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  • Overseas Investing

    Anyone bought at Grove Spa in Cyprus?

    The development is due to complete at the end of the year, like my other investments its taken a bit of a hammering with current events/exchange rates. I was looking for comfort from fellow investors on this development as its my first in Cyprus, if your'e out there.

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    Hi Martin,
    Richard Smith, who is a member here, has purchased several units at the Grove Spa. I am sure he would be happy to exchange notes.
    I invest in Cyprus, in particular the Larnaca area so I have some input: The Grove Spa is in Mazatos, which is a great up-and-coming village in a very good location IMHO. The Spa is also supposed to be finished to a very high standard and I think it should have a strong appeal. Richard said that his units had already been fully booked for a year by a tour operator. I expect that the occupancy rate at Grove Spa will be high.
    I believe that I am correct in saying that this is the developer's (Dominic Farrelll) first major build project, so the only question is whether they can deliver the project to the standard they specified and run it efficiently on completion.
    Things are challenging in Cypus, as everywhere, but I do believe that this has the potentital to be a "good one".
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    Hi Martin
    It's good to connect with fellow Grove Spa owners!
    As Vanessa has mentioned, I have a number of units on the Grove and can't wait to see them completed in October.
    I went out last year and stayed in Vanessa's fab villa Aqua Vista and Nick showed us practically the whole of Southern Cyprus. The Grove was just a hole in the ground then but you can tell Mazatos to be a very good location as Vanessa has proved already by investing there herself.
    I have set up a facebook page (https://bit.ly/9TRJnE) , twitter link and Grove Spa Holidays website (website is under construction) for all the owners to advertise on.
    We have a couple of properties that are being taken by a holiday company in Cyprus that have them for 3 years as a trial and 1 property that we put on a years rental guarantee to give me a bit more breathing space.
    Things are challenging as Vanessa has mentioned but as I have seen with our UK holiday lets, if you buy the right property in the right location as we have done in Cyprus then you should be able to achieve above average occupancy.
    With the Euro being stronger against the £ then the cash flow should be higher than when we purchased a few years back, but currency risk is one of the hazards of buying abroad.
    The Grove is Dominics and Stephanies baby and has a lot riding on it it being a massive success, they have a few future developments that would not sell well if the Grove failed. So again you will have them making sure that all issues get ironed out.
    If you need help with anything just contact me here on property tribes or send me an email.
    Hope this helps give a bit of comfort and I look forward to hearing from you.
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    Off topic - V the pics of your place in Cyprus are truly some of the best interior shots I have seen. I'm sure the place is great - but the photography truly is fabulous!
    Ps. I also noted how cheap the deposits are to buy there - God I feel so tempted!
    Sam
    https://www.VirtualLetz.com
    https://www.twitter.com/VirtualLetz
    Richard Smith said:
    Hi Martin
    It's good to connect with fellow Grove Spa owners!
    As Vanessa has mentioned, I have a number of units on the Grove and can't wait to see them completed in October.
    I went out last year and stayed in Vanessa's fab villa Aqua Vista and Nick showed us practically the whole of Southern Cyprus. The Grove was just a hole in the ground then but you can tell Mazatos to be a very good location as Vanessa has proved already by investing there herself.
    I have set up a facebook page (https://bit.ly/9TRJnE) , twitter link and Grove Spa Holidays website (website is under construction) for all the owners to advertise on.
    We have a couple of properties that are being taken by a holiday company in Cyprus that have them for 3 years as a trial and 1 property that we put on a years rental guarantee to give me a bit more breathing space.
    Things are challenging as Vanessa has mentioned but as I have seen with our UK holiday lets, if you buy the right property in the right location as we have done in Cyprus then you should be able to achieve above average occupancy.
    With the Euro being stronger against the £ then the cash flow should be higher than when we purchased a few years back, but currency risk is one of the hazards of buying abroad.
    The Grove is Dominics and Stephanies baby and has a lot riding on it it being a massive success, they have a few future developments that would not sell well if the Grove failed. So again you will have them making sure that all issues get ironed out.
    If you need help with anything just contact me here on property tribes or send me an email.
    Hope this helps give a bit of comfort and I look forward to hearing from you.
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    Thanks Sam. I am glad you like the photos. Nick took them!
    If you are interested in buying something in Cyprus with a low legitimate deposit structure, then do let me know. The developer we purchased from has turned out to be 100% trustworthy and great to deal with over the past three years. They also have an office in North London so you can visit them here. I have just checked and you can get into a one bed apartment for £10K. Let me know if you would like me to arrange for you to meet with them to chat through some deals.
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    Oh that sounds very tempting.
    Rob
    Vanessa said:
    Thanks Sam. I am glad you like the photos. Nick took them!If you are interested in buying something in Cyprus with a low legitimate deposit structure, then do let me know. The developer we purchased from has turned out to be 100% trustworthy and great to deal with over the past three years. They also have an office in North London so you can visit them here. I have just checked and you can get into a one bed apartment for £10K. Let me know if you would like me to arrange for you to meet with them to chat through some deals.
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    Grove Spa are offering a furnishing package, we've looked at a few comparables which are similar, do you have any alternative supplier recommendations?
    Martin
    Samantha Collett said:
    Off topic - V the pics of your place in Cyprus are truly some of the best interior shots I have seen. I'm sure the place is great - but the photography truly is fabulous!Ps. I also noted how cheap the deposits are to buy there - God I feel so tempted!Samhttps://www.VirtualLetz.comhttps://www.twitter.com/VirtualLetzRichard Smith said:
    Hi MartinIt's good to connect with fellow Grove Spa owners!As Vanessa has mentioned, I have a number of units on the Grove and can't wait to see them completed in October.I went out last year and stayed in Vanessa's fab villa Aqua Vista and Nick showed us practically the whole of Southern Cyprus. The Grove was just a hole in the ground then but you can tell Mazatos to be a very good location as Vanessa has proved already by investing there herself.I have set up a facebook page (https://bit.ly/9TRJnE) , twitter link and Grove Spa Holidays website (website is under construction) for all the owners to advertise on.We have a couple of properties that are being taken by a holiday company in Cyprus that have them for 3 years as a trial and 1 property that we put on a years rental guarantee to give me a bit more breathing space.Things are challenging as Vanessa has mentioned but as I have seen with our UK holiday lets, if you buy the right property in the right location as we have done in Cyprus then you should be able to achieve above average occupancy.With the Euro being stronger against the £ then the cash flow should be higher than when we purchased a few years back, but currency risk is one of the hazards of buying abroad.The Grove is Dominics and Stephanies baby and has a lot riding on it it being a massive success, they have a few future developments that would not sell well if the Grove failed. So again you will have them making sure that all issues get ironed out.If you need help with anything just contact me here on property tribes or send me an email.Hope this helps give a bit of comfort and I look forward to hearing from you.
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    We used a company called Home Unique based in Kiti, about 3 miles from Grove Spa. They have contemporary furniture in the style of Ikea and it is fairly priced. They deliver and set up, including putting up mirrors, pictures, shelves etc.
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    HI Martin
    I'm in a similar position.
    Was shocked by the implications of borrowing in Swiss Francs.
    Very keen to rent the damn place out (an apartment)
    Keen to hear experience of other owners
    Paul
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    Hi
    What type of apartment have you bought in The Grove Spa Resort?
    I am looking to rent out my 2 bed 2nd floor apartment in Block F and am not too sure of the weekly rental prices you could achieve, any ideas?
    Steve
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    Paul
    I think we are sharing the same boat on the Swiss Franc, which block did you buy in? I'm in Block F on the second floor. Any guide on the rental pricing that can be achieved?
    Would be good to hear from you on this as I am just setting up a website for lettings
    Thanks Steve

    Paul Gordon said:
    HI MartinI'm in a similar position.Was shocked by the implications of borrowing in Swiss Francs.Very keen to rent the damn place out (an apartment)Keen to hear experience of other ownersPaul
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