How is the place like?

[jonathan]

I have a friend who bought a new build villa with his two brothers. They got absolutely stuffed for about ?27k interest by the builders (under contractual conditions) because they didn't get the mortgage sorted quickly enough. It?s a long story.

But his two brothers now want to sell out, and my friend is trying to raise ?50k to do this. If they sell the villa completely they will come out of it with nothing by the time the agents fees come out of it.

I considered putting up the money to take over half of the villa but I have no experience of the property market there.

I'm told that when Cyprus goes to the Euro house prices will rise steeply. Is this the view at the moment, and is there anything else I should know about the property market there that might deter me?

The two bed roomed house is in Paphos, and is a Leptos Estates development at Regina Gardens - what?s the place like?
Thanks,
jonathan

 

[justin]

We have been told the same thing about the prices and the Euro but I think its anyone?s guess what will happen.
What are you thinking of doing with it? keeping it as a holiday home or renting it out?
I will go and have a look at the place for you if you like, and if you are thinking of renting it I will give you a honest opinion of what you are likely to get or if its not going to rent well.
Thanks,
justin