Moving into the Cyprus property market while others move out? VIP villas leading the way.
The figures are stark and provide grime reading for most investors in the UK housing sector. Talk to any professional and watch any current affairs programme and you will hear nothing but doom and gloom. VIP villas operations director Mark Craven takes a pragmatic view on the current melee.
"Many investors are shying away at the moment and it is the hardy investor that is reaping the rewards. I suggest that now is the time to invest and reap the rewards of a buyers market place. With the home market so stagnent it is no wonder investors are more reticent to purchase abroad. With all of the stock that their is on the market now is the time to find a bargain amidst the property currently up for grabs."
Mark believes that in a market like this it is the hardy that survive and bold investment decisions now will reap reward. With so much building stock coming to completion developers on the island will need to sell villas to release cash to maintain liquidity levels and business continuity. It is this fact that Mark believes will reduce prices for savvy investors.
Mark further commented on the current currency exchange rates. "The oil price is causing problems at the moment with a weak dollar providing strength to the Euro against the pound. It is vital when purchasing abroad that you take account of current and future potential fluctuations in the exchange rates. we would always advise investors to seek professional assistance from exchange professionals so that you can reserve rates and protect against changes, it isn't unheard of for this to save you thousands in a relatively short timescale and on a average purchase price."
With Cyprus now in the Euro and huge investments given the green light in frastructure and new amenities Mark suggests the investor with an eye on the next five to ten years really can't go wrong with a purchase in Cyprus. The island has recently elected a new President and this opens up further potential to settle the 'Cyprus question' with the North. Investments given the go ahead include five new marinas and three new golf courses with the goventments ploy to attract a more discerning clientele to the island.
Through VIP villas expertise in the villa rental market Mark also encourages investment with the island's strong rental return. Villas to let in Cyprus achieve a 6 to 10% rental return with the more toursit areas seeing a greater return for obvious reasons. It is safe to say that with a buoyant tourist industry and cheap flights regularly flying in any investment in a villa will achieve income for it's owner, it is certainly VIP villas second most popular destination only surpassed by the Caribean."
So the message from Mark is a clear one. Be careful, yes, be vigilent and know your market but be awarethereare bargains out there and by haggling on price you can pick an investment that will reaprewards in the future, Mark says Cyprus is the market to watch.
