Rewind a few months and Cyprus wasn’t the first place someone looking for a stable retirement would have chosen to move to. Its banking sector and government were in crisis, savers were threatened with having to hand over large amounts of cash and there was huge uncertainty about whether the country could remain in the Eurozone.
For many non-Cypriots living there, leaving the island seemed like the best option. But some were not in a position to jump on a plane, or felt confident life as an expat could continue largely unchanged. So meet expats John and Claire Walters. They were waiting to move into their new home in Cyprus when the banking crisis hit in March, and are now happily settled into their bungalow and loving life on Aphrodite’s Isle.
The Walters, from Porthcawl in Wales, arrived in Cyprus at the start of November 2012, when they signed the final contract for their bungalow in Liopetri, a village in the Famagusta district. Their property, which they found after contacting the Overseas Guides Company and local agents during two visits to Cyprus, was due to be completed in three to four months, so in the meantime, their estate agency provided them with free accommodation.
Delays meant completion was pushed back to the end of April, after which the developer, Flourentzos and Andreas Developers, would have been liable to pay a financial penalty. “Then, in the interim, the financial situation in Cyprus hit the headlines, as did a construction workers strike,” said John, a 66-year-old retired business advisor. “The developer used sub contract labour which meant he had limited control on progress. However, building resumed after we chased the builder, and we spent the first night in our completed new home on April 27.”
John and Claire’s bungalow has three bedrooms (two downstairs and the third master bedroom occupying the loft space), three shower rooms, and an open-plan kitchen-diner-lounge. Their outside space is predominantly stamp concrete with a small garden space.
Since moving in, the couple have wasted no time in getting to know the local area and attend Anglican Church of St Patrick on the nearby British Military base of Ayios Nikolaos. John said: “One of our favourite trips is our weekly visit to Famagusta’s farmer’s market on a Thursday. As a lawn green bowler I have joined a short mat bowling club at a local hotel – members can use the hotel facilities free of charge and get reductions on all purchases. So when I’m bowling, Claire relaxes by the pool or on the hotel’s beach.”
Asked if they have been affected by the banking crisis, John commented: “In all honesty, not at all. We had decided before leaving the UK that until we knew how the spring budget might affect us, we would continue to operate our finances through our UK bank and to continue paying UK taxes. So, all our money was safe in the UK.”
John’s top tips:
- List your preferred requirements – including location and property style.
- Research all the options on the island.
- Do not be rushed into signing contracts by an agent or developer.
- Find out from your new neighbours what needs to be included in the build contract. If it’s not in writing it’s not included.
- It might be best to purchase the kitchen separately – discuss this with the builder.
- White goods included by a builder are often of a basic standard, so have them specified in any contract.
- Get a snagging list agreed and signed by an authorised representative of the builder or construction company.
- When viewing properties, don’t be afraid to speak to neighbours or get their contact details to speak to them later about the area and property.
