# Housing Market at the moment



## Pretty Flower (Mar 15, 2009)

My husband and I have been planning our move for years! I think 4 years altogether!

We are coming over this year as we do every year but this is the year we hope to find a resale or look at new builds. We would ideally like a home in Kathikas as we love the village or nearby.

I would love to hear from anyone that has gone through this process and what the market is really like at the moment. My parents moved over in February 2009 when they retired and that was a shock to us as they were always going to Newquay but they got such a good deal last year on a new build they couldnt let it pass!!

So at least we will have family out there as we would of been out there alone.

Any information would be appreciated.

Names of good builders etc and agents etc

We are planning our move for Sept 2010 ish!


Many thanks


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## Veronica (Apr 5, 2008)

Pretty Flower said:


> My husband and I have been planning our move for years! I think 4 years altogether!
> 
> We are coming over this year as we do every year but this is the year we hope to find a resale or look at new builds. We would ideally like a home in Kathikas as we love the village or nearby.
> 
> ...


Hi Pretty Flower,
If you have the finance available for a deposit of around 50% a resale would probalby be the best option as there are now some great bargains where people are desperate to move back to the Uk. However if you need a bigger mortgage you are best going for a new build. Banks are giving 80% mortgages and in some cases you may even get 70% although this is more difficult these days.
We have a contact who can help you with mortgages as he deals with all of the major banks so if need any help with that let me know and I will give you his contact details.

Regards Veronica


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## samtico (Mar 19, 2009)

Veronica said:


> Hi Pretty Flower,
> If you have the finance available for a deposit of around 50% a resale would probalby be the best option as there are now some great bargains where people are desperate to move back to the Uk. However if you need a bigger mortgage you are best going for a new build. Banks are giving 80% mortgages and in some cases you may even get 70% although this is more difficult these days.
> We have a contact who can help you with mortgages as he deals with all of the major banks so if need any help with that let me know and I will give you his contact details.
> 
> Regards Veronica


Sorry to but in, can i ask if you have a 50% deposit for a resale property does this mean that you can get a morgage for the rest of the money straight away?


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## Veronica (Apr 5, 2008)

samtico said:


> Sorry to but in, can i ask if you have a 50% deposit for a resale property does this mean that you can get a morgage for the rest of the money straight away?


You would still need t o go through the application process and be able to prove that you can repay it. This can take weeks.
Hoever if you have found a place then you pay a deposit which is held by your solicitor which will hold the property for you until your mortgage is approved.
If the bank does not appove the mortgage you will get your deposit back.

Regards Veroncia


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## samtico (Mar 19, 2009)

Have not seen a property yet was going to rent for 6 months, but dont want to spent alot of my money on rent i would have a 50% deposit from the sale of my house in the uk, my fianc'e is going to get work when we come out and he has also got work back in the uk, so i thought that he would have to be working for 6 months in cyprus before we got morgage?


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## Veronica (Apr 5, 2008)

samtico said:


> Have not seen a property yet was going to rent for 6 months, but dont want to spent alot of my money on rent i would have a 50% deposit from the sale of my house in the uk, my fianc'e is going to get work when we come out and he has also got work back in the uk, so i thought that he would have to be working for 6 months in cyprus before we got morgage?


One way to do it would be to use your fiances earnings in the UK as proof of income epsecially if he is going to b carrying on earning there.
They do need proof of income.

Veronica


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## samtico (Mar 19, 2009)

Yes maybe do that dont want to waste alot on rent if we can buy straight away, is anavargos a good area for schools etc?


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## Veronica (Apr 5, 2008)

samtico said:


> Yes maybe do that dont want to waste alot on rent if we can buy straight away, is anavargos a good area for schools etc?


There are some excellent schools in Anavargos and also it is very close to Konia and we have very good things about the Konia school.
also if you did decide to send your children to the international school (which is would not recommend if you can avoid it as it is expensive) it is very close to Anavargos.

Veronica


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## samtico (Mar 19, 2009)

My mum stays in anavargos so want to stay in or around that area, there is a school only few minutes walk from my mums house but do not know if there are other british pupils there i am worried that my children will struggle to settle in because of the language barrier, they are 10 and 7, but i want them to go to local school to pick up languge quicker, also cant afford prices of international school.


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## Veronica (Apr 5, 2008)

samtico said:


> My mum stays in anavargos so want to stay in or around that area, there is a school only few minutes walk from my mums house but do not know if there are other british pupils there i am worried that my children will struggle to settle in because of the language barrier, they are 10 and 7, but i want them to go to local school to pick up languge quicker, also cant afford prices of international school.



I beleive that non cypriot children get extra tution to enable them to learn Greek and they are often also put back a year so that they do not miss any essential learning buy not understanding the languge at first.
I would recommend that you get your mum to go to the schools i nthe area to see which ones have English pupils and give the most help.

Veronica


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## samtico (Mar 19, 2009)

Do you know if the summer school holidays are the same as ours back in the uk as i was going to move out in the summer and get settled a few weeks before kids start school.


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## kimonas (Jul 19, 2008)

The Lyceum and Gymnasium schools (equivalent of secondary or High schools) are breaking up for the summer nowish (just a few more exams etc) and break up officially last week of May. Elementary schools (Junior) finish in early June. All schools return to for the new term on the second week of September.


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## Pretty Flower (Mar 15, 2009)

Veronica said:


> Hi Pretty Flower,
> If you have the finance available for a deposit of around 50% a resale would probalby be the best option as there are now some great bargains where people are desperate to move back to the Uk. However if you need a bigger mortgage you are best going for a new build. Banks are giving 80% mortgages and in some cases you may even get 70% although this is more difficult these days.
> We have a contact who can help you with mortgages as he deals with all of the major banks so if need any help with that let me know and I will give you his contact details.
> 
> Regards Veronica


Many thanks for that information Veronica I did hope it would be a buyers market at the moment because that obviously makes it alot better for us!

Good to know you know someone who deals with mortgages etc.

I have been looking around for a while now so it is definately a good time for us.

We come out in 9 weeks for our holiday and looking for a home!! I cant wait!

The buying process is alot quicker also!

Good in 1 way but bad in another as we know we have a house there but cant go yet!

Changing the subject are we able to open bank accounts when we come out this time or do we need to have a home address in cyprus?


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## Veronica (Apr 5, 2008)

Pretty Flower said:


> Many thanks for that information Veronica I did hope it would be a buyers market at the moment because that obviously makes it alot better for us!
> 
> Good to know you know someone who deals with mortgages etc.
> 
> ...



You can open a bank account any time. We had no address here the first time we came out but we opened an account in readiness.


Regards Veronica


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## grumpy (Nov 10, 2007)

Hello prettyflower and samtico, some of the banks are releasing the reins a little and lending again, however it very much varies from bank to bank, the purchase proposition, the developer, the prior mortgage situation etc etc, But as a guide the higher percentage deposit the better for you.

70-80% is about the maximum currently, where lending has resumed. 

For a resale look for properties with title deeds or where the deeds are ready and just due for payment. Stay away from developments where there is another mortgage, the deeds are not ready, or where a professional indicates there may be some hazard ahead, there are plenty of properties with deeds at nice low prices.

New build can still be a great deal, I would suggest avoiding the complexes and looking more towards rural property and self build, or picking up a partially finished property and completing it yourself. Ensure your solicitor checks all aspects of the titles, prior mortgages and planning documents thoroughly. Have a survey carried out on the land & building for your own uses as well as the banks!!

Bank accounts are easily opened and should be opened at the earlies possible opportunity to allow you to move money easily and as required, maybe opening accounts at more than one bank can be a good idea.

You dont necessarily want to buy just to be next to a particular school. What if the children outgrow that school, dont like the school, get kicked out, need other facilities (doctors, hospital, clubs, classes etc). This area is small enough to be able to be where you WANT to be rather than need to be, theres always another mum/dad who will take turns driving and often its more important to be located where friends, other families, local people etc are.

Veronicas general advice on mortgages is right and I feel that this summer/autumn will be the best time to 'bag a bargain' with a bit more movement happening in summer 2010 and rising in 2011.
Cheers
Good luck


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## Cleo Shahateet (Feb 23, 2009)

Hi "Prettyflower", 
We also love Kathikas. My father-in-law who is an attorney in Paphos lives and comes from Marathounda but goes to church in Kathikas and even bought and superbly remodeled a village home there because he loves it so much! Good choice  As for mortgages, everyone here seems to have it covered. There are definitely bargains to be had but since you want a very specific and increasingly popular location you may also want to check out buying land on your own then building too as another option. But of course that would take longer although you could have your villa exactly to your specifications. Good luck!


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