan, not just in Cyprus, but anywhere, one not only needs to seek advice about current developments from a reputable agency, but one also needs to carry out some research to verify any claims made.

 

Village house in Souni, north of Limassol

In answer to the initial question, then, it has to be said that although off-plan property in Cyprus can still be a decent investment, finding the right one requires some solid advice, and a willingness to carry out independent research on the part of the prospective investor.

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The Rough Guide to Buying

One thing which is likely to affect your choice of property quite radically, is your own personal reason for buying. After all, if you're looking for a permanent home, your buying criteria is fundamentally different from that of someone looking for a holiday home or an investment.

This is why we have compiled a quick buying guide, to get you thinking along the right lines for your own personal needs.
Find out more...

 

Disclaimer. Please note that the information given on this website is displayed for guidance purposes only. It does not replace the need for professional advice, either legal or otherwise. E&OE

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