Monday, March 16, 2009

Cyprus - Rent or Buy ?

Everyone dreams of living in the perfect place.....happily for me I believe that I do.
However, I have lived here for almost 25 years and although it wasn't easy in the beginning I never seemed to come across the problems that many others are faced with these days.
So it seems only fair that I should be able to give some help and advice to anyone who is hoping to come and live on this lovely island.
Having decided to 'move' to Cyprus the next question is always 'shall we buy a property or should we rent for a while?'
The next question always raises temperatures....! Where in Cyprus shall we live?
Your friends who live in the Eastern areas, Paralimni, Protaras, Ayia Napa, and the villages around will say this is for you. Then your other friends in Paphos will tell you that the West coast is their idea of paradise. Maybe you prefer city life and would prefer to live in Lefkosia or Limassol.
Hopefully, with a little help from bloggers, we can offer some good reasons to choose one of these places as being ideal for you.
Anyway lets begin at the beginning.......
Regardless of how many holidays you've had in Cyprus believe me it is very different when you live here.
There is a saying ' The island of Cyprus is one big village' - there's several ways to take that, for instance it can, and frequently does, mean that if you sneeze in Paphos they will hear it in Ayia Napa. It can also refer to the lovely, laid-back, attitude of this mediterranean island..... for example, back in 1985 I was listening to BFBS one evening and heard a Cypriot being interviewed, the question was "In Spain when people ask ' when will you be able to do it?' The answer is Manyana, do you have a similar word in Greek?" The wonderful reply, delivered after at least 10 seconds, was " In Cyprus we do not have any word meaning that soon"!!!
If this is slow and relaxed pace of life is what you are seeking then definitely Cyprus is the right choice.

For what its worth my personal opinion is you should rent for 6 or 12 months before deciding to purchase a property in Cyprus.
This will give you the opportunity to decide which area you really want to settle in.....and this is very important. Over the years I have met many people who had enjoyed several holidays in one of the resort areas, made a rushed decision to sell up and move here, bought off-plan in the area which they thought they knew well only to realise a few months down the line that they had made a mistake.
In this current economic climate you cannot afford that sort of mistake - after all with all your capital tied up in a property how can you plan your next move?
So, my friends, take advice from one who has witnessed the mistakes of others and rent your luxury villa or your basic apartment and use your valuable time to look around while the cash sits safely in the bank. In fact, if you don't have to sell your existing property to provide yourself with the airfares and at least 3 months rental of furnished accommodation then why should you.....with a bit of luck and the wind behind the economic powers of the world you may be able to achieve your dream earlier rather than later.

Every part of the Island of Cyprus has something to offer.....many people choose to live in or close to the cities of Lefkosia or Limassol because there you can find good jobs all year round, there are very good schools and a university in Lefkosia. A great number of retired folk prefer to live in the villages a short distance from the tourist locations on the East or West coasts. Part-time and full time work is readily available during the summer months, and there is an advantage to being in a coastal area during the mild Cyprus winter - wonderful walks seems to be the favourite.
Whether you choose Paphos, Larnaca, or the Paralimni area, which includes Protaras and Kapparis, you can be sure of finding suitable excellent local schools or private schools. There is a very good medical service with modern hospitals as well as lots of private clinics.
I rather hope someone reading this will ask for more specific information about the towns and villages - I will be very happy to answer any questions.