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Our search for an apartment has come to an end, assuming all the legalities work out okay. We’ve made an offer and paid the deposit on an apartment in Peyia, which is in the Paphos district and close to great beaches at Coral Bay and Corallia Beach.
The apartment is on the edge of Peyia and has a pool and garden area. Although only one bedroom it will sleep four with a sofa bed in the lounge.
Now we have the challenge of all the searches, payments (there are a lot of payments) and the general legalities of buying property in Cyprus. One gratifying thing was that we need to prove where the money came from for us to buy this property, this is due to strict new laws forbidding money laundering in Cyprus, something that’s been a little lax over the last few years. As it happens, this money is from an inheritance from Jo’s side of the family.
It’s got a decent sized kitchen with cooker, fridge-freezer, washing machine and microwave. We’ll replace all the cutlery, plates, cups saucers and linen etc., and then we need to change very little with only the addition of a widescreen TV, TV package and the curtains. Finally we just need to get the electricity and internet sorted out and we’re up and running. We estimate opening for business sometime in May 2018.
It’s actually very wide and bright compared to all the other apartments we have seen lately, so all in all we’re quite pleased with our purchase.
Once the legalities are over and we take possession we will have to start marketing it for short-term holiday rental. The plan is for holiday rentals for four years and then retire and live there ourselves. It’s the marketing and general running of such an enterprise that is entirely new to us, though we have help from friends and family who have experience of these matters.
Gone are the days when you can simply invest money with the bank in Cyprus and expect a good return. Over here banks are offering a maximum 1.5% whereas you can expect a bigger return of between 4-6% on short-term holiday lets. But the additional work and responsibility is slightly daunting.
The times they are a changing. Can’t wait to retire now.
Copyright © Tom Kane 2018