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Posted: 31 Oct 2008 10:33
I am new to site but have enjoyed following threads. I am currently in process off buying property in Cyprus, some say i am mad, but i can see the long term benefits. I would be interested in peoples views on using a property company. Has anyone done that and what were your conclusions. Colin
Posted: 31 Oct 2008 12:04
Having been here for six years and know a little about the property market here. If I were buying again I would do what I did in the beginning and buy a resale with title deeds, or buy a piece of land first and then have a property built on it.
If you do anything else you are in my humble opinion asking for trouble. This site and others are just littered with cases of people who cannot sell because they have been cheated out of their title deeds, or the developer wants a huge sum of money to release them from their contract of sale in order for them to sale the property.
I would also advise that you decide where you want to live and rent and then trawl through the supermarket the ex-pats use, there are loads if properties for sale and many at bargain prices. Or just drive around and you will see the 'home made' For Sale signs. But again only buy with title deeds.
Posted: 31 Oct 2008 15:27
Hi Colin & welcome to the forum,
I think everyone has the same problem when they want to buy property in Cyprus - finding honest, trustworthy companies and individuals.
As Clive has pointed out, many foreigners (and Cypriots) find themselves being cheated by unscrupulous lawyers and property developers who take advantage of the failings of the Cyprus Government and the legal system here.
I count myself very lucky - bought land and then built a house having found a good architect and building contractor; this approach is something you may wish to consider.
If you're planning to live here permanently, I would certainly advice you to rent somewhere to live for at least six months before committing yourself. This will give you time to:
- Decide whether you’ll be happy living in Cyprus.
Familiarise yourself with the island, the climate, the amenities and the local people.
Meet other expatriates living in Cyprus and talk with them about their experiences.
Discover the real cost of living for yourself.
If you decide to make your home in Cyprus, start looking around for somewhere to live permanently:
- Visit areas you like at different times of the year to see them in summer and winter and decide where to make your permanent home.
Think about the longer term. You may be fit and active now but may not be able to manage a large or steep garden, lots of steps, the drive to the shops/doctor/hospital, etc. as the years go by.
Look at the various types of properties available, compare prices and assess their relative values.
If you do decide to buy, always, always use an independent lawyer
. On no account use a lawyer who's been recommended or introduced to you by a property developer, estate agent, or other vendor
The British High Commission in Nicosia has published a list of English speaking lawyers who may be able to help. You will find that list along with some other useful ducuments from the British High Commission by clicking here
And as Clive says, only buy a property that has it's Title Deeds
(and make sure that your lawyer checks that there is no mortgage or any other issues with the property before you sign a contact to buy).