|
Investment in overseas property is an excellent way to achieve short and long term returns on investment.
Indicitive costs
Two-Bedroom Apartments
Indicative Price CYP £190,000 GBP £228,916 EUR 324,900
The standard two-bedroom apartments at The Grove Spa Resort are the pick of the apartments when looking at
rental returns. Due to these apartments being the lowest priced two-bedroom properties on the development,
the yield will be higher than for the premium two-bedroom properties on the Resort.
Two-bedroom apartments appeal to almost all rental markets and are the most commonly rented property in
Cyprus. For holiday lets, the two-bedroom property can sleep up to six (with sofa-bed), so most small groups
and families look for this type of accommodation.
Transaction And Operating Costs
| Two Bedroom Apartment: Initial Costs (up to exchange of contracts) |
| Currency |
CYP |
GBP |
EUR |
| Reservation Deposit |
1,660 |
2,000 |
2,839 |
| 10% Initial Deposit (Balance) |
17,340 |
20,892 |
29,651 |
| Approx Initial Legal Costs (50% of total) |
950 |
1,145 |
1,625 |
| Stamp Duty (for Lodgment of Sale Agreements) |
330 |
398 |
564 |
| Total Initial Costs |
20,280 |
24,434 |
34,679 |
| Two Bedroom Apartment: Completion Costs |
| Currency |
CYP |
GBP |
EUR |
| Final 10% Deposit (if required) |
19,000 |
22,892 |
32,490 |
| Balance of Legal Costs (50% of total) |
950 |
1,145 |
1,625 |
| Total Completion Costs |
19,950 |
24,036 |
34,115 |
| Two Bedroom Apartment: Mortgages Details * |
| Currency |
CYP |
GBP |
EUR |
| Balance of Purchase Price (80%) |
152,000 |
183,133 |
259,920 |
| Bank & Government Charges (1.5%) |
2,280 |
2,747 |
3,899 |
| Stage Payment Amount (approx) |
10,640 |
12,819 |
18,194 |
| Total Mortgage Amount (approx) |
164,920 |
198,699 |
282,013 |
| Monthly Mortgage Amount (approx) |
563 |
679 |
964 |
* The mortgage repayment figures below are based on the current Swiss Franc rate of 4.1%. This amount
is calculated for the interest only period (first 5 years after completion). Bank and Government charges
are rolled into the balance of the loan. For further details of the mortgage, please contact us
3: Mortgage Product (Alpha Flexi-Home). For further details regarding Stage Payments, please contact us
Income / Cost Analysis
| Currency |
CYP |
GBP |
EUR |
| Monthly Mortgage Repayment amount |
563 |
679 |
964 |
| Monthly Service Charges (approx.) |
95 |
114 |
162 |
| Monthly Lettings & Management Fees |
169 |
203 |
289 |
| Monthly Utility Charges (approx.) |
40 |
48 |
68 |
| Total Monthly Cost |
867 |
1,045 |
1,483 |
| Total Monthly Income* |
1,527 |
1,840 |
2,611 |
| Net Monthly Income after Payment of Costs |
660 |
795 |
1,128 |
* The rental projections for a two-bedroom apartment with five star facilities in the South Larnaca District are
based on current rates and the occupancy rate allows for 26 weeks of voids per year.
|
