Cyprus’ first retirement village planned in Paphos

[memory man]

Project will allow expats to stay in Cyprus as they age and become less independent

Read the article and chat about it below...

[Devil]

As an 88 year old expat with an 84 year old wife, the idea feels most unappealing to us, surrounded by fellow-old crocks. Okay, it is a glorified care home and may suit some of the elderly. We much prefer living in our own house, with appropriate help, and with a mix of neighbours of all ages. I sincerely hope that the few years (?) left to us will continue, without being dictated by others or with the limited freedom imposed by the rules and regulations of such an institution.

[Kili01]

These retirement villages are very popular in other countries such as the UK and also in Australia and parts of the USA. The best ones offer their residents a lot in the way of support services and facilities. The problem is the more additional facilities a place has the higher the maintenance charge will probably be. In UK most are located close to a town where residents can easily access shops, medical,entertainment, parks ect and are on level ground.

It will be interesting to see how many elderly people will take ii up as there are potentially main elderly expats and Cypriots who would welcome somewhere a lot more comfortable than the retirement and care homes which are presently there locally. Though
Tsada village is on the top of a steep hill and though the views will be panoramic, there will likely be very little flat terrain around and any shopping etc means reliance on transport to go down to Paphos.
Dee

[Mirek]

It talks about buyers having a 99 year lease but it doesn't say how much the ground rent will be or how often will there be scheduled ground rent reviews to a level at whatever the freeholder thinks is appropriate.

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It doesn't really matter to normal ( not über-rich ) people as "a friend of a friend" who did some design work on the project told me that they are primarily looking to use products like this as an add to existing & new "bought" passport options i.e when they buy or have bought property here above the threshold they can have one of the these as well for their elderly family to be cared for as well


To the likes of these people it's loose change costwise.

[Kili01]

And I thought that it was intended for the many elderly expats of all nationalities who have lived here for years.... of which there will be quite a few who already have large comfortable houses with large grounds, who as they age can no longer cope with living in their now too large properties! Up to now most of these people have decided to return to their home countries there being no where suitable in Cyprus for them. Also the wealthy Cypriots may be interested, possibly. Though probably many have younger family members who can look after them probably using Filipina or Thai maids

I suppose anyone considering investing In one of the new apartments will go into exactly what standard of accommodation will be on offer, cost, maintenance contracts costs and charges and whether ground rent if applicable is also to be paid.

It is a good idea to build this new facility and I hope that it gets support. My doubt is if Tsada is the right location for it. Maybe. it will appeal to golfers!
Dee

[mike strand2]

Personally I wonder is it sensible to divide the 'community' by putting a two-way road slap bang through the middle?

[josef k]

I thought there was one already up and running. Called Peyia as I recall.


I'll get my coat.

[PhotoLady]

We always used to say as we got older we were going to go and live somewhere that only young people frequented so we didn't have to hear about people we knew dying all the time...... Ibiza was a favourite option at the time.
Now it seems, nowhere is safe.
Someone please find a cure for this bloody virus!

On another note, is this the much talked about retirement village which has been in the offing for many years?

[Kili01]

There have been at least two other attempts which I remember, but none actually came
to fruition. The current idea I first heard about last year.

Dee

[galexinda]

As there seems to be a trend among many Expat friends to rent and have their funds available for a better lifestyle as they age and taking into account the time taken to sell properties in Cyprus I don't see there being a viable market for this.

Even in the UK it can take a considerable time to relase the equity when someone decides to sell a similar property - with one relation it is still ongoing over two years later, with the management fees still having to be paid and also there are the legal fees to be considered.