Limassol Real Estate Secrets

The most important pending legislation which affects the property market is the following: the Estate Agents' Bill. This proposed legislation regulates the estate agents' conduct and imposes penalties for misrepresentation etc. The agents must be registered with the Government and take out an indemnity insurance; the Developer's Bill. This, most important piece of legislation, regulates development and it proposes to have the Lands' Office to act as an overall controller on development projects which are for sale. Developers will have to take out an insurance in order to indemnify purchasers for wrong doings.

Accommodation: Avoid purchasing an one bedroom or studio type of accommodation (unless you are in a resort area) since you will have problems on resale. Prefer to get hired accommodation rather than think that you will sell your one bedroom unit and buy a larger one in the future.You may well find that selling the one bedroom flat is problematic. Flats most in demand are the three bedroom (around 120-130 sq.m.) and two bedroom (70-100 sq.m.) ones. This state of affairs is fluid however and changes from time to time and from location to location. In resort areas the most marketable accommodation are the compact one and two bedroom flats.

Cyprus is registered on a land registry, similar to that on the United Kingdom. Therefore, the purchase process generally follows that of the United Kingdom but with differences. Use a Solicitor !!! It cannot be emphasised too strongly that anyone planning to buy land or property in Cyprus must take expert, independent legal advice.

Never sign anything or pay any money until you have sought legal advice in a language in which you are fluent from an experienced solicitor (ideally, someone who has been recommended).Under no circumstances should you use a solicitor who has been introduced or recommended to you by a vendor, agent or developer.

Location: In any particular area there are many blocks of flats under construction (this is less true for the Paphos residential areas). Try to shop around and choose a block in a good area. Of course what is a 11 good" area is relative and depends on various factors including personal judgement and taste. it is widely accepted, however, that a 11 good" area is one which is relatively central, not densely developed with flats, more of a residential area, relatively quiet (not on main roads) and which is close to schools and shops.

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