How do you know the best countries and developments to invest in?
We choose our countries and developments through a rigorous process of research and due diligence checks, based on the strict criteria specified on our 'Why Cyprus?' page. Only once all of these criteria are met, do we negotiate an exclusivity arrangement with the developer to provide properties on behalf of our clients.
Why is your exclusivity agreement with the developer an advantage?
The exclusivity provides the reassurance that we have a strong relationship with these developers. They value our clients as much as we do and will not want to jeopardise this longstanding relationship. Should you express an interest in a specific property, our exclusive relationship with the developer also allows us to place a short term 'hold' on the property whilst you decide, without other potential purchasers securing the deal.
Why don't you offer more choice of countries like other overseas investment companies?
We can and we will, when the time is right. However, you will see many overseas investment companies offering places such as Dubai, Turkey, Egypt, Morocco, and more - all of which may provide property growth. But, our research and due diligence shows that these other countries may present some risk to you, the client (eg. not in the EU, translation issues with conveyancing, instability in the economy, potential civil unrest or crime, unsustainable rental market, no freehold option, lack of government investment, unrestricted property development volumes, and more).
We have decided to specialise and focus on the safest, easiest and most profitable of all 192 countries worldwide - southern Cyprus 'ticks all the boxes'.
Why do you use the Swiss Franc for your mortgages in Cyprus?
We have a unique arrangement with the Alpha Bank (Greece's 2nd largest bank) who can offer mortgages in the Swiss Franc, which is generally accepted as the most stable and secure currency in the world. Because of this, it provides low rates of interest (averages 3-4%) which rarely fluctuate, so you can have peace of mind in whatever mortgage payments you have committed to once your property is completed. Obviously, we advise and arrange all of this on your behalf, when applying for your mortgage.
How much capital can I expect to make from a property purchase in Cyprus?
Like any country including the UK, there are no guarantees. However, Cyprus property growth is forecast to be extremely buoyant for the foreseeable future due to the significant investment in tourism by the Cyprus government. A recent independent property valuation on the Alpha Panareti properties showed property growth of between 38% - 47% during a three year build. Their 2 bedroom apartment in St Nicholas development bought off plan at £170,000 was re-sold at £236,000 on the completion of the 3 year build in August 2007.
Can I trust your developers to deliver the property on time, to standard, and indeed at all?
There are many horror stories about people attempting to buy properties overseas themselves, or through inexperienced agents, only to find the developer went bust or just disappeared with the deposits - these stories are real!
That is why we use the expertise and reputation of the AIPP and OPP to research all aspects of buying abroad. Cyprus has over 200 developers! ...we use only TWO on their recommendation. Our partners, Alpha Panareti and Giovani Developers, are the two largest and most reputable developers in Cyprus to the extent that Alpha Bank, Greece's 2nd largest bank, underwrites mortgages on their properties with guarantees to protect your deposit in all eventualities. Both developers have won awards for their work.
Can I trust Golden Shores as my overseas property investment advisor?
Absolutely. Everything we propose or discuss with you will be 100% transparent, and without pressure. We fully realise that overseas property investment may not be right for you....it is our job to see if it could be, and then only if you want to proceed, to help you make it happen. Our partners - AIPP, OPP, Alpha Panareti, Giovani, Alpha Bank, KPMG, Bridge Holmes International - are all reputable bona fide companies and are accessible through their own websites (visit their websites via the links here).
Why can't I just buy a property in Cyprus myself if it is so easy, and save myself your agency fee?
Firstly, we do not charge you a fee to help you buy your investment property overseas. Our fee is paid by the developers, due to the high volume of properties we sell for them and from the cost savings they make by not having to employ a UK sales team.
Secondly, the process is only simple because we have invested considerable time and money over the past 5 years establishing all the contacts, implemented the systems and developed relationships .
Large reputable developers, overseas banks and solicitors generally do not have the time to deal with individuals, but rely on companies such as ours to act as their link to the UK and do all the background administration on their behalf. Buying a property overseas yourself can be quite daunting, very time consuming, frustrating, more costly and poses risks to the inexperienced.
How much capital is required to purchase a property?
In general terms, property in Cyprus starts at about £110,000 upwards with a £2,000 reservation fee due initially, a 15% deposit within 30-60 days, then a final 5% deposit on completion in three years time - by which time you will have gained 3 years equity growth by buying 'off plan'.
The reservation fee is fully refundable within 14 days if you change your mind about proceeding, or is deducted from your 15% deposit when contracts are exchanged. The value of the property is dictated by size, not quality: all properties are 5 star.
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