PITTADJIS – Cyprus helps couple on UK property ladder

October 20, 2008 in Pittadjis Solictors Cyprus

Buying your first home together is a big step – especially when it is in Cyprus.

Steven White and Eilidh Mark decided buying abroad was a much better bet than jumping on the property ladder here.

So rather than a starter flat in Scotland, they are the proud owners of
a luxury two-bedroom apartment near sun-drenched Larnaca.

Steven, 22, said: “We’re not planning to move to Cyprus. We will still be living in Scotland with our respective parents.

“We’ll hold onto the Cyprus flat for two years, then hopefully the
money we make when we sell it will give us a heftier deposit for our
first house in Scotland.”

Steven, who works for an engineering firm, and 23-year-old hairdresser
Eilidh could not find much within their budget in Scotland. Steven, of
Dunbar and Eilidh, who lives in North Berwick, wanted to stay within
East Lothian but even a really small onebedroom flat in their preferred
area was around £100,000.

Steven added: “To get something big enough we would have to take on a huge mortgage.

“Eilidh and I are still young, we want to go out and go on holidays and
not be stuck in a situation where we were just working to pay the
mortgage.

“This plan means we need to wait to get what we really want but I think it will be worth it.”

Steven and Eilidh bought their apartment without having visited Cyprus
but took advice from family and friends who raved about it. They bought
through reputable agents, Investment Homes Abroad and Edinburghbased
property consultants Mackenzie Macmillan.

The couple liked the idea that Cyprus is an established holiday destination as they plan to rent out their apartment.

After researching various sites, they opted for the Oroklini Hills 12
development, 18kms from Larnaca. They put down a 25 per cent deposit
last September.

The three-storey luxury development will be complete by January next year.

Steven and Eilidh bought a two-bedroom apartment with an open-plan
lounge, kitchen, dining room and large balcony. The £105,000 price
included a furniture package.

Steven added: “We’ve been kept up to date with the progress with
photographs. It’s great to see the place take shape. We’ve been able to
choose the finishes from cupboards to floor tiles.

“Another incentive is the fact that rentals are guaranteed for two years and will cover our mortgage costs.

“We get 15 weeks per year to use the apartment and are definitely planning a couple of holidays there.”

Signs are encouraging that prices will continue to increase in Cyprus.
Some owners who have bought in the same development as Eilidh and
Steven have put their apartments up for sale before building work is
even finished at £7000 more than they paid.

Steven added: “Buying your first house is daunting. We just need to
keep our fingers crossed it all goes according to plan and that in a
couple of years the place will have made us enough money to get our
dream home in Scotland.”

Source – http://www.sundaymail.co.uk/lifestyle/home-and-garden/2008/10/19/couple-hope-cyprus-flat-will-get-them-on-uk-property-ladder-78057-20818267/

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