How to Invest and Make Money With Long Term Rental Property in Cyprus
- By Aaron Vast
- Published 10/19/2011
- Real Estate
- Unrated
This really is how I invested wisely and made money in LONG TERM RENTAL property in CYPRUS.
As I grew lucky with my investment portfolio, I started to look at property or real estate investment opportunities.
Having watched the demise of the British property market, it soon became clear that I would need to buy property abroad to facilitate my investment needs. Spain was my first port of call. I liked Spain but I really felt that I wasn't getting value for money and in the back of my mind I had the "land grab" issues to contend with too.
Then I searched for village properties to purchase and stumbled across Cyprus. I actually found Cyprus purely by chance I type in "ayia napa property sales and management cyprus" into Google as I was searching for a company that would not only sell property in Cyprus but would also manage it for me. This was my first encounter of cygroup.
I was blissfully unaware of the requirements to purchase a property in Cyprus and Iain Fraser, the Proprietor guided me nicely through what I needed to know. For a long time property developers in Cyprus would sell the idea to investors to buy "off plan". Which with stage payments made for attractive propositions.
However, in reality these off-plan bargains were rarely completed on-time, making them a nightmare to rent and get any reasonable return on an investment. Short term lets or Rents might make a couple of months good money in the high season if you have the right letting agent, but for the most reliable return you have to go the long term rental route. It keeps the property rented for years at a time instead of months and you can basically forget all about it and reap the rewards instead of having the property rental headaches that most landlords abroad have.
After exchanging a few calls and emails to Iain (CYGROUP) it became clear that I needed to visit Cyprus to get the best chance of a real investment property. I'm not used to visiting, I trade forex which I do online so meeting people to talk investments is alien to me..but I went anyway.
I spent three days with Iain in the Famagusta region of Cyprus and he demonstrated to me his knowledge of both the Island and the property market was second to none, as he explained he spent some long hard months working for the defunct Parador Properties and he realised quickly that bulk, non-compassi
onate sales was not the way to treat prospective property purchasers anywhere let alone in Cyprus. Over a couple of local KEO beers, which I have taken a bit of a liking to now, Iain explained something that actually Cyprus property investors haven't got a clue about.
In Cyprus over the last four to five years Britains flocked in their thousands to start a new life, many were unskilled, expecting too high a salary on a small island and when the economic crisis hit, the expat Brits suddenly found themselves leaving in the same numbers. Leaving memories and most importantly property with title deeds or at least sight of the title deeds behind. After a few months of their properties not selling in Cyprus, on came the price reducing and there is where the smart property investor jumps in.
Why? Simple, you have an already built property with a good price tag and more important in Eastern Cyprus (where the prices are lower) and in a village in Cyprus.
Ok, so Why would I want a village property in Cyprus instead of one say in the heart of Ayia Napa?
Long Term Rentals...Long term rental properties in Cyprus are in a real boom at the moment. People have realised that because Cyprus can be expensive to fly to, that their short-term or holiday lets aren't producing the ROI they were hoping. So a perfectly located village property becomes a real treasure when you make it available to the long term property letting agents in Cyprus.
So I purchased a 2 bed villa with a pool from Iain at Cygroup and he ensured everything went like clock work, yes the guy earns commission but the seller pays that not me, which was great. But, like I said he has been around for a long time in the real estate/property business in Cyprus and he has shrewdly teamed up with the top Long Term Rental company in Cyprus. What I mean by top is if you search for "Long term rentals in cyprus" cyservices comes up pretty close to the top, but Iain explained this Long Term Letting agent has the best rental performance on the internet for properties to let on a long term basis in Cyprus. They out perform any competition in google searches particularly for say more direct searches that include the village names like "long term property rentals liopetri" .
To summarise, I purchased a villa from Cygroup, Iain does all the hard work, It then appears on a Cyprus Long Term Rental website for one week and then my mortgage in Cyprus is paid by the tenants. Hence, it really is an easy investment and as of today I now own 4 properties in Cyprus all purchased and rented out in the same way.
As I grew lucky with my investment portfolio, I started to look at property or real estate investment opportunities.
Having watched the demise of the British property market, it soon became clear that I would need to buy property abroad to facilitate my investment needs. Spain was my first port of call. I liked Spain but I really felt that I wasn't getting value for money and in the back of my mind I had the "land grab" issues to contend with too.
Then I searched for village properties to purchase and stumbled across Cyprus. I actually found Cyprus purely by chance I type in "ayia napa property sales and management cyprus" into Google as I was searching for a company that would not only sell property in Cyprus but would also manage it for me. This was my first encounter of cygroup.
I was blissfully unaware of the requirements to purchase a property in Cyprus and Iain Fraser, the Proprietor guided me nicely through what I needed to know. For a long time property developers in Cyprus would sell the idea to investors to buy "off plan". Which with stage payments made for attractive propositions.
However, in reality these off-plan bargains were rarely completed on-time, making them a nightmare to rent and get any reasonable return on an investment. Short term lets or Rents might make a couple of months good money in the high season if you have the right letting agent, but for the most reliable return you have to go the long term rental route. It keeps the property rented for years at a time instead of months and you can basically forget all about it and reap the rewards instead of having the property rental headaches that most landlords abroad have.
After exchanging a few calls and emails to Iain (CYGROUP) it became clear that I needed to visit Cyprus to get the best chance of a real investment property. I'm not used to visiting, I trade forex which I do online so meeting people to talk investments is alien to me..but I went anyway.
I spent three days with Iain in the Famagusta region of Cyprus and he demonstrated to me his knowledge of both the Island and the property market was second to none, as he explained he spent some long hard months working for the defunct Parador Properties and he realised quickly that bulk, non-compassi
In Cyprus over the last four to five years Britains flocked in their thousands to start a new life, many were unskilled, expecting too high a salary on a small island and when the economic crisis hit, the expat Brits suddenly found themselves leaving in the same numbers. Leaving memories and most importantly property with title deeds or at least sight of the title deeds behind. After a few months of their properties not selling in Cyprus, on came the price reducing and there is where the smart property investor jumps in.
Why? Simple, you have an already built property with a good price tag and more important in Eastern Cyprus (where the prices are lower) and in a village in Cyprus.
Ok, so Why would I want a village property in Cyprus instead of one say in the heart of Ayia Napa?
Long Term Rentals...Long term rental properties in Cyprus are in a real boom at the moment. People have realised that because Cyprus can be expensive to fly to, that their short-term or holiday lets aren't producing the ROI they were hoping. So a perfectly located village property becomes a real treasure when you make it available to the long term property letting agents in Cyprus.
So I purchased a 2 bed villa with a pool from Iain at Cygroup and he ensured everything went like clock work, yes the guy earns commission but the seller pays that not me, which was great. But, like I said he has been around for a long time in the real estate/property business in Cyprus and he has shrewdly teamed up with the top Long Term Rental company in Cyprus. What I mean by top is if you search for "Long term rentals in cyprus" cyservices comes up pretty close to the top, but Iain explained this Long Term Letting agent has the best rental performance on the internet for properties to let on a long term basis in Cyprus. They out perform any competition in google searches particularly for say more direct searches that include the village names like "long term property rentals liopetri" .
To summarise, I purchased a villa from Cygroup, Iain does all the hard work, It then appears on a Cyprus Long Term Rental website for one week and then my mortgage in Cyprus is paid by the tenants. Hence, it really is an easy investment and as of today I now own 4 properties in Cyprus all purchased and rented out in the same way.
