1 bedroom ground floor apartment Armonia, Cyprus - Questions

[kiwi]

I have a 1 bedroom ground floor apartment, unfurnished in the Armonia complex Cyprus.

A few questions:

1. What is the likely value I could sell this for now?
2. What is the likely ability to bring about a sale right now?
3. Costs associated with Sale?

or

4. What is the likely long term monthly rental value?
5. What is the likely short term weekly rental value, and likely occupancy
per year?
6. Likely ability to long term let vs short term let
7. Cost to minimum furnish for long term let
8. Cost to minimum furnish for short term let
9. What are the costs and responsibilities between landlord and tenant for scenario long term let vs short term let.

Many thanks, I am trying to decide whether to sell and take a hit or pay to get the apartment furnished, attempt to rent and cover the shortfall on the mortgage.

 

[Lysos]

Kiwi,

Late in the day, I know, but most of these questions should have been asked before purchase.

As I'm sure you are aware there is an enormous glut of holiday type apartments & tourist figures are way down. Potential long term renters are not looking for accommodation in a holiday complex (which may or may not be comnpleted as per brochure promises); there is tremendous competition for short term holiday lets. You would be very unlikely to cover your maintenance costs, service charge, council tax (equivalent),agent's commission etc.

Take the hit. Walk away.

 

[Veronica]

Kiwi,

Late in the day, I know, but most of these questions should have been asked before purchase.

As I'm sure you are aware there is an enormous glut of holiday type apartments & tourist figures are way down. Potential long term renters are not looking for accommodation in a holiday complex (which may or may not be comnpleted as per brochure promises); there is tremendous competition for short term holiday lets. You would be very unlikely to cover your maintenance costs, service charge, council tax (equivalent),agent's commission etc.

Take the hit. Walk away.

The problem with that is actually managing to sell it at all. So many apartments for sale that only those which are advertised at well below market value are selling at all.
Strangley enough we are finding that the market at the moment seems to be more for villas and not apartments. That is probalby because the people who can afford nice villas have not been hit as hard by the present economic situation as those who can only afford a 1 or 2 bedroom apartment.

 

[kiwi]

In order to bring about a sale of this property how steep a discount are we talking? I need to know how bad that hit would be. Thanks

 

[Lysos]

You really need to ask agents in the area, but even without knowing what you paid, and depending on the state of the development I would say 50% off the original price. However, if you haven't got title deeds then you will struggle to sell at all.