Why the Cyprus banking crisis is good news for property buyers

Cyprus has been subject to a lot of negative attention in recent months, thanks to the government’s controversial actions to secure a bailout.

But while the economic outlook may be grim, the market is ripe for property investors, argues Andreas Kourtellaris.

Indeed, the banking crisis has seen property prices spiral downwards, leaving many homes more affordable than ever for eager bargain hunters. Andreas’ two-bed apartment is only a year old, he explains, as we go up the stairs to the first floor.

“Everything is basically brand new,” he tells me. It certainly is tastefully decorated.

“It was built by the Livathiodis brothers, the biggest building firm in Larnaca,” he continues as we move away from the front door and into the kitchen. The open plan style means we can see the whole apartment from there, including a stylish breakfast bar, seating area and living room.

A veranda extends from the living room, which is decorated in climber plants. “They can be removed if required,” Andreas says, directing my attention to the balcony connected to it. The sun shines directly onto it. With three air conditioning units keeping the flat cool, you can easily imagine it as a relaxing study.

“It’s great in the mornings,” he grins.

The two bedrooms are equally charming, the tiled flooring changing colour under our feet in contrast with the white walls.

Complete with the location – just off the main road into town – the apartment is an impressive slice of Cyprus life. Even with the economic crisis raging through the media, it’s an appealing place for holidays – or even retirement.

“It’s a fun apartment to live in,” agrees Andreas. “My mum and I have had countless days and night of entertaining visitors and relations.”

“There are miles of beaches only a short walk away and there’s a fish restaurant on your doorstep, plus several traditional kebab and pizzerias. There’s even a McDonalds!”

Entertaining visitors with McDonalds, I ask with a confused expression. He laughs.

“We’ll be sorry to let the flat go.”

He explains that his mum is having to move back to England, which is why he’s selling. But he remains confident that someone else will snap it up soon. Not in spite of the economy – but because of it.

Recent figures seem to back him up: the recent news coverage of the banking crisis saw searches for the island surge to make Cyprus the seventh most popular destination on overseas property portal Rightmove Overseas.

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Polish property ranked most attractive for 2013

Polish property investment is on the up, according to new figures. Data from CBRE shows that investment in Central and Eastern Europe tripled in the first quarter of 2013 from last year to reach €2.6 billion. And Poland is leading the way, with investors rating the country the most attractive market for the year.

They certainly don’t get more attractive than Nogat Palace, a 19^th Century Country Manor House in the Kuyavian-Pomeranian province. And not just because of the gorgeous lakeside location.

“Beautiful, isn’t it?” says owner Caroline Anderson, who shows me round the estate.

“The palace goes back to 1800 when it was built by the Kalkenstein family,” she explains, walking past the lake.

The tranquil beauty around the manor is surprisingly calming – the land alone spans 1.5 hectares. She assures me that we are only one hour away from Gdansk international – “just a few miles from the new A1 motorway” – but I find it hard to believe.

“We bought it with the intention of using it as a family residence,” she continues. “80 per cent of the renovation has been done and complies with all building regulations. It just needs someone to finish it off…”

Looking around the estate, they’ve clearly been busy. There’s even a new two-bedroom gate keepers house nearby with two double garages.  You can tell it’s been carried out to the highest possible standard.

But the building itself is what really impresses.

“It’s nearly back to life,” she smiles. My mind is already grinning at all the things you could do with it.

A clinic, a care home, a fitness camp, a private club, a recording studio. The list seems endless. Keeping it as a family home would surely have been a waste, I tell her.

“It has previously had planning permission granted to be turned into a hotel,” she admits. Why stop there? I counter. With the massive lake next door, you could turn it into a fantastic fishing destination.

She nods. “That’s exactly the kind of vision needed to complete the project!”

We stroll away from the grand entrance and head for the gate keepers house. She tells me that’s where the heating system is located. I’m too busy thinking up names for my new fishing resort.

The Great Troutdoors! As ludicrous as it sounds, part of me knows that there’s no better time to do it. With real estate investment in Poland on the up and house prices climbing again by 5.6 per cent following a bargain-bringing plummet of almost one-third, the market current is definitely streaming in the right direction.

I try the name out loud.

“The Great Troutdoors!”

Caroline doesn’t respond. The stunning silence is almost unbearable.

“You think someone else can do better?” I ask.

“Yes,” she replies confidently.

You can’t blame her. Even after two hundred years, the Nogat Palace has never been more attractive.

Looking for an attractive property investment?

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Escape the eurozone in the Italian mountains

Daniela Boyce has lived there for years. For her, nothing has changed.

“I’ve been travelling to Italy to see family and friends since I was a small child,” she explains as she shows me round her impressive five-bedroom villa.

“My family live in and around here. It’s breathtakingly beautiful.”

Like many countries, the eurozone crisis weighs heavy on Italy. With its government divided and debt spiralling up, the Italian economic outlook is not pretty. But nestled in the Dolomites Mountains, the small town of Feltre allows residents to escape the doom and gloom.

Daniela Boyce has lived there for years. For her, nothing has changed.

“I’ve been travelling to Italy to see family and friends since I was a small child,” she explains as she shows me round her impressive five-bedroom villa.

“My family live in and around here. It’s breathtakingly beautiful.”

It’s the truth. The view of the Dolomites from her doorstep whips the air right out of your lungs. And it hasn’t gotten any less stunning since the recession struck.

The property itself is situated in a quiet, residential neighbourhood north of the medieval town centre. It’s a quaint, traditional community. Once a year, there’s even a pageant, she explains, complete with flag throwing. The rest of the year, the area is peaceful.

“I’ve spent many days just sitting outside admiring the view and then wondering down to the local gelateria to buy a freshly made ice cream,” she confesses with a grin.

Who can blame her? The shops and amenities are only a quick walk away. In fact, with the local market twice a week, you barely need to travel anywhere to find food. That’s what the area is known for, she adds: “Polenta, wild mushrooms… and lots of well-known wines!”

The villa naturally comes with enough space to store the odd bottle or 20: a large cellar, made up of three rooms (including laundry) could even be turned into a taverna, I venture. She doesn’t disagree.

We move through the spacious ground floor upstairs. If anything, the view gets even better from the private balconies – there are several, I soon discover, one for each double bedroom on the first floor and another for the double bedrooms on the upper floor. It’s a hiker’s holiday home dream.

“There are some great walking routes to be discovered,” Daniela nods. “I read somewhere that the Dolomite region is the most ecologically advanced and environmentally forward-thinking area in Italy.”

But even when the summer strolls are not an option, the property loses none of its charm, she points out, with skiing just a short ride away.

That consistent appeal to overseas visitors is part of what makes Italy such a reliable destination for property investors. Even during times of financial uncertainty, people continue to visit the country. Indeed, the World Tourism Organisation ranked Italy as the fifth most popular destination in the world in 2012.

The size of the property makes it ideal for families as well as investors. “The area is safe for small children to play in the quiet piazza out front,” she reassures me as we swap the upstairs parquet floors for the tiled ground floor once more.

I peruse some of the most recommended walking routes, tempted by thought of a quick jaunt across the landscape.

“It’s a good opportunity to get healthy!” she laughs. Somewhere, politicians are saying the same thing about the eurozone. The only difference it’s made to Daniela is that houses in the area are more affordable: she’s now reduced her asking price from £325,000 to £275,000.

But in 10 years’ time, when the economy is back in shape, that mountain view will still be the same.

Looking to escape the recession?

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Own a piece of the world’s strongest housing market

Photo credit: xetark

In the last 12 months, Dubai has undergone an incredible transformation – from a country struggling with recession to (according to  Knight Frank) the strongest housing market in the world.

With the emirate providing an economic safe haven for investors on top of its exceptional standard of living, demand for real estate in all shapes and sizes is rocketing upwards all across the globe.

Ramon Patel is happy to own just a piece of the property market: “There’s such demand for property here, especially in Dubai Marina,” he tells me, “thanks to the spectacular views and the sheer amount of shopping, walking and other activities in the area.”

Indeed, Dubai has become a hub for the world’s elite, snapping up luxury apartments to enjoy the exclusive lifestyle. As a result, even fractional ownership, once the controversial new investment scheme of the global property industry, is providing excellent value for money, explains Ramon.

“I bought my apartment here in 2010. There’s a steam sauna in the building, plus a Jacuzzi, a swimming pool, and the room is cleaned and the linen is changed weekly,” he says. “And, of course, the apartment is fully-furnished and has internet access.”

Photo credit: PlannedCity

With buyer demand and real estate quality equally high, having two weeks a year is perfect, argues Ramon. “If you don’t want to go out there, it’s easy to find people who do. You can do as you wish with your share – offer it to friends and family, or rent it out without any of the management fuss.”

The apartment itself was built two years ago and is still in pristine condition, he adds, which helps with securing a tenant, making it easy to cover your investment costs with consistent annual returns. “You can continue to rent it out at two weeks per year until 2022,” he says. “Then the property is sold and your investment share returned at market value.”

With the market stronger than ever and the recession firmly behind Dubai, Ramon  continues, even owning a fraction can be a profitable lifestyle decision. The total returns by the end might even be enough to contribute towards living there all year round.

“That’s what I did!” laughs Ramon. “I enjoyed my two weeks a year so much, I ended up buying a place myself. That wouldn’t have happened without this investment.”

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Two dream investments in one

Everyone has a dream home in their mind: a place where they would love to grow old. But what if your dream home is different to someone else’s?

Dr. Bjorn Wenngren and his business partner Per Tamm had a simple solution: split it in two.

After working with Save the Children for more than a decade in Cape Verde, where he met his wife, the doctor knew that he wanted to return to the islands to retire.

“We just found life there so pleasant,” he explains. “The first step was for each of us to buy a house.”

She bought a home near the main beach of Praia Laginha, while he purchased a four-bed townhouse in the middle of nearby Mindelo with his good friend. But the two partners couldn’t decide what to do with it. Dr. Wenngren wanted a medical practice. Per planned to open a coffee shop. So they compromised, dividing the home in two halves – a surgery upstairs and cafe downstairs.

The result is a versatile property that’s ideal for a small business.

“There’s easy access to the airport, the port, the local authorities…” agrees Dr Wenngren, as he opens the door to the unique building. “It’s near everything.”

He’s right. Ideally positioned at Praça Estrela in the centre of the town, the market is just around the corner, with the new marina only a few more minutes away. Praia Laginha, meanwhile is a quarter of an hour’s brisk walk down the road.

The central location has attracted a wide range of residents to the house over the years, from workers to emigrants.

“We don’t know very much about the early history of the house,” Bjorn admits, pointing out an old Portuguese cannon in the ground with its rear end pointing down.  “We think the cannon was used by rope-makers to fix the ropes out the front.”

The first floor was added in 1937 when the house was being used for residence, he continues, along with an extension at the rear to include an unfitted kitchen. The family living there at that time eventually moved to the USA, he tells me, but the appeal of the Cape Verde lifestyle pulls everyone back eventually.

“Recently we met a returning emigrant who was born in the house in the 40s!” he laughs.

After that, the versatile house continued to be used for a range of purposes. It was a sports club for a long time before being abandoned to ruin. That’s where Dr. Wenngren stepped in:

“The previous owner had planned to completely demolish the house to make way for a new modern building, but we couldn’t stand the thought! Examination of the house showed it had stone walls of high quality despite the interior being in total disrepair. They keep the inside warm in the winter and the cool in the summer, so we prepared a new plan to keep the outer walls and reconstruct the inside to meet both our dreams.”

The conversion is effective, adding an entrance to the first floor from a side street and a separate water and electrical system for each floor. There’s even a wall at the top of the staircase to divide them.

The finished product is a charming property that’s as versatile as ever, ready to use for one or two businesses – a guest house, an office, a restaurant – or part-rented out to a tenant.

“After the renovation, Tamm was working in Africa and Latin America and I was in Asia and Africa so we decided to rent out the house until it was time to retire,” he explains.

“We have had several tenants in recent years,” he continues, “each as varied as the next. Downstairs there have been small businesses and shops. The last tenant had a shop for boat repairs and spare parts.”

Of course, the doctor points out, you could combine them into one big residence with two toilets on each floor – and a shower on the first floor – and get the most out of the spacious rooms.

“It would be easy for the next owner to remove the wall and reunite the two floors,” he says, slapping the wall cheerfully. “They may even want to change some of the other walls as well – we’ve only done basic upgrading of the house from the last tenant so there’s a lot of room for new ideas.”

Sadly, though, Dr. Wenngren and his partner won’t be the ones to do it: Mr. Tamm now has a bistro in Sao Pedro, meaning the pair no longer have a use for their unique property. But it’s still a dream investment for one person, Bjorn smiles. Or two.

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Mamma Mia? Greek villa gives birth to new life

Ever since the movie Mamma Mia, the Greek islands have been associated with romance, love and a healthy lifestyle. Karpathos is no exception, explains Huguette de Chassiron, who found that a four-bedroom villa gave birth to a life she never could have conceived.

Huguette left behind the busy world of London to live on the South Aegean Island with her husband. After six years of relaxed life in the capital, she decided to do something with one of their wedding presents: a plot of land from her sister-in-law.

“We were going to build a hotel but we were stopped by a change in Government policy that removed the grant for the project,” she explains to me as we walk through the quiet countryside towards the property. “So we decided to build our own villa instead!”

“For months we paced the land,” she explains eagerly, “looking at the light for every room and imagining the implications the weather may have. We did this until we were completely sure of the plan then showed it to an architect friend who agreed to take the project on. He transformed my drawing into an earthquake-proof country home.”

Walking through the dining room to the sitting room, the whole property has an impressively open plan, almost graceful, feel. You can even stand in the corner and see out of three sides of the house. It must have been a nightmare to get that right, I comment.

“It was a… collaborative project!” she laughs.

As we stroll into the kitchen, what strikes you is the sheer size of the place. The whole plot of land spans 2,000 square metres, she tells me.

“You can’t build another metre of house on it,” she says. She’s not kidding.

Still, you can tell they laid their plans carefully, leaving a patch outside one of the bedrooms for a swimming pool and even a large space by the entrance to plant a new olive grove. Not that the villa needs any more trees: the building is surrounded by them.

“You can pick fruit straight from the balcony!” says Huguette, only too happy to prove it.

But her astonishment at having her vision so well realised is nothing compared to another surprise the property had in store.

Building the four-bed villa nestled in the mountainside was all part of Huguette’s plan for a new life away from London – a chance to start a family. But after six years of trying, the couple were still without a child.

“I told my doctor in Athens I would stop seeing him so I could finish my house,” says Huguette, sitting down in the main bedroom. “He told me bluntly that I would probably never have children.”

But two weeks after moving in to the half-finished house, the doctor was proven wrong: Huguette suddenly became pregnant. She did what all new mothers would do: continued building her nest.

“I was probably the only resident in the area to be working, driving a truck up and down a bumpy mountain side road until I was 8 months pregnant!” she chuckles.

“We worked hard to finish the house before I gave birth in Athens. I returned a few days later as a mother in her new family home.”

She smiles as the sunset pours in from the coast. I look out from the balcony with its elevated view and take in the breathtaking vista. The stars at night must be spectacular, I think aloud. She nods.

“The moon rises above the ocean right in front of the balcony too. You feel close to nature here.”

I return inside, imagining what storms must look like across the island. Even in the bathroom – one for each main bedroom – you feel close to nature.

It breaks her heart, she continues, to have to sell the place. An equal distance from the main town and the international airport, it’s the perfect place to raise a family – or rent out to another.

I look around the cavernous insides. You could chop the whole thing in two and still have half to yourself while letting the rest out, I muse. With the expensive accommodation in town and that ocean view, demand would surely be strong.

“It could work really well as a holiday home rental,” she says. “There are only three other villas nearby and we have all the necessary internet and telephone connections. You could run anything from here!”

But for her, she admits, this will always be a family home. And now, with her child all grown up and studying abroad, it’s time to downsize and find a smaller nest.

She pauses. “I just hope whoever lives here next will share the same magic we did.”

Mamma Mia, I think – and imagine the look on the next doctor’s face.

Looking for a fertile investment in Greece?

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