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Potty for Cyprus?

29th July 2008 | back to article listings BACK    print this article PRINT

It may be a sign of the times when a property auction in another country is opened by a British celebrity. Much may therefore be read into the news that John Virgo, the 1970s snooker player and later TV presenter, is to be doing just that.

The famous trick-shot maestro will be starting off the event in Famagusta, run by Harrison property auctioneers, the Famagusta Gazette reports. It may well be that the organisers believe that the punters will comprise a significant number of Britons seeking to get a piece of the action, although, the paper notes, they may get their hands on one of Mr Virgo's waistcoats even if not bricks and mortar.

Yet Famagusta actually lies north of the green line that has divided the island since 1974, between the Greek-speaking south and the Turkish north, whose de facto republic is recognised by Turkey itself and nobody else.

When it comes to investing on the island of Cyprus, the story of success in recent years has been mixed with a consistent message that buyers should stay south. Yet with Homes Overseas reporting earlier this month that Famagusta could become a property hotspot should current reunification talks succeed, this advice may not be heeded.

This was perhaps emphasised by the contrasting view of different investors on the island featured by the Liverpool Daily Post. Ben Kent of Merseyside estate agency Venmore said the potential prospects for the north were particularly exciting, with Famagusta also commanding his attention as the European Union (EU) has major reconstruction plans on the table.

He stated: "The EU wants the rebuilt city to be a real model for the future, and that could present some real opportunities for investors."

Yet this view was met with scepticism by fellow Merseyside investor Dominic Farrell - the author of the Jet-to-let Bible - who argued against getting carried away, pointing out that the political process has a long way to go. He told the paper: "Re-unification is far from certain, and I think people should be very careful."

Better, then, to concentrate on the south. Mr Farrell has done so with a resort containing 70 apartments and points out that his customers are mainly investors rather than seekers of holiday homes.

Caution may be a watchword with Mr Farrell when it comes to property investment, but then that may be just the thing when dealing with the uncertainties of politics on top of all the idiosyncracies of the property markets themselves. As he said of property investment as a whole: "People should certainly be very careful when buying property overseas. It is a largely unregulated industry and they can get ripped off if they are not careful." Clearly taking good advice, as ever, is essential.

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