Buying in North Cyprus

We have yet again come across the controversial subject of buying property in Northern Cyprus, which is just now coming back into the international fold, after a long period of isolation.  The thread contains obvious references to the fact that many Greek Cypriots claim to have been rail roaded out of the North when the island split, and were effectively forced to flee their properties. It has been rumoured for some time that many will return to reclaim their lost properties, and while some believe that this would never happen, it is hampering the property market.  Everything else is in place for growth, the economy is doing well and tourism is on the up.

The subject of North Cyprus is never too far away, and while there has been an agreement with regards to relatively new builds on the island, the legal ownership of some of the older properties is still unclear.  Until this situation is resolved once and for all, with no rumours and not counter rumours, it seems high unlikely that all but the most determined property investors will descend upon the island’s old properties.  This is a great shame because everything else is set for a sustained period of growth, with the economy doing well, direct travel to the country now in place and an expanding tourist industry. 

Registering property in Egypt

Egypt is yet another country which regularly crops up on the forum, and a country which definitely has potential for the future, although local laws are not helping the situation for overseas investors.  There is some interesting talk about restrictions and registering any new build property in Egypt, and the fact that there are two main ways to do this.  The “official” route seems to preclude you from owning more than one property at a time, and being unable to sell for at least 5 years - something which will put many off.  However, if investors go via the courts to have registration and ownership confirmed, there do not appear to be any restrictions.

Any investor, whether they are buying property, coffee, tea of anything will most certainly be put off by any restrictions on reselling.  The situation in Egypt seems fairly unique in that there is no official land registry, and the government system seems to be so slow that this is perhaps the reason for the 5 year restriction.  The court option is slowly emerging, and appears to have been tested at a legal level, offering many astute property investors a more acceptable entrance into the Egyptian property sector.  Quite why the authorities are allowing a two-tier registration system to continue remains to be seen, but any improvements will certainly remove the one major barrier to entry for many overseas investors.

Investing in Romania, is it a good idea?

Initially introduced to enquire about the prospects for Romania this thread has taken on a life of its own and now covers a number of the old communist countries, which still have very infant property markets.  Experiences in the likes of Romania and Latvia seems to be very similar in that an on the ground representative is needed at all times, and you need to tread carefully. It also seems that new builds are the way forward as some of the older communist style buildings are not going down well with overseas investors.  Caution seems to be the watch word in these areas, although fortune appears to favour the brave who are able to complete on good long term properties.

This thread offers a wake up call for the masses who thought there would be rich pickings from some of the new entrants to the EU - you need to be careful.  It seems that many have already fallen fowl of sharp practices in areas such as Romania, where legal protection is still being developed.  While good quality local representation may cost a little extra, it is vital that you have eyes and ears on the ground.  There is no doubt that there are some great opportunities in some of the ex-communist states, but the risk reward ratio at the moment appears to be a little on the high side for many.

Golf Club Ibar Property Owners Forum!

While this thread started out as a simple, “I have bought property in a golfing complex in Ibar, Bulgaria” it has quickly developed into a detailed look at the area, an update on that particular project and prospect for the future.  This thread is really what forum communities are all about, people helping each other, posting detailed information and even official documents.  Even though some have encountered a few simple problems, the project seems to be going very well, and looks set to offer a nice return for the future.  Again, we see much talk of local representatives, something which comes up time and time again when buying property overseas - it is vital.

If this thread could have been about any other country, it would have been Portugal, where holiday homes, tourism and golf go hand in hand.  It seems that the Bulgarian property companies have also learnt from the experiences of other countries, where local activities have been vital in attracting long term property investors.  It is also good to see that the majority of posters who are invested in the area are seeing a good service of construction and support, something which has been so sadly lacking in many other ventures.  An interesting post which again highlights the value of detailed, informed posting for others looking at similar investment opportunities.

Margarita Isle

While the thread does at times move away from the underlying question of investment opportunities on the relatively unknown island of Margarita, the thread has provoked a lot of thought and comment about the area.  There has been some mention of the weather and the run down nature of the island, but surely this must be a plus for the long term investor, able to get a  foot hold before the serious redevelopment starts? One member brings up a great point about US tourists, who are less than three hours away from the island, and the potential for tourism to increase on the island.  Perhaps a little high risk at the moment, but one to watch?

This thread has separated those who look for developing areas of the world, and those who prefer areas which are already redeveloped.  The comment about the island of Margarita being run down and under developed is one investors nightmare, and one investors dream.  Bearing in mind the area in which the island is located, the close proximity to the States and the potential to grow the tourist market still further, the property market offers great potential for the future.  Again, it will come down to the risk reward ratio for many, although this may be an opportunity too good for some to miss - with or without the greater risks.