[kempo23]

I am sure that this query has been covered in several posts previously, but after a quick search i cannot seem to find any suitable answers.

I am seriously looking at buying a holiday property in Cyprus (3 bed villa with pool in Paphos / west coast area) for personal use and short periods of rental. I would appreciate any feedback / advice on the following:

- What would be the average price of this type of property?
- Are there bargains / deals to be had?
- Have prices stabilised or still falling?
- What are the average running costs for this sort of property?
- I know a pool is essential, but what are the running costs?
- Is it cost effective to 'shut down' the pool during winter?
- What are the average rental charges for this type of property?

Any general advice, do's and dont's, etc would also be greatly welcomed.

Neil

 

[Veronica]

I am sure that this query has been covered in several posts previously, but after a quick search i cannot seem to find any suitable answers.

I am seriously looking at buying a holiday property in Cyprus (3 bed villa with pool in Paphos / west coast area) for personal use and short periods of rental. I would appreciate any feedback / advice on the following:

- What would be the average price of this type of property?
- Are there bargains / deals to be had?
- Have prices stabilised or still falling?
- What are the average running costs for this sort of property?
- I know a pool is essential, but what are the running costs?
- Is it cost effective to 'shut down' the pool during winter?
- What are the average rental charges for this type of property?

Any general advice, do's and dont's, etc would also be greatly welcomed.

Neil

Hi Neil,
Welcome to the forum.

Prices of properties like this vary depending on the area, the size of house, size of plot, condition etc. You could pay 250K for one or you could pay 350-400K.
There are certainly bargains now compared to 2 years or more ago. Prices seem to have stopped falling but there are still some which the owners will take lower offers on if they are desperate to sell.
A pool is only essential when it comes to rentals but for full time living many people now say they would never have a pool again as you are maintaining them for 12 months of the year to probably use them for only 4 months.
If you are not living full t ime you will need a pool maintenance guy ang with chemicals, electricity and paying someone to look after it it will cost you about 100euros per month to run.
The company who installed our pool tell us it is not cost effective to shut them down. They have nightmares with pools that have been shut down for the winter trying to get them right again. You just need to reduce the time on the pumps for the winter months.
For average rental charges I would suggest you look at some rental sites to get an idea of what people charge.

Kind regards
Veronica

 

[kempo23]

Thanks for the feedback.

I am looking around Tala, Peyia, that sort of area and am a cash buyer.
I would also like to own a boat at some stage. Are there local brokers? How about mooring fees?

I must say that unlike most other EU countries, buying property in Cyprus should come with a health warning! I have read many reports regarding fraudulant developers and solicitors, poor build quality, etc. Any tips to ensure that I do not get my fingers burnt when buying anything in Cyprus?

Neil

 

[Veronica]

As a cash buyer you are in a good position as you do not need to r ely on a developer to get a mortgage.
The safest buys are properties with title deeds. If full title deeds are not available, for instance someone has bought a piece of land and had a house built got deeds for the land but not yet had the house added you are still safe as anything on the land belongs to you.
If a property was built and sold by a developer but has not yet got title deeds then at the veryleast you want it to have an AX number. This means that the final certificate has been issued and the process of issuing title deeds is underway.
However in this case you must make sure your lawyer checks that the developer has not got a mortgage on the land or you could still lose your home if the developer goes bankrupt. The only 100% safe house is one with title deeds.

As for boating. We have friends who have sailing boat which is pulled out of the water when not in use so no mooring fees apply. If you want something larger which you need to have mooring for you will find that the fees are not as much as other mediterranean countries.
There is a sailing club in Paphos which two of our clients who bought through us are members of.

 

[Cleo Shahateet]

Just get your own survery done on the property, your own lawyer which I would ask around about - people will be more than happy to tell you who you shouldn't use and do your research as you already are and you should be fine.

There are villas like what you mentioned in small complexes of 4-6 villas that have communal pools which may be easier than shutting down in winter and it can be a nice way to socialize with neighbors.

 

[kempo23]

I will be in Cyprus for 2 weeks during June and intend to do some serious property searching. Whilst I do not expect to find the 'perfect property' I am at least hopeful of deciding upon the area I wish to buy.

What is the 'normal' period from agreeing a price to taking ownership?

 

[Veronica]

I will be in Cyprus for 2 weeks during June and intend to do some serious property searching. Whilst I do not expect to find the 'perfect property' I am at least hopeful of deciding upon the area I wish to buy.

What is the 'normal' period from agreeing a price to taking ownership?

I have known it to happen within days when there are full title deeds and the buyer is a cash buyer. Mostly though you need to allow as much as 4 weeks.

 

[kempo23]

Time really is not a problem as i am in no hurry, although would be good to have something by the end of the year. I cannot see property prices increasing in the short to medium term, indeed all the reports suggest that they will continue to decline, so i think time is on my side.

 

[Da Funk]

Personally after buying in Cyprus and having property here for 7 years I would advise you not to buy ANY property in Cyprus. With a crystal ball and hindsight I wouldn't have bothered buying after all the bad experiences I am aware of and encountered. The attitude and corruption of government officials, lawyers, banking staff is unbelievable.

If you are adamant you want to buy and being in the fortunate position as a cash buyer then you will obviously have no need for some of the above. However I cannot stress enough do not buy anything unless you are receiving the title deeds. People will tell you what you want to hear and even if they have an AX number still do not buy. I currently have my AX Number and have done so for well over a year. I went to the land registry to find out more details regarding my house and plot and the government officials were rude and very reluctant to divulge any information, it was almost as if they were protecting the developer. Even though it was my plot, my property, my AX number, my contract of sale etc. it is honestly not worth the hassle, I cannot stress this enough and I am not the only one to go through this I know many other people who have had the same treatment from government officials.

 

[kempo23]

Thanks for your comments, I have read many more like them. The more I look into buying property in Cyprus the more wary I become. Whilst not discounting it as a place to buy, I am now looking at other countries where there are some good (and safer) deals to be had. What I find ludicrous is how the government of Cyprus allow this to go on. Surely in this economic climate they should be encouraging investment from abroad, or is it (like Greece) they dont want us there??

 

[Da Funk]

Thanks for your comments, I have read many more like them. The more I look into buying property in Cyprus the more wary I become. Whilst not discounting it as a place to buy, I am now looking at other countries where there are some good (and safer) deals to be had. What I find ludicrous is how the government of Cyprus allow this to go on. Surely in this economic climate they should be encouraging investment from abroad, or is it (like Greece) they dont want us there??

You are very right to be cautious. I was in the Larnaca District office only a few weeks ago and had a meeting and tried to explain to them in a very diplomatic and polite way as to why there is such a reluctance in British and overseas buyers unwilling to buy in Cyprus. I explained that the title deeds is an issue and how developers are mortgaging land and property with banks with people they have already sold to. I explained that there needed to be more communication with the buyers aswell as the developers. They honestly do not believe it and they all think it is down to the world recession why no one wants to buy in Cyprus. They really do not care and I can see Cyprus heading down the Greece route if that is how there government officials behave and that is there attitude. I know many people who have money to invest but they wouldn't touch Cyprus with a bargpole. I also went to the village local council building again to get information regarding what taxes the developer had paid so I could verify he had indeed paid them. The Oroklini council office told me to go to the land registry for this information. The practically said they had the information but they were afraid to upset the developer by giving me this information. When I went to the land registry to ask for this information and any additional information regarding the transfer of title deeds and what taxes the developer had paid there reply was we have done our job transferring it to the developer and it has nothing to do with us and basically that they don't care.

Now the developer has the title deeds and they are saying they are not ready to transfer to me as there is some "complications" Suffice to say it now looks like I will be having to get my lawyer involved at even more expense to myself. I could tell you so many horror story's ranging from the developer, government officials, bank staff even the lawyers. I cannot stress enough if you do buy only buy property with title deeds. In all honesty I wouldn't buy knowing what I know now.

 

[Da Funk]

What can we expect from the land registry office that looks like a shambles on speed? The last time I visited their office only a few weeks ago in Larnaca I was amazed that in this 21st century you could see such a shambles. Hardly a computer in sight and the only one that was evident pre-dated 1985, brown paper files scatted all over the floor and desks. The only staff moving with any conviction were those distributing coffee and sticky cakes. People waiting to be served? The usual Cypriot bun fight! Why can’t they grasp the simple action of having a numbered ticket dispenser and a display showing who is next to be served? Instead it is barge, push, elbow and something resembling a rugger scrum to push their way to the counter.

Everyone's details is paper files that goes for the banks and lawyers aswell. They do not back anything up or scan or copy anything, everyone's files is in a flimsy brown paper folder. If this is how they work with the correct information could you imagine what it would be like of they lost the file or if there was a fire in the building?

 

[Guest]

It must be better to loose 1 paperfile then to loose all in a computer server crash.

I dont defend the system in Cyprus but it is their system. If everything is so horrible why stay here. There is many other places in the world

Many writes about the Cypriots not liking UK and other expats and if all they here is how bad their country is then I can understand them.

I have been fortunate to live in many countries all over the world and the key has always been to adjust to the system, not try force the system to adjust to you.

I dont think that UK would change if the expats tryed to change the UK system.

 

[Veronica]

It must be better to loose 1 paperfile then to loose all in a computer server crash.

I dont defend the system in Cyprus but it is their system. If everything is so horrible why stay here. There is many other places in the world

Many writes about the Cypriots not liking UK and other expats and if all they here is how bad their country is then I can understand them.

I have been fortunate to live in many countries all over the world and the key has always been to adjust to the system, not try force the system to adjust to you.

I dont think that UK would change if the expats tryed to change the UK system.

Well said Anders Unfortunately some people forget that when you are in a foreign country things are not always done the way you are used to and think that everyone should adapt to how they want it rather be willing to adapt to how things are done in the coutnry they have chosen to live in.
It is unfortunate that some people have had bad experiences buying here but the fact is that the vast majority of people who own here are happy with their decision.
Unfortunately in the Larnaca area there are a large number of developers and lawyers who have failed their clients miserably. We met the lawyer who has been taking on cases against fellow lawyers with a great deal of success and he told us that Larnaca has by far the largest number of bad lawyers and developers.
Thank heavens we don't sell much property in that area because it sounds like a nightmare over there. Give me Paphos any day, we know who to trust here and who not to trust so have nothing but happy clients:clap2::clap2::clap2::clap2:

 

[Da Funk]

Well said Anders Unofortunately some people forget that when you are in a foreign country things are not always done the way you are used to and think that everyone should adapt to how they want it rather be willing to adapt to how things are done in the coutnry they have chosen to live in.
It is unfortunate that some people have had bad experiences buying here but the fact is that the vast majority of people who own here are happy with their decision.
Unfortunately in the Larnaca area there are a large number of developers and lawyers who have failed their clients miserably. We met the lawyer who has been taking on cases against fellow lawyers with a great deal of success and he told us that Larnaca has by far the largest number of bad lawyers and developers.
Thank heavens we don't sell much property in that area because it sounds like a nightmare over there. Give me Paphos any day, we know who to trust here and who not to trust so have nothing but happy clients:clap2::clap2::clap2::clap2:

This is not something that has happened overnight this has been happening for years. That is why there are over 40,000 expats waiting for the there title deeds. It is very naive of you to think that this only happens in Larnaca. Do you really think that 40,000 expats waiting for title deeds all live in Larnaca. There seems to be too many people particularly on this sight that have a them and us menatality between the east and the west of Cyprus ie Paphos and Larnaca, Ayia Napa, Protaras. If you really think it is all a bed of roses over and no one has been effected by similar circumstances then you are greatly mistaken. I know people from all over the island that have been effected by corruption from government officials, developers and lawyers. Of coarse not every single person on the island is like this but people need to be warned and no the dangers before buying in Cyprus. I have travelled and lived all over the world also.

As for accepting that it is the "Cyprus " way, I've never heard anything so riduclous in my life. If you think it is acceptable for people to be handing over tens and or hundreds of thousands of pounds in cash for property in good faith that they don't technically own and could lose because developers are remortgaging the land or because of governments officials not having a clue what to do then you are sadly mistaken. If I help at least one person from going through some of the problems I have encountered then it is worth telling them about the problems they may encounter.

 

[Veronica]

I didnt say it only happens in Larnaca. I said that Yiannis Georgiades said that there are far more rogue developers and lawyers in the Larnaca area than elsewhere.

 

[Guest]

This is not something that has happened overnight this has been happening for years. That is why there are over 40,000 expats waiting for the there title deeds. It is very naive of you to think that this only happens in Larnaca. Do you really think that 40,000 expats waiting for title deeds all live in Larnaca. There seems to be too many people particularly on this sight that have a them and us menatality between the east and the west of Cyprus ie Paphos and Larnaca, Ayia Napa, Protaras. If you really think it is all a bed of roses over and no one has been effected by similar circumstances then you are greatly mistaken. I know people from all over the island that have been effected by corruption from government officials, developers and lawyers. Of coarse not every single person on the island is like this but people need to be warned and no the dangers before buying in Cyprus. I have travelled and lived all over the world also.

As for accepting that it is the "Cyprus " way, I've never heard anything so riduclous in my life. If you think it is acceptable for people to be handing over tens and or hundreds of thousands of pounds in cash for property in good faith that they don't technically own and could lose because developers are remortgaging the land or because of governments officials not having a clue what to do then you are sadly mistaken. If I help at least one person from going through some of the problems I have encountered then it is worth telling them about the problems they may encounter.

As anywhere else you live in the world you have to accept the rules in the country where you in fact are a guest. If anyone a UK citizen should know how it works. I am 100 % sure that you would not agree to change 1 of your stupid UK laws because a group of Cypriots told you that the system is stupid.

I agree with you that the Title Deed and mortgage system is not good and have to be changed

And if I was to hand over that sum of money I would be 100% sure how it will work. If I dont find that out, and its well known, then I have my self to blaim in a way.

And ofc there is crooked people in this business as in any other business, but that is a worldwide phenomena. Believe me I have seen much worse examples during the last 25 years of living abroad. Spain, Greece, The Canary Islands are all good examples of the problem. In fact, one of the biggest svindlers were from UK, John Palmer

The way to not get problems is to prepare yourself. Read, listen to them who has done this before, take references etc. This forum is a good example of where you can get good information

We will soon buy a house in Cyprus. I am not at all afraid getting scammed because I know I have made my homework. It has taken time but it will be worth every cent. Now I just look forward to soon be able to make the last move in my life and start to enjoy the Cyprus way of life

If you have had a bad experience I feel sorry for you as for all others that have problems.

But again, never forget you come as a guest to another culture, a culture that have goods and bads. If you cant accept that and adjust to it then you are in the wrong place

 

[Veronica]

John Palmer is only one of many British scum bags who have swindled their fellow Brits. We have had several of them working here in Cyprus, Andrew Nolan, Ian Beaumont, Darragh McAnthony are just some examples.
These people are parasites who prey on others and when things get too hot they run off and start again in another country.
One project that has been in the news is Paradise Hills which was covered on the TV programme holiday homes fromn hell. The programme failed to mention that the 'developers' were in fact Brits and left people assuming that it was Cypriots.
One of the partners was a British Born Cypriot while the others were a husband and wife who were British. One of the partners in fact ended up in jail for drug dealing. The scum of the earth.

 

[Geraldine]

John Palmer is only one of many British scum bags who have swindled their fellow Brits. We have had several of them working here in Cyprus, Andrew Nolan, Ian Beaumont, Darragh McAnthony are just some examples.
These people are parasites who prey on others and when things get too hot they run off and start again in another country.
One project that has been in the news is Paradise Hills which was covered on the TV programme holiday homes fromn hell. The programme failed to mention that the 'developers' were in fact Brits and left people assuming that it was Cypriots.
One of the partners was a British Born Cypriot while the others were a husband and wife who were British. One of the partners in fact ended up in jail for drug dealing. The scum of the earth.

It has been interesting reading these threads, but also have to agree that property swindling is global.

I have a good friend in the UK, she is very astute, she and her Turkish husband bought an apartment in Turkey which they used, only to get a phone call one day from a neighbour to tell them all their belongings were outside in a heap.

The solicitor who dealt with their purchase had moved in.

Years later the issue is not resloved, they appeared on TV on Holidays Homes From Hell, they have a London lawyer acting for them, when they were purchasing, they were told that because the husband was Turkish, some of the paperwork was irrelevant.

I think the moral is 'Trust No-one', not even your own countryman, better to have recommendations from others.

I did a house swap 18 months ago, we had four lawyers involved, the 2 Brits I knew well, I worked with one, my Cypriot lawyer was highly recommended, the other Cypriot lawyer was a pain, holding things up, getting docs wrong. I was relieved when it was finalised.

DO YOUR HOMEWORK AND GET RECOMMENDATIONS FROM OTHERS.

 

[Pam n Dave]

If your thinking of buying a boat then also have a look around the Polis/Latchi area, but stay away from the local developer based in Latchi as they seem to have a few unsatisfied customers.