Cyprus Off plan

W

wingaard

Guest
Hi,

The last posts on Cyprus are now coming up to a year old (and did nt bode particularly well at the time...)

Does anyone have any further information on the state of the market there in the South (Paphos area) today and how the market has performed since last year.

If Cyprus adopts the Euro next year, might this provide a lift?
 
Hi,

Also hoping to purchase in Cyprus before the year end, i.e. before the Euro comes in officially. I could be wrong, but when the Euro came in here, all the house prices (aswell as everything else) were rounded up, so I believe the same could happen there.

This link may be of some use to you:

[broken link removed]

It may be a bit biased but it's all I could find.
 
Hello

Be careful when purchasing property in Cyprus. The market is saturated with over-supply and the ticket price is usually for gullible tourists only.
Foreigners are seen as rich and fair game

Lawyer - Make sure you hire a good one, an independant one and one that is not in cohhoots with the developer. Never ever use the developers lawyer under any circumstances. This is a "service" regularly offered to prospective buyers by developers. For property purchases in say Paphos, I would recommend an out of town lawyer from either Limassol or Nicosia

Title Deeds - Many house purchases in Cyprus are unsafe as the title deeds are either not present or stuck in a long long administrative bureaucracy. This becomes a problem when you want to sell on.
A typical story is where a developer buys a piece of land to build.
He then borrows from the bank to finance his building works and the land title deed is held by the bank as collateral. When all the building has been finished the builder moves on to the next project but leaves the original loan outstanding. The bank is still holding the deeds of the land that your house is built on. Next the builder goes bust and the fun begins.
I have seen endless messes of this nature.
My advice is to buy secondhand where the title deeds are readily available. You cant go wrong with this.

Caveat emptor, Good luck and enjoy the sun.
 
Hope you don't mind me jumping in here, but am a regular poster on the DIY forum.

We live in Dublin 5 and have a 2 bed apartment for sale in Peyia village (outside Paphos) . My brother in law bought it and was supposed to move over to Cyprus, but sadly he passed away suddenly. The apartment is unfurnished and was never occupied. It is in a small development with a communal pool. It can be seen here [broken link removed] It is the 5th property down. Price negotiable - we have already knocked CYP£10k off the original vaulation of CYP£85k for quick sale. Title is perfect

Not sure if I am allowed even post such an item, but nothing ventured, nothing gained.

As an aside, if anyone needs a recommendation for a solicitor in Paphos, let me know. We had a fantastic guy who looked after us from here. He organised the original purchase and also the probate of the apartment to transfer it to the family.

Dools
 
Dools

Are you sure that you have title deeds on this property. I suspect that's IMPOSSIBLE.

It's a new property and title deeds take at least 4 - 5 years to come through and thats only if everything is in order !!

Check with your friendly lawyer.
 
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