CYPRUS PROPERTY FOR SALE
Oceania Bay Village - Larnaca

OCEANIA BAY VILLAGE - PYLA, LARNACA, CYPRUS

Oceania Bay Village is where modern European conveniences and luxuries combine with a touch of Middle Eastern architecture to create a somewhat secluded tropical haven for its residents. At its core is a central swimming pool that casts shimmers of light over most apartments to spectacular effect. Additionally, most of the apartments will benefit of having a view of green gardens and a sea view, where as others will have the breathtaking view of the mountains of Pyla. Spread over 10,700 sqm, the whole complex was designed efficiently, in order to make the practice of entering and leaving the area as safe and as painless as possible, while also reducing noise pollution.

Oceania Bay Village features luxuries for both those who prefer to stay on the complex and also for those who come only for holidays. There are extensive beautiful landscape gardens, communal pool for adults and kids, sauna and fitness centre for added luxury, indoor heated swimming pool and central antenna connected to a satellite dish. Residents will also enjoy private parking and an electrical gate for the added privacy and security. The development is situated just minutes from the new international airport which will open in October 2009, providing the capability to handle in excess of 10 million passengers per year. British Airways, Easy Jet, and Thomson all fly to Larnaca.

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OCEANIA BAY VILLAGE - THE DEVELOPMENT

Oceania Bay Village has comprehensive on-site facilities and services and all apartments come with white goods, wireless connectivity and tiling throughout. On-site facilities include:

• Dedicated management office
  
• Large fully equipped gymnasium
  
• Solar heated indoor swimming pool
  
• Large communal outdoor swimming pool
  
• Communal sauna
  
• Jacuzzi
  
• Pool bar / Cafeteria
  
• Family sized changing rooms
  
• Convenience store
• Building is scheduled for completion by 30th September 2010.

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OCEANIA BAY VILLAGE - THE INVESTMENT

Cyprus provides a fairly high European level standard of living, with low unemployment, low inflation, low crime, and excellent medical care. The overall cost of living averages around a third to two thirds of most parts of Europe, Japan, and the USA, making it one of the lowest costs of living within the developed nations, including the UK. It also has the ninth lowest rate of inflation in Europe. This has an added appeal for the potential buyer, offering a full, but inexpensive lifestyle. Comparing post-EU figures with current statistics, tourism in Cyprus has been significantly boosted. Personal travel and tourism increased noticeably from €650m (£555m) in 2002 to €904m (£773m) in 2007 and by 2017, this is expected to reach €1,765m (£1,508m). Cyprus is aiming at a sustainable number of 250,000 tourists per month.

Strong rental yields are expected at Oceania Bay Village as the development is only a 10 minute walk from the proposed "Disney Style" theme park, scheduled for completion in 2012 and approved by the United Nations. It is also only a 10 minute drive from the 18 hole PGA golf course. Approval has also been granted for a new marina in nearby Larnaca, providing 900 berths and able to accommodate "Super Yachts" over 35 metres long and a cruise liner terminal. This also provides the investor with excellent exit strategies as Pyla has been recognized by many in the industry as a hot spot for 2009/10. At least 5% capital growth per annum is expected in this area. Last year's growth was charted at 15-20% by Antonis Loizou & Associates, the largest professional firm of Chartered Surveyors in Cyprus in 2008. In general, full occupancy (12 months) will cover costs for long term rental. For short term lettings, approximately 16-20 weeks occupancy would be required to cover the interest on your mortgage. Which should be easily achievable either way.

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OCEANIA BAY VILLAGE - PAYMENT TERMS

The purchase price includes 15% VAT and there are two different payment plans available:

Payment Plan 1:
€1,000 reservation fee
30% on signing of contract, 25% of which is gifted by the developer
70% on delivery (September 2010) through cash or 70% LTV mortgage

Payment Plan 2:
€1,000 reservation fee
30% on signing of contract
70% on delivery (September 2010) through cash or 70% LTV mortgage

Prices start from €138,000 (£118,000) but with the 25% gifted deposit and a 70% LTV mortgage, your cash outlay can be as little as €8,539 (£7,300), including all costs.

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