8
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INDUSTRY NEWS www.opp.org.uk
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JULY 2009
CYPRUS
Y
Politician calls for ban on Cyprus sales in the UK
Cypriot property companies have Several Cypriot developers including
INDUSTR
described calls for their UK of_f_i ces to Aristo told OPP the calls for a ban were
be closed and for their presence at extreme and strict. Kevin Maddison
exhibitions to be banned as “extreme”. (pictured), chief executive of IFA network
Lord Jones of Cheltenham from ROPUK, said there were already ways
the House of Lords has asked the new property buyers could protect
UK government whether it will take themselves and ensure they obtained
the steps against Cypriot companies deeds, as long as they were willing to
and what it will do to protect British pay the real estate transfer tax. “With
homeowners in Cyprus and those our draw-down mortgage facility, our
looking to buy. The comments came clients become co-owners with the bank
PEOPLE
after the Cyprus government revealed and the developer cannot mortgage the
upcoming legislation will not help the property separately,” he said.
100,000 property owners awaiting title
deed, as previously indicated. Singled out
Title deed transfer delays arise However, the news is likely to shake Hitting home
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Developers are worried about the ef_f ect of Lord Jones’s comments
because the developers who sold conf_i dence in the market and several
the properties have mortgaged the developers also stressed the need for suf_f ered over the years.” Action Group (CPAG), which represents
land on which the homes are built. the Cypriot government to take further One developer told OPP the buyers who are unable to obtain deeds,
TION
Buyers are then at risk of losing their measures. Panayiotis Makedonas of government had its head in the sand in supports Lord Jones’s suggestions. “The
properties because the banks’ claims to Country Rose said: “We understand that the hope the title deed issue would go longer the government fails to act, the
the developers’ money take precedence there is an issue and the government away, that the impact on the property worse the damage will be,” said Denis
over buyers’ land ownership. The issue should def_i nitely take immediate action market was immense and the situation O’Hare of CPAG.
DESTINA af_f ects both Cypriot nationals and to help more existing property owners, for developers was dire.
foreigners. in order to improve our image which has In contrast, the Cyprus Property p48 OPP Roundtable: The introducers
Dubai welcomes
Property manager arrested for selling fake homes
A manager of a real estate company in the UAE was seven UAE nationals, two Syrians and a Swede paid
regulation
recently arrested for allegedly selling non-existent thousands as f_i rst instalments for apartments, but
residential units. The Khaleej Times reports that didn’t receive any contract and ownership titles.
Dubai’s property professionals have
welcomed changes to government
BUSINESS
regulation of the industry and called
WORLDWIDE
for continued improvements.
Recent changes include proposed
Estate agency
standard contracts for all property
transactions and Law 9 of 2009,
franchises focus
setting out when developers can
terminate a contract and how much
on expansion
money they must refund depending
OPER
on the stage of construction. The world’s largest real estate agency
VEL
“Property in Dubai has gone from franchises have stepped up their ef_f orts
an unregulated industry to one of to sign up new franchisees in the world’s
Connecting people
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Franchises promise
DE
the most regulated in just a few most active property markets at a time
agents access to a shared database of buyers
years,” said Shahram Safai, head of when many independent agents are
real estate and construction practice facing bankruptcy. than 70 countries MD of RE/MAX Europe (pictured).
at Dubai law f_i rm Afridi & Angell. In South Africa, Century 21 is of_f ering and territories. The International Realty Plus (IRP)
Giles Beswick, contracts director three franchises, each worth R200,000, in franchise, which launched its f_i rst operation in Turkey
at developer Select Property, added: a competition to boost an industry that recently revealed earlier this year. Currently operating
“Something like Law 9 standardises has lost an estimated 55,000 agents since plans to train some in six countries, it is also considering
TING
the buying process and creates 2006 (with over 90,000 agents at the peak 7,500 agents this year an expansion into Azerbaijan, Russia
fairness and takes pressure of_f of of the market). in distressed sales, is and Libya. “At present, 95% of real
ARKE
negotiations. Anything that helps hoping to build its European network – estate transactions take place through
M
establish common ground and Shared goals which currently has 1,600 franchises in individual real estate agencies that do
facilitates better relations between RE/MAX claims to have sold over 700 36 countries. “The RE/MAX concept is to not work under any franchising brand,”
buyers and sellers is a good thing.” franchises worldwide in the last year, be in business for yourself, but not by said Huseyin Altas, chief executive of IRP
boasting nearly 7,000 of_f_i ces in more yourself,” said Chuck Lemire, COO and Turkey.
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