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Buying a holiday home

4887 Views 41 Replies 8 Participants Last post by  Veronica, 
K
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
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K
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
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K
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?
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K
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.
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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??
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K
It really is good to hear other peoples views and experiences, this can only help others. In these sorts of discussions it is normal to have the 2 extremes, good experience and bad experience. However, it is abundantly clear that it is a case of "buyer beware" when purchasing in Cyprus. I for sure will not purchase without title deeds, without these you do not legally own the property. Maybe if everyone took this stance it might force the government to do something about the situation, afterall it is the Cypriot economy that will suffer in the long term if this does not improve soon.
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K
Even if the title deeds are available, what other 'dangers' are lurking in the process?
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Pam n Dave said:
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.
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Due to all of the bad publicity regarding developers in Cyprus, I am looking for a resale property only. Unfortunately, all developers in Cyprus have been tarnished by the 'rogue traders', even the good ones, of which I am sure there are many.
Again, buyer power will force the construction industry to self regulate as people will steer clear of new developments. It is a buyers market now and will remain so for many years to come.

With regards to the Polis / Latchi area, are prices generally similar to towns around Paphos?

Are there boat sales in the Latchi marina?
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Veronica said:
If the title deeds are available there should not be any 'dangers lurking'.

The danger without title deeds is that the developer could still have money owing on the landand if he goes bankrupt the bank has first call on the land. Title deeds will not beissued to the buyer if any money is outstanding on the land and once the deeds are in the buyers name no one else can borrow on it. The only thing you must make sure of is that the seller has not borrowed on it and if they have your lawyer should make sure that is paid before the seller gets a penny from you.
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But this is just common sense! It is normal practice for a solicitor to do these types of searches in the UK. Are you saying that this is not done as a matter of course in Cyprus? How can I "make sure that the seller has not borrowed on it"? What are you paying solicitors for if not to do these sorts of checks and be made accountable?

I am getting more concerned!
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Pam n Dave said:
Prices are generally similar in the Polis/Latchi area but may rise due to the new golf course which is under construction.

There are boats for sale in the Latchi Marina but I don't know your budget so can't really be more helpful.

We picked this area because it's more rural but still reasonably handy for Paphos.
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Thanks for the feedback. I will certainly take a look at the area when I visit next month
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