# Very worried



## dplees (Oct 21, 2008)

--------------------------------------------------------------------------------

Hi,

I was wondering if someone could possibly help me. I have bought a property in Tremithousa Village at the St George Hills development. Could someone please tell me if this is a good area? I am really upset as I have been told that I have made a big mistake. I paid 98000 CYP for a 1 bed apartment there
I would really appreciate any some thoughts on this

Many thanks


----------



## BabsM (May 24, 2008)

I am sorry to hear that you are unsure about your purchase. Without giving any names or details of the person concerned, are they liekly to know what they are talking about? Did they give you a reason for thinking it was a bad decision?

£98k CYP seems a lot for a one bedroom but then prices and standards vary all over Cyprus so it might be OK. Did you see the property or location before you purchased it?

What stage are you at in the buying process? Have you signed a contract? Do you have a solicitor? Did you buy off-plan? What proportion of the purchase price have you paid? 

Sorry for all the questions.
BabsM


----------



## dplees (Oct 21, 2008)

i have paid a 15% deposit and have signed a contract. Their web site is www stgeorgehills com. The complex is supposed to have good facilities, however I am not sure if it is really worth it. 
Its not going to be finished until 2010, hopefully i will have found a buyer by then, if anyone is crazy enough. Have also been told that its very difficult to now rent property in cyprus, especially Coral Bay.
Not sure what to beleive anymore - starting to panic!




BabsM said:


> I am sorry to hear that you are unsure about your purchase. Without giving any names or details of the person concerned, are they liekly to know what they are talking about? Did they give you a reason for thinking it was a bad decision?
> 
> £98k CYP seems a lot for a one bedroom but then prices and standards vary all over Cyprus so it might be OK. Did you see the property or location before you purchased it?
> 
> ...


----------



## yummymummy150 (Sep 8, 2007)

dont worry things may pick up by the time its finished, coral bay is good as holiday let.
just keep on top of it and check all as it goes along .
Tricia


----------



## dplees (Oct 21, 2008)

Lets hope so, I am so worried. If I can get enough rental income to pay the mortgage I will be happy


----------



## yummymummy150 (Sep 8, 2007)

dplees said:


> Lets hope so, I am so worried. If I can get enough rental income to pay the mortgage I will be happy


We bought 1 bed in universal 2004 let out for holidays has gone well you have to work at it get it on sites or make a free piczo site you can do it yourself take the booking ect you will need a good team in cyprus to take care of cleaning, keys 
and repairs ect. all the best just keep a eye on how the bulid is going.
Tricia


----------



## Veronica (Apr 5, 2008)

yummymummy150 said:


> dont worry things may pick up by the time its finished, coral bay is good as holiday let.
> just keep on top of it and check all as it goes along .
> Tricia


The St george hills development is on the outskirts of Tremithousa.
It is nowhere near Coral Bay.


----------



## yummymummy150 (Sep 8, 2007)

Veronica said:


> The St george hills development is on the outskirts of Tremithousa.
> It is nowhere near Coral Bay.


oh dear read the post wrong, this is what happends when peeps come on 3 day trips see a plan of a nice looking apartment/villa ,but dont take time to look around the sun is in the eyes dont see it all,. hope you can sell it on when the time comes,
Tricia


----------



## BabsM (May 24, 2008)

OK lets be realistic here. The way I see it... At the moment you have two choices; either cancel the contract, walk away and loose the money or accept the situation and make the best of it. . To me, its a lot of money to lose...I'd make the best of it. After all, you don't know how the development will be when its finished.

The resale market in Cyprus is VERY slow at the moment as much because, given a choice, most people prefer new unless they can get a really good deal. And everyone is worried about money/ wolrldwide recession, so they are not really buying as they did last year. So I wouldn't recommend banking on a sale (we've been trying to sell our apartment since Easter). On the other hand, you might be lucky! 

If you are going to sell the apartment then you need to be really positive about it and the location. Emphasise the good points...there must be good points that made you buy! . You should never lie, if someone asks a direct question then answer truthfully, just don't offer unattractive info 

As to the rentals, there is a lot of competition in the Paphos area so you will have to work at it, however people do rent their properties out and some are very successfully. So don't despair. Work out who you want to rent the apartment to and what you want to charge. If there is a lot of competition aim for less money. I don't know your area but here in Larnaca the big thing is long-term rentals. You get a lot less money than holiday lets but it is guaranteed for the term of the lease and they pay all the bills. Maybe that would work for you 

You say delivery is 2010. Does your contract have a specific date for completion and penalties for late delivery? I don't know your particular developer but Cyprus has a relaxed attitude towards time and dates... it goes with the laid-back lifestyle. You will not change that however hard you shout so keep on top of your development... just don't stress if its not delivered on time. 

Because of the 'Cyprus-time' issue I would not recommend advertising your apartment too heavily until its finished. We were unaware of 'Cyprus time" when we bought our apartment and we gave ourselves a lot of stress because our first guest was due to arrive three days after completion. Our developer delivered on time but we didn't allow enough time to clean, furnish and set it up before the guests arrived and it was all an horrendous rush!

At the moment I would make sure you had someone you could trust watching construction and reporting back. Get them to take regular photos and report on EVERYTHING. Our daughter did this for us when our new house was being built. Its actually great fun looking at the changes... playing 'spot the difference". Then, if problems arise or you want something changed you have someone on hand who can speak to the developer sooner rather than later.


----------



## grumpy (Nov 10, 2007)

According to the website you published the complex has been sold out!!

If its such a good deal, then consider trying to dispose of it on the open market, or discuss the option with the developer for him to try to sell it. If you dont go through you will end up losing a considerable sum. As for rental possibility, being as far out as Tremithousa limits the rental income possibilities, so possibly a long term rental may be an option, however the income wont pay the interest on an 85% mortgage.


----------



## Veronica (Apr 5, 2008)

grumpy said:


> According to the website you published the complex has been sold out!!
> 
> If its such a good deal, then consider trying to dispose of it on the open market, or discuss the option with the developer for him to try to sell it. If you dont go through you will end up losing a considerable sum. As for rental possibility, being as far out as Tremithousa limits the rental income possibilities, so possibly a long term rental may be an option, however the income wont pay the interest on an 85% mortgage.


Grumpy and Babs both have some very good points to make.
I can also tell you that Alpha Panareti who are the developers are a respected company and they do build good quality properties. 
The main problem from my point of view is the location but maybe there are plans to tidy up the area before the project is finished. However thats still wont alter the fact that it is not a sought after area for renting.
My advice would be to wait about a year when the project will be close to completion and then ask the developer to resell it for you because the closer it gets to completion the more they will ask for it so there could be some profit in it for you at that stage.
However if you dont need to cover the mortgage with rentals I say sit tight for a few years and wait for the present worldwide economic problems to sort themselves out and property prices to start rising again.
Don't despair as I am sure that things will sort themselves out in the end.

Veronica


----------



## grumpy (Nov 10, 2007)

Following on from Veronica, it may well be the case that the developer also has a guaranteed rental income option for you in the purchase deal, check it out.


----------

