Property Resseling Secrets
The Cyprus Property market is one of the fastest growing markets within Europe. Purchasers are attracted by the potential growth in terms of returns on investment of property in Cyprus compared to other countries in Europe and the UK. The climate (340 days of sunshine a year), along with easy access to the UK, Europe and other destinations is also a significant plus factor when considering the purchase of property to buy in Cyprus.
Development of land into villas in estates is now very common in the Paphos area, mainly on the hills between Paphos and Polis. Projects are developed to take the form of villages with the individual villas designed in traditional architecture. There are, of course, cases where the purchaser may have a good say in the design of his villa. The same type of projects are now being carried out in Limassol and to a lesser extent in the Larnaca area.
If you are purchasing a property on a new development, it will have been set by the developers/management company. Regardless of agent’s commissions, you should still pay the same price whoever you purchase through whether you go direct or through a third party. Resale properties are handled much the same way as in the UK with a valuation taking place and the agent’s fees agreed before the property is marketed.
Firstly, a preliminary contract is signed. This binds both the vendor and the purchase to buy and sell the property on terms and conditions that have been mutually agreed. This is subject to the purchaser being able to receive good title to the property and obtaining the necessary permits from the Cypriot government.At this stage, a deposit is lodged with a Lawyer or a Notary.The purchases lawyer will now carry out the searches at the District Land Registry to ensure that the vendor of the property is indeed, the owner and ensures that the purchaser obtains good title to the property.
The main developers in Cyprus tend to look after their own after sales, so your first point of call would most likely be direct to them whether it’s to have alterations or to highlight any problems with the property itself. That said, we do have a wealth of experience in after sales and can act upon your behalf should things not get resolved to your satisfaction.As we only work with the most prestigious companies on the island, you’ll find most of these offering in-house property maintenance services from gardening to pool maintenance, regular cleaning to ad hoc visits. If they don’t offer the service you require themselves, they will certainly put you in touch with a reputable company near to your property, ensuring they are best placed to keep an eye on it for you.
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