property investment as a business here - your views?

missionary


Joined: 01/01/2008
Posts: 8

Message Posted:
10/01/2008 17:26

Hello folks, I am new here so please be gentle with me. I also make no apology for cross-posting elsewhere, but you will see why.



I am a professional international development economist, and in my spare time am involved in property investment, usually in ‘difficult’ countries, but these places are where the margins are of course. We like to think that we do this in a very professional manner thanks to a good track record.



I have worked in TRNC in recent months and am seriously considering investing in residential property using funds from outside the country. This would be in terms of buying several properties to either flip or hold and let out. We mostly prefer to buy new builds and with that in mind I have met several developers and agents in Girne, and all appear to be at the respectable end of the industry.



My first query to you is that I am not sure of regular tenants if letting out say 10 flats in a block in Girne, to, I am told, mostly casino workers, the odd ex-pat, professionals who work in Lefkosa and well heeled foreign students. Is that good reliable business do you think?



Second, should I look at holiday style developments where I would use a letting agency letting out for say 4-5 months in the year. I can’t see that this is a hot proposition at present, especially travelling east and seeing all those new but empty places beside the road. But being near the new golf and country club out there is a draw I suppose. I also see that a lot of those properties are for immediate sale, apparently never having been occupied. So is it wise to go into this market?



I have also read on forums some unsubstantiated comments about the financial health of some of the development companies. (Those writing those comments may have a vested interest of course). Accepting that this is probably hearsay I wonder if you local ex-pats do know of reliable sources of information about the probity of the companies in the local industry. Naturally I would only be using recommended professional advisors (not those recommended by sellers of course) and would make the usual company checks first before dealing with anyone.



Finally, the question of title. Like anyone else I have researched all the title issues and would by choice go for pre-74 Turkish title for the first purchases. But I wonder if any of you have good experience of working-out a solution to an exchange title purchase with the claimant.



My thanks in advance for your help



mish

Milou


Joined: 15/10/2007
Posts: 425

Message Posted:
11/01/2008 17:59

Dear Missionary



You ask some probing questions and I feel the best person to answer would be UKTurk - UKTurk where are you?



Regards

missionary


Joined: 01/01/2008
Posts: 8

Message Posted:
13/01/2008 23:00

Thanks Milou, looks like he must be having a weekend break. Otherwise either I have stunned everyone into silence or no one has much to say on the topic. But some comments on other threads might suggest that buying to rent in the centre of Girne may be the better option, in the beginning anyway.



Cheers



Mish

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
14/01/2008 00:35

Apologies missionary, but I feel the lack of response from fellow members may be that you don't sound very credible, if you are really a professional investing large sums as you suggest, I would expect you to have had the 'nous' to interpret all the information you should of gained from agents, developers, and statistics to be able to make a decision without the neccessity to seek the advice of mainly amateur personnel observations which we can provide.

McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
14/01/2008 09:09

Missionary, Welcome.



I like your position!!!!



MC

missionary


Joined: 01/01/2008
Posts: 8

Message Posted:
14/01/2008 17:46

Thank you Pilgrim



Having the 'nous' is also about getting the opinions of people on the street as it were. Of course I have done all my homework but I have respect for local opinion too, and that means you and your friends here. This is often where investors let themselves down. You will also see that I am an international development economist, so it is natural to have laid some foundations before I go any further. That includes spending time on site in TRNC with those developing and selling property.



Mcsteviet, thank you for your more open welcome !



Moderator - My request for advice in genuine, if I have written anything that encourages a hostile response then I will gladly withdraw.



Mish

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
14/01/2008 19:57

Missionary apologies,

As you believe our opinions have merit,

consider Bafra (thalassa beach) and Bogas (Coral beach and Caesar resorts) for good asset growth from off plan to completion. Caesar has good letting potential (east med university close by)

regards

p

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
14/01/2008 21:54

Welcome missionary,

As you will be aware there are more empty plots then full at the moment but i do honestly believe this will be the year,or is that just my heart ruling my had.Pilgrim was just being cagey and i am sure he didnt mean anything by his remarks,its just that every now and then we do get the odd nutter on here.

missionary


Joined: 01/01/2008
Posts: 8

Message Posted:
14/01/2008 22:09

Pilgrim, your contrition is noted thank you.



If I did not think your opinions had merit, I would hardly have bothered to make my request. I always value local opinion; I have worked and lived as an expat for many years myself, often in more uncomfortable places than TRNC !



I will follow-up your recommendation, and it appears that you may favour the long term let route rather than the short-term holiday lets.



Other useful suggestions appreciated.



Many thanks



mish

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
14/01/2008 22:51

Developments mentioned are adjacent to beach or are in close proximity to the beach,( 5/10mins walk) a big attraction to holidaymakers coupled with nearby Famagusta attractions and Karpas beauty provide dual route letting potential.

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
14/01/2008 23:08

dodger, thanks for your support appreciated, as you say no offence intended

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
14/01/2008 23:14

No probs mate you could be the forums guard dog, lol