We had a full house at last Monday’s InvestinCyprus.com property investment seminar in London . It was fantastic to meet with so many investors looking for the opportunities that Cyprus has to offer and the unique and professional property investor service that InvestinCyprus.com can provide.
Dominic Farrell outlined the economic and financial case for Cyprus and also highlighted some “questionable” practices adopted by some companies and that due diligence with any overseas property investment was the key priority.
One “questionable practice” that some overseas companies pursue is to add in the common shared area to the sales price of an apartment. Here’s an example:
The fact that you have a share in the corridor outside your apartment is irrelevant to the size of your property and what you pay! Suddenly, to the untrained eye, a Covered area apartment of 74m2 becomes 84m2 when the shared area is added in, which can represent up to CYP10,000 – CYP15,000 on the sales price depending on location, VAT and quality of the apartment.
There is no sensible reason why part of the corridor outside your apartment should be reflected in the “Total covered area”
Why this is so is open to speculation!!
My advice would be to avoid companies which adopt this practice.
Dominic also highlighted many other factors to be aware of when investing overseas. His new book, “The Jet-to-Let Bible: the secrets of overseas property investment” will be available at Amazon, WH Smith, Waterstones, Tesco and other good book sellers from 1 June 2006
The next InvestinCyprus.com FREE seminar in London with availability is Monday 22 May 2006 at 7pm. These are ticket only events and are always full so please book early to avoid disappointment. Tickets, which are limited to 2 per applicant, can be reserved by phoning 0151 482 5526 or e-mailing your name, address and telephone number to info@investincyprus.com
Investincyprus.com
