Asking price - v - acceptable offer

[Cassy]

Hi
Can anyone give me an idea of the property market in Paphos at the moment. I am starting to look to buy an apartment/flat but unsure whether an offer below the asking price would be usual at present and if so roughly how much below the asking price would be 'the norm and generally accepted. Any advice suggestion would be much appreciated
Thanks '

[Nigel Howarth]

Hi Cassy and welcome to the forum

According to reports from the Cyprus Statistical Service property prices are depressed at the moment - and the EU reports that house prices have yet to recover to their 2010 values.

Many people price their properties significantly higher than what their worth and I suggest you offer around 20% below the asking price and work from there.

Cassy - are you a Brit? If you are, things have changed since Brexit see - Buying property in Cyprus and visiting post Brexit

Regards,

[Cassy]

Hi Nigel
Thank you for the response. That's helpful. We are 'Brits' and are aware of the 'issues' post Brexit but believe that we are able to work around these. We are just starting to look for a property so are at a very early stage. It appears that the permission from the Ministry has to be applied for after a property has been found (its not possible to start that process until that point) and that the purchase cannot 'complete' until the permission has been granted. Is it usual for our Lawyer in Cyprus to make the application for permission? We have yet to approach a Lawyer as we are just looking for a suitable property but would you suggest that appointing a Lawyer should be the 'first move''? Or should we find find a property first and then appoint the Lawyer as we would when buying in the UK. Any such advice would be most appreciated
Best regards
Cassy

[Nigel Howarth]

Hi Cassy

As we bought our land long before Cyprus joined the EU, we had to seek Council of Ministers permission to 'own' it - i.e. get it's Title Deed issued in our names. Our lawyer undertook this task on our behalf. We also had a clause in our contract of sale enabling us to sell the land if permission was refused.

It's very unlikely that approval will be denied.

You can sign the contract of sale and have your lawyer deposit it at the Land Registry (which prevents the current owner reneging on the deal or selling the property to someone else.) BUT you cannot get the property registered in your name to become its owner until you have the approval of the Council of Ministers. (The actual Council of Ministers isn't directly involved as it's powers are delegated to the local District Officer.)

We didn't appoint a lawyer until we found the land, but it would be preferable to appoint one before you buy to give them a 'heads-up' and they'll give you some advice.

Under no circumstances must you hand over and money or sign any papers until you've spoken with a lawyer.

The UK Foreign Commonwealth and Development Office publishes a list of English-speaking lawyers at List of lawyers for the Republic of Cyprus. (They've messed up the formatting, but if you print the list it's OK.

I hope that helps.

Regards