In the Jet-to-Let Bible: the secrets of overseas property investment we examined how multiplier effects have a positive long-term influence on property prices.
An example of a multiplier effect in Cyprus is Kapparis, Paralimni which has benefited substantially from the development and sale of upmarket villas to wealthier individuals.
These wealthier individuals demand higher quality goods and services which has the effect of attracting additional buyers and further developing resulting in an expansion of services on offer. However, given its geographical location, there is only a limited amount of land which can be developed.
I have lived near the beach in Kapparis for almost 2 years and have witnessed the general improvement in infrastructure and services. In the last month, 3 new quality restaurants have opened and another one is on the way. The growing ex-pat community is setting up business or simply retiring. This growing community requires accommodation, whether purchased or rented.
The key is that the area is not a seasonal tourist destination but an all-year round residential area which just happens to attract tourists because of the beaches and restaurants. The rental market is strong, particularly with Cypriots. At the weekend, wealthy Cypriots in Nicosia head for this area to their second homes or rental properties.
Prices and property values are rising with many investors having done particularly well over the last couple of years. The two main property investor hotspots of Famagusta District (centred on Paralimni) and south Larnaca will continue to lead the way in terms of capital growth and rental income on the island of Cyprus .
We have a new villa development to be released shortly, located in a prime location in this fast growing area of Kapparis. These villas are at the luxury end with private pools and a Jacuzzi in the bathroom, 3 minutes to the beach and 3 minutes to the best restaurant in the district, we are confident that it will sell very quickly (Our last villa development sold out in one day). Completion is set for 2009 allowing a considerable time for off-plan geared capital growth and then 30 year mortgages with the first 5 years interest only on 80% LTV. 100% mortgages are also available (subject to status)
But the biggest plus is that we have secured a price below market value due to our company’s strong leverage in the market.
Details will be available on our website from 1200 noon on Monday 3 July 2006 and will be offered on a first come, first served basis.
The details will include an independent valuation appraisal by the largest Royal Institute of Chartered Surveyors practice on the island to verify the discount to market value. We will send a second e-mail once we have confirmation of the independently verified discount.
This is an outstanding opportunity to invest in the fastest growing area in Cyprus with excellent long term growth potential.
To register for this development please fill out the form at:
http://www.investincyprus.com/contactus.html
adding “Mimosa Villas” in the comment box
You will then receive an email with details from 1200 noon on Monday 3 July 2006 and will be offered your choice of plot on a first come, first served basis.
