Cyprus-Forum.com

[Cap]

Gianfranco Ferre will furnish Limassol's Del Mar.

[Paphitis]

Gianfranco Ferre will furnish Limassol's Del Mar.

The slums of the future!

[supporttheunderdog]

Gianfranco Ferre will furnish Limassol's Del Mar.

The slums of the future!

I would not argue with you on that...

[Cap]

A 2 bedroom apartment starts at 1 million Euro.
It's not a case of slum, it's a case of exclusive of which none of you can afford anyway.
80% of the project has already been sold to investors.

If you're looking for slums, look at Athens.

[supporttheunderdog]

A 2 bedroom apartment starts at 1 million Euro.
It's not a case of slum, it's a case of exclusive of which none of you can afford anyway.
80% of the project has already been sold to investors.

If you're looking for slums, look at Athens.

this is now...the word Paphitis used was Future, so give it time....

[Cap]

A 2 bedroom apartment starts at 1 million Euro.
It's not a case of slum, it's a case of exclusive of which none of you can afford anyway.
80% of the project has already been sold to investors.

If you're looking for slums, look at Athens.

this is now...the word Paphitis used was Future, so give it time....

Sea front..... is and will always be in demand.
100 years from now, this crumbling building will be bought for billions, demolished and replaced with a super high, ultra exclusive project.
It's a vicious circle.
Even if Europe plunges into total Socialism and darkness, it will still have value.

Paphitis has always hated the Republic of Cyprus
So his views are expected.

[Maximus]

this is why rents and property prices are going way up.

Developers are building these overpriced luxury apartment complexes and other such properties that your average person just cant afford.

The supply for affordable accommodation has more or less remained constant which means there is naturally going to be more competition for them. So the existing supply appreciates in value.

The only people buying these over priced luxury properties are wealthy foreigners so they can meet the requirements for the citizenship for investment scheme.

So, your average person ends up getting gauged by Bambonaki, who tries to sell you his 1980's "peace of shit" build on the other side of the road for twice what its reasonably worth.

Just go and check the classifieds for properties for sale or rent. Makes you wonder how in the hell the average person can afford to live given the average salary in Cyprus.

[Paphitis]

A 2 bedroom apartment starts at 1 million Euro.
It's not a case of slum, it's a case of exclusive of which none of you can afford anyway.
80% of the project has already been sold to investors.

If you're looking for slums, look at Athens.

I can afford one Cap, let me assure you.

The question you should ask is would I buy one? And the answer is NO.

There are much better houses in Cyprus than an overpriced 2 bedroom shoe boxed apartment that you need an elevator to get to. Houses with their own Title and most at a cheaper price as well. 1 million Euros buys a lot in Cyprus, but not much at all in Australian Cities especially if you are inner city.

I don't think these apartments are exclusive. If you want to see exclusive, then you should come to my house. It's worth more than double any of those 2 bedroom apartments. it's a 120 year old house fully extended and renovated with 3 bathrooms, 2 kitchens and a Butlers pantry, pool, gym, 3 car carpark and an actual cinema with proper cinema decor and all the most expensive cinema projection and app controlled surround sound speakers.

I spent a million Euros just on the renovations but the reason I spent so much is because it's in a very exclusive area and can't lose my money as there are houses there selling for 5 million. Plenty of upside if you do things right and focus on detail.

When I bought it, it was extremely run down almost dilapidated, but I successfully restored it to original condition and added to it. The old is still there mixing with the new and I put in so much detail which is what cost me a lot of money because I restored all the old ornate ceilings and even restored all the old 1920 style electrical switches and door handles made out of solid stained copper. And added a lot of new stuff like a 20 sensor alarm, automation, CCTV, keyless entry, pool and so on. It took me 10 years to finish that house. Now I bought another rundown corner block in the same street a few houses down, which has an old 1920s house on it but the block is massive. I might restore what's there and build behind it after I subdivide, and give one to my son and the other to my daughter but I would write up a mortgage for them which they don't have to pay. Just in case they get involved with an idiot partner, I can reposess the property from them. I'll give it back to them after their partners are "dealt with" in the Paphitis way.

I went to so much detail, I found the actual joiner who did the door of 10 Downing Street and got him to make 17 doors for me, including the 2 front entrances. The door at number 10 Downing Street was made in Adelaide from this joiner. I use him for a lot of my stuff. We are friends too. Like real good friends where I have him at my house often.

I had to have the doors custom made because even the doors were not standard dimensions, so couldn't buy off the shelf and I wouldn't have either as I wanted solid Canadian Cedar Wood doors. I replaced everything. Including the windows, also made out of wood, and with led lighting in key areas. Just 3 doors down is the old Governor's House (now owned by a Wealthy Greek Business family) where the Queen stayed in the 1950s.

I been in property a long time Cap. Been renovating and building houses too. In fact if I had my time again, I would love to do that as a job and have thought many times walking out of Aviation just to do things like that and make more money. Plus it's actually quite enjoyable and creative. But I also made a few mistakes along the way.

Put it this way, if you spent 1 million Euros on one of those apartments, you would have wasted your money. If you want me to show you what you can buy for a million Euros in Cyprus, then I am happy to show you and it would be 100 times better than those apartments and a solid investment too. As a matter of fact you can buy something better for half the money.

Those apartments wouldn't even be worth looking at in 30 years time.

[Kikapu]

A 2 bedroom apartment starts at 1 million Euro.
It's not a case of slum, it's a case of exclusive of which none of you can afford anyway.
80% of the project has already been sold to investors.

If you're looking for slums, look at Athens.

I can afford one Cap, let me assure you.

The question you should ask is would I buy one? And the answer is NO..

I agree, Paphitis, who wants to live in a building which is no different than being in a hotel with hundreds of people coming and going everyday. Who needs that shit. Your home is meant to be your castle, your sanctuary where you can be away from the crowd. So it on the beach. Big f.....deal.

[Paphitis]

A 2 bedroom apartment starts at 1 million Euro.
It's not a case of slum, it's a case of exclusive of which none of you can afford anyway.
80% of the project has already been sold to investors.

If you're looking for slums, look at Athens.

I can afford one Cap, let me assure you.

The question you should ask is would I buy one? And the answer is NO..

I agree, Paphitis, who wants to live in a building which is no different than being in a hotel with hundreds of people coming and going everyday. Who needs that shit. Your home is meant to be your castle, your sanctuary where you can be away from the crowd. So it on the beach. Big f.....deal.

Been there done that Kikapu and still doing it as I stay in hotel rooms on average 3 days a week. It sucks balls. You even miss the simple things like home cooked meals believe it or not. People think it's a glamorous lifestyle I have but it isn't that at all when you get into your hotel room late and up with the sparrows to do it all again.

I would rather be home with my family.

Been thinking of walking away from aviation because of it. As much as I love Aviation, sometimes I just ask myself if it's worth it. I can do other things, the only down side is cash flow between pay checks. My old man started me of in property before I went chasing my dream. I could have become a builder.