The Cy and retiring type

Jul 13 2008 Laura Davidson

Nurse Marion Gives Flailing Pension Fund A Healthy Boost With Luxury Paphos Pad Place In The Sun

Nurse Marion Fivey found the perfect cure for her ailing pension fund by investing in property in Cyprus.

She has just put down a deposit on an apartment in a swanky new development just outside Paphos.

And it is not only a nest-egg for her retirement - Marion is also looking forward to relaxing breaks in her upmarket new-build pad.

Marion, 48, said: "I'd been thinking about buying somewhere abroad for years but when I got a letter about my private pension, it spurred me to take action.

"The company had forecast what my pension income would be at 60 and it was a real shocker.

"There was a definite shortfall from what I was hoping for and I knew I'd need more money than that to live on.

"My financial advisor said the best move was to invest abroad and showed me a few options."

Marion and partner Colin Cairns, 47, a teacher, had never been to Cyprus before deciding to purchase there and have still to visit the sunshine island.

But they did a lot of research before signing on the dotted line.

Marion, of Falkirk, Stirlingshire, added: "We wanted it to have maximum rental potential and Cyprus is a great bet for this.

"It's so popular with Brits and other Europeans and the spot where we've bought is also a popular holiday destination for Cypriot people.

"Another big attraction is the development company would take charge of rentals so you don't have to worry about it. That was a big plus because I'm so busy at work and don't have time to manage a property abroad.

"I like that fact it will all be done for me, from finding the tenants to collecting the money and the cleaning and maintenance of the apartment."

Marion opted for a luxury flat in the Terra Divina development from land and property developers Alpha Panareti Public. It was recommended by her financial advisor Peter McCormick of McCormick Overseas.

The development is in Kouklia Village, a five-minute drive from Paphos airport, so it's handy for Brits making the four-hour flight from the UK.

The one-bed apartment cost £196,000 but Marion did not want to go for a budget option. The price included VAT, legal fees, furniture plus a year's rental and property management fees.

She said: "If I am expecting people to fork out to stay there, it's important that it's the kind of place I'd like to rent myself.

"The floor plan is huge and there's an option to have a spa pool on your balcony, which I'm taking.

"There will also be several pools, a club house with a gym and beauty salon and lots of bars and restaurants."

Marion's property will be complete by 2011. She is paying 15 per cent from savings and taking a mortgage for the balance. She hopes rentals will cover her monthly outgoings.

She added: "Hopefully this will sort out my pension worries and in the meantime I've got a lovely place to go on holiday."

FACTFILE

The former British colony, which joined the EU in May 2004, is now the fourth most popular foreign hotspot among Brits.

The Cypriot legal system is based on the British one. All contracts of sale are private agreements between the vendor and purchaser and must, by law, be in writing.

Always take independent legal advice from a local English-speaking lawyer, familiar with assisting non-Cypriots in purchasing property in Cyprus. Solicitors' fees with McCormick Overseas are fixed at £1100.

There is a three per cent discount on all poperty prices at the Terra Divine development until August 31.

For info on five-star off-plan developments in Cyprus from only £20,000 deposit, contact McCormick Overseas on 01786 489136 or 0777 0903125.

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