Property Insight
OVERSEAS PROPERTIES - CYPRUS
Issue1, Winter 2006

INSIDE
Amathusa Coastal Heights. ‘Excellence Rewarded’ - page 2
‘It felt like home the first moment I walked through the door’ - page 2
Make an equitable choice to finance your new home in the sun - page 3
Don’t get lost in transaction: Be smart with your money - page 4

Time to take a closer look at Cyprus

At a glance buyers guide page 8

AMATHUSA
COASTAL HEIGHTS
HAILED as the most exclusive beach fronting resort on Cyprus’ south coast, Amathusa Coastal Heights affords uninterrupted views of the famous Limassol shoreline from the eastern outskirts of this cosmopolitan seaside town. Extensive hard and soft landscaping provide a stunning environment, whilst controlled gates and limited traffic roads guarantee privacy and serenity.

Work on the properties is ongoing with landscaping already well underway and 2 show villas scheduled for completion by April and June. The project’s communal facilities, include swimming pools , squares, walkways and they will also be entitled to complimentary two-year membership of the outstanding 5-star Amathusa Health & Fitness Centre at the Amathus Beach Hotel.

Taking its name from the nearby ancient city of Amathus over 3000 years ago, its cliff top position provided protection and open views to the sea and was considered to be amongst the most desirable property on the island.

The ancient city played host to the Adonis Games, whose winning athletes were rewarded with a house in what became known as ‘champion’s city’.

Adonis is the launching phase and includes one and two-bedroom apartments in three floor buildings, three-bedroom terraced and semi-detached villas with private pools, gardens and sun decks and ‘'deluxe’' three bedroom terraced houses with spectacular sea views.

EXCELLENCE REWARDED
The highly coveted Bentley Property Awards attracts nominations from the residential property industry’s top developers throughout the world.

Cybarco is therefore proud to announce that at this year’s prize giving ceremony in London, the company received for its project Amathusa Coastal Heights a four star Bentley International Property Award, as Best Cyprus Development for the Year 2005.

‘It felt like home as soon as I walked in through the door’
A house is the most important purchase you make, so it’s vital to choose wisely.
Eveline Kennedy and Mark Stradling are in no doubt they made the right choices.

WHEN Eveline Kennedy boarded the flight to Cyprus last year she had little intention of buying a property.

Her experience of golf homes in Spain and Ireland had left her a little wary and she was really only after a short break in the sun. That is, until she entered the Hestiades Greens show villa at Aphrodite Hills.

“It felt like home the moment I walked in through the door,” explained the mother of three.
“In a word, it was perfect. Very tastefully decorated, the garden was just beautiful, and only 15 minutes from Paphos airport.”

“With Cybarco you are really made to feel like part of the family. They put their arms around you and do everything they can to sort out every minor problem.”
As a keen golfer, Eveline had originally looked at property nearer home in her native Ireland, but that fell through because of the golf club’s inflexibility.
Spain was the next option considered, but upon visiting the proposed plot Eveline found the scenery “boring” and doubted, given the level of inactivity, that the project would be finished by Christmas as had been promised.

But the disillusionment with her search for a property evaporated completely when Cybarco delivered a true ‘turn key’ home.

“Absolutely everything was taken care of from the curtains to the cutlery.”
“And as for the landscaped gardens, they were wonderful.
From the house it feels like you are looking out to infinity and from the swimming pool all you see is the wonderful open-plan design.”

Another extremely satisfied client is Mark Stradling from the UK who bought a five-bedroom villa at Aphrodite Hills.
“After looking at Spain, Portugal and Italy, which I felt were spoiled and over-priced I took a friend’s advice and visited Cyprus,” said the 40-year old.

“Aphrodite Hills had everything we were looking for, the golf course, the spa, and the tennis academy for the children. It also has a great selection of restaurants and shops.”

“The quality of the build looked very, very good and the advice we got from our contact at Cybarco was excellent.”

“It was his vision that helped us to see the excellent potential of our plot.”
“Every problem we have faced Cybarco have been there to help us through it and they fought very hard with the planning authorities to get the designs through that we wanted.”

“They also kept their promise to have the villa finished before my 40th birthday.”
“Another big factor is the safety and the seclusion that comes with gated security of the project.”

“We’ve already been told that the value of the property has gone up by up to 40%, and we’re also renting it out for about 15 weeks of the year which makes it an excellent investment.”

‘Cybarco put an arm around you
and make you feel part of the family’

SUNRISE BEACH VILLAS
Ten minutes drive from 'down town' Pafos, Coral Bay is renowned for its crescent of white sand and myriad of coves that have created some of the most isolated and beautiful beaches in the Mediterranean - and provide one of the few remaining breeding grounds for the indigenous Green Turtle (left).
Here, on the cliffside, against a backdrop of vast banana plantations and sweet smelling vineyards, just a couple of metres from the sea, the second phase of Cybarco’s hugely successful Sunrise Beach Villas will see 16 two storey villas, each with three bedrooms, individual swimming pools, private covered parking, pergolas and gardens that extend down, and afford magnificent views, to the bay. Available in four different designs with a choice of covered and un-covered verandas at both levels, the properties range from 138 sq m to a substantial 299 sq m covered areas.
'A true beauty spot'

Why not make an equitable choice
when financing your home in the sun?
People have a number of options when it comes to financing a second home overseas.
For those of you in a position to, using savings is by far the simplest.
Getting a loan in the country that you are buying from is another option, which can also be very competitive.
For example, Cybarco, in cooperation with local banks, offer their clients loan facilities. Buyers can chose to borrow up to 70% of the property’s value in Cyprus pounds, over a term of 25 years, or chose another currency as GBP, EURO, US$ to be paid off over a 15 year period.
The Cyprus property market has risen rapidly in the last five years, driven largely by the strong demand from abroad. Most analysts anticipate this market to grow even further, fuelled by lower interest rates in Cyprus, which are part the island’s commitment to enter the Euro Zone by 2008.
The Euribor, which is the European equivalent of the Bank of England base rate, is 2.84% (Prime rate January 18, 2006, while the UK’s base rate is currently at 4.5% (January 2006).
However, many purchasers find it feel more comfortable remortgaging an existing property and release the equity within it, which is whatever value it’s risen by since you bought it.
This option is particularly attractive for buyers from the UK who have benefited from the recent property boom.
According to one of the UK’s biggest lenders, the Halifax, the average house price has soared from í61,369 in 1995 to í160,900 today, an increase of 161%.
Working out the equity in your home is dependent on when it was bought and where it is, but as a general rule anyone who has bought a house around five years ago is likely to have a healthy amount of equity in it.
The simplest way to realise the equity in your house is to approach your existing lender, and apply to remortgage. The amount you can borrow is limited to not exceeding the loan-to-value threshold of your property.
The process will involve your lender carrying out a survey on your house and income checks in order to verify that keeping up payments will not be a problem.
If your current lender doesn’t come up with an attractive deal, it may be an opportunity to switch lenders and use the move to raise the extra capital required.
Doing this may prove even more beneficial as you may end up with a better mortgage deal than what you are paying for already.
It is estimated that around one third of mortgage borrowers are currently paying their lender’s standard variable rate, which is typically around 6.8%.
While switching to a cheaper discounted, tracker or even fixed rate could save you a fortune.

'Using the equity in your home is a particularly attractive option for those who have benefited from the recent property boom in England'

PISSOURI PROPERTIES
Don’t get lost in transaction: be smart when you exchange money
Foreign buyers could lose thousands of pounds when transferring funds abroad if they do not select the appropriate contracts and mistakenly choose their High Street bank to undertake the transaction, according to a leading UK foreign exchange brokerage.
Many people talk to their bank when they require the funds to close the property deal, but doing this leaves them at the mercy of the current day’s exchange rates.
However, by using a forward contract the unpredictability can be avoided. This means the individual can rest assured that they will have a set amount of money at an agreed time – no matter what happens to the exchange rate in the future.

For example, if buyer required CYí200,000 to buy a house, and the completion date was set at 12 July 2005. When they first saw the house in April Sterling stood at 0.831786 to the Cyprus Pound, meaning the property would cost around í240,446.However, when they came to make the payment, the Cyprus Pound had strengthened to 0.791777, which brought the actual cost up to í252,596, í12,000 more than in April. Had the buyer secured the currency with a Forward Contract the extra cost could have been avoided.
Another issue that few people address is the rate at their local bank for large currency transactions.Many banks offer foreign exchange to their customers at ‘tourist rates’, which are fine for holidays but are far from the best rates available when it comes to large sums of money.If there is a chance you are going to need a large sum of foreign currency it is advisable to start shopping around straight away in order to get the best rate and the best type of contract to suit your requirements.

PISSOURI PROPERTIES
Reflecting the traditional architectural character and unhurried pace of life that permeates the pretty village of the area, ‘Pissouri Properties’ are within a short walk of the local shops, restaurants and bars, and a ten minute drive from Aphrodite Hills golf resort. Aphrodite’s Rock and ancient sites such as Kourion, Apollo Temple and Kolossi Castle (below) are also a short drive away, and you are twenty minutes from the UNESCO World Heritage cultural town of Pafos.
Pissouri Alpha, Epsilon and Zeta are Cybarco’s final schemes in this sought after location and consists of two and three bedroom terraced apartments and villas. Elevated hill top views over an open plane of vineyards to the breathtaking Pissouri bay, from Cape Aspro and beyond to the Limassol coastline in the east and the Troodos mountain range to the north. A fully furnished show apartment is now available for viewing.
'Local Charm'

HILLCREST VILLAS
Construction has now started at Hillcrest Villas at Peyia, a village with a traditional feel yet cosmopolitan outlook the most sought after areas of Pafos. Located fifteen minutes drive from the centre of town, five minutes from the fabulous beach at Coral Bay and a short walk from the village centre with its banks, supermarkets, and wide range of restaurants and taverns. This development is equally well suited to permanent or holiday living, retirement or investment.
Due for completion in spring 2007, each of the 17 luxuriously appointed three bedroom detached villas will feature a private swimming pool, large garden and unobstructed views of both the sea and the mountains.
'touched by tranquility'

Perils of house-buying in North Cyprus
AT first glance the option for a potential overseas property buyer opting for North Cyprus looks like good value for money.
Distance from the UK is the same, it enjoys the same fantastic weather as
the rest of Cyprus and the properties are around 20 per cent cheaper than the equivalent on the rest of the island.
Too good to be true? Well, yes. The house or land on offer may in fact
have a claim on it from a Greek-Cypriot who was forced to abandon the property during the 1974 Turkish invasion.
Ever since Cyprus joined the European Union (EU) Greek Cypriots have been returning to the North, claiming their rights to their old homes or land through the European Court of Human Rights.
The British High Commission in Cyprus strongly recommends taking independent advice before opting for property in the North, and warns of the potential for litigation against any purchaser as well as the other problems associated with living in the Turkish Republic of Northern Cyprus (TRNC) that is only recognised by Turkey.
The recent boom in the North has been fuelled by developers from Turkey rather than by genuine demand. One of the tools used by sellers of property in the North is to offer title deeds that predate the 1974 invasion.
But the risk still remains that these documents may be false. This opens the possibility of not being able to then sell the property. Perhaps the most telling of the level of risk involved when buy in the North is the fact that no mortgage lenders operate in the occupied areas. And if a lender will not lend on a property then there has to be a serious question mark over the legality of the title being offered with the property.
‘Warning from the British High Commission in Nicosia’

GRECO MARE VILLAS
Designed to suit you
Cybarco offers a comprehensive interior design and decoration service in conjunction with ID Design Xinaris, a company that enjoys a well earned reputation for their cost effective and time saving services, innovative space saving solutions and stylish design schemes.
The company will provide as much - or as little - help as clients require and are experienced at sourcing soft furnishings, floor coverings, furniture, accessories and lighting from both local and world famous design houses such as Ralph Lauren, ID Design Denmark, Georg Jensen, Homeware, Asa and Boste.

Home owners who are perhaps short on time or inclination to plan and plant their terraces, verandas or gardens, can also benefit from the skills and services of professional landscapers who embrace Cyprus’ largest nursery and a team of landscape gardeners are able to transform the barest of plots into hugely impressive gardens that are designed to mature in keeping with their surroundings for many years to come.

GRECO MARE VILLAS
Exuding exclusivity with a true sense of peace and privacy, Greco Mare Villas is situated close to the Cavo Greco Cape on the famous Famagusta Bay shoreline at
Protaras.
Best known for its crystal clear waters, over ten miles of sandy beaches, which rank amongst the island’s finest, and the
water sports orientated Cavo Greco National Park, this is the ultimate spot to ‘get away from it all’.
The development will comprise 41 villas and 7 maisonettes built to ten different architectural designs that offer two, three or four bedroom accommodation over two storeys. The detached and terraced villas will also feature extensive verandas, a traditional Cyprus pergola and garden complete with a swimming pool, outdoor shower and barbecue terrace.
'Blissful Mediterranean beach front'

Let your second home pay for itself
Because Cyprus enjoys all year round tourism, potential exists for properties to achieve gross yields of between 6% and 9%. While for those second home owners who intend to use their property for a larger part of the year, an occupancy rate of 20 weeks in the high season can procure a healthy net yield in the region of 4% to 5%.
At Amathusa Coastal Heights, Sunrise Beach Villas, Pissouri Properties and Aphrodite Hills, a rental and management package has been designed by Agios to provide holiday home owners and investors maximum flexibility with a choice of customised services to suit their needs.
The employment of a management team to handle the day to day running of a property will not only ensure it is maintained to the highest standards, but will also maximise its potential to secure optimum rental and occupancy rates.
For example the Sunrise Beach Villas at Coral Bay boast a booking turnaround of 30 weeks per year.
Core services include key holding, inventory checks, property inspections and an on-call emergency service, which are charged at a fixed rate with privilege card market rates available for Cybarco owners.
Additional services include household maintenance, cleaning, laundry, weekday maid service, general repairs, pool cleaning, garden maintenance and payment administration. Charges for these services vary according to the size of property.

‘Achieve gross yields of between 6% and 9%’

APHRODITE HILLS
The most exclusive leisure, golf and property development in the Eastern Mediterranean, Aphrodite Hills, is the first integrated resort of its kind in Cyprus. Surrounded by protected forest on three sides and overlooking the coast to the fourth, an inspired master plan will confine development to just 8% of this 578 acre site which has already seen the construction of í170 million worth of infrastructure and amenities:

The 18 - hole championship standard golf course, designed by celebrated American golf course designer, Cambell Robinson, features a length of 6,232 metres and is par 70, making it the largest on the island.

The area, full of olive and carob trees, offers professional and amateur players, superb sea views and the opportunity, unlike many golf courses in Europe, to play all year round thanks to Cyprus’ favorable weather.

Following the charm of all Cypriot communities, Aphrodite Hills has its own “village square”, which forms the heart of the resort, and provides extensive shopping and entertainment opportunities.

One of the most sophisticated Health and Spa Centers in the area is located near the village square. Facilities include a fully equipped gym with personal trainers, sauna, steam bath, retail shop, hair salon, heated swimming pool, outdoor cover whirlpool, water loungers and sun deck.

The Intercontinental Aphrodite Hills Golf Resort Hotel consists of 290 rooms and within it are located four gourmet restaurants.

The distinctiveness offered by the way of life, as well as the main selling and promoting points, become more obvious as the master plan arrives at its completion, which is anticipated to be concluded at 2008.

If you seek a unique and sophisticated lifestyle, Aphrodite Hills is beyond comparison. The only decision you need to make is what type of property is your choice within this unique 5-star integrated golf and leisure resort.

Cybarco’s development of 38 two and three bedroom terraced villas at Hestiades Greens occupies one of the development’s most prestigious locations alongside and overlooking the golf course greens as well as the sea. Enjoying a similarly convenient position at the heart of the resort, Adonis Village offers a mix of contemporary apartments and town-houses built around a traditional Cypriot village square with a secluded communal pool beyond; offering one, two and three bedroom accommodation with private terraces, patios and gardens, each property enjoys an exceptional outlook towards the Mediterranean or across the dramatic ravine and nature preservation area which cuts through the centre of the resort and provides the most challenging holes on the golf course.

In keeping with such a beautiful setting, Cybarco’s sympathetically low-rise, low density develop-ment programme also includes a number of individual plots at Aphrodite Hills Villas; here, within the sought after surroundings of the golf course, it is possible to buy your own plot or select one of the four exclusive villa designs, of three bedrooms with private swimming pools and extensive gardens.

'Par excellence'