Finding properties for sale in Cyprus
You will not have a problem finding
properties in Cyprus. There are
many properties for sale and people who are willing & eager to sell them.
There are many different ways of finding properties. The particular methods you choose will depend on the amount of time that you are willing or able to devote to your search.
The Cyprus law regarding estate agents is to say the least confusing. In an attempt to protect home buyers from the many 'cowboys', the government revised the Real Estate Agents' law. However, a property marketing company accused of operating illegally, won a court case and the Government is now thinking again.
Finding property developers
If you're looking for off plan properties, development companies that target the expatriate market are easy to find. They advertise homes for sale at airports, on hoardings along the highway, posters, etc.. Their offices are usually situated in the tourist areas. The larger ones have Internet sites showing details of their developments and some use local estate agents and UK-based property companies to promote and sell their properties.
Using estate agents
If you're looking for resale properties or wanting to buy land, Estate agents will provide you with details of a range of property for sale and land. A number have Internet sites where you can browse through properties they have on offer. Estate agents come in two varieties:
Legal estate agents who are have registered with the CREAA (Cyprus Real Estate Agents Association). These are required to carry professional indemnity insurance and operate to a defined code of conduct. (You can get a list of these from my download area).
Illegal, unregistered agents. Legally, these companies cannot call themselves 'Estate Agents' and so you'll see them advertised as 'property marketing companies', 'property advertisers', etc. They advertise properties for sale but do not get involved with the actual buying and selling; they merely introduce the seller to the buyer in return for an advertising and/or an introduction fee. This avoids them having to register as estate agents and few of them have insurance and other safeguards in place to protect buyers.
Property middlemen
There are also property middlemen who will offer you properties for sale. Invariably, these receive a commission from the developer and/or agent and are acting illegally. Unfortunately many retired Britons have jumped on the gravy train. Promoting themselves as 'property consultants', they prey on the fears (and the wallets) of their fellow countrymen.
It makes no difference whether you allow yourself to be conned by a
silver-tongued expatriate 'property consultant' or an affable Cypriot property middleman; the end
result will be exactly the same.
Steer well clear!
Newspaper advertisements
English language newspapers, such as the Cyprus Mail and Cyprus Weekly, carry property advertisements. Although you will find some private advertisements in the newspapers, many are placed by estate agents.
Check out the Greek press as well as the English press. You will find that prices are better and, if necessary, you may be able to find a Greek speaker to help.
Approaching the property owner directly
In Cyprus, the majority of local people do not use estate agents or advertise their homes for sale in newspapers. Most Cypriot-owned property and land is sold through word-of-mouth and so the direct approach is by far the best way of finding out what land & properties are for sale in the area. If you buy directly from the owner, you will save yourself the added costs of the agent’s commission.
Visit the area in which you are interested and ask the local residents if they know of any land or properties for sale. You can ask at the local coffee shop or Community Office, ask the mukhtar, and drive around the area keeping an eye out for roughly made For Sale (‘ΠΩΛΟΥΝΤΑΙ’ or ‘Πωλούνται’) signs and noting down telephone numbers.
You may find that some For Sale signs bear the telephone numbers of estate agents. But there is nothing to stop you from knocking on the door and speaking directly with the owner.
Inspection trips
Some property developers and overseas marketing companies offer low-cost property inspection trips from the UK. Many people foolishly believe their marketing hype offering ‘excellent investment opportunities’, ‘massive capital growth’, ‘huge returns’, etc at its face value. Believe me, most of it is a load of rubbish designed to get you to part with your hard-earned cash.
If you take one of these, you may be given very little free time to carry out independent viewings of properties for sale. Don’t believe the marketing hype; do your own independent research and visit the island to assess the true situation. And as I've recommended elsewhere - do not buy a property during one of these inspection visits.