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Buying a Home in Cyprus
8
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Top Tips for buying off-plan property
Someone once asked me why all new houses, villas and apartments in
Cyprus were advertised as being ‘luxury homes’.
I quipped: “because if the developer manages to sell half a dozen to
unsuspecting expatriates, he’ll be able to retire in luxury”.
OK, it’s a joke; but you need to bear in mind that property is the national
sport of Cyprus with many people playing the game with varying degrees
of skill, professionalism, honesty and integrity.
It’s been estimated that there are some 3,500 property developers in
Cyprus, the majority of whom have received no professional or vocational
training or hold any form of recognised qualification. Property developers
are totally unregulated without any form of licensing system or regulatory
authority.
Some of the property developers are very good indeed; some of them can
only be described as sharks - secure in the knowledge that they are
‘untouchable’.
Developers are generally good negotiators and their sales techniques are
designed to convince you of their honesty and integrity. They may wine
you and dine you, take you to their homes for meals, give you gifts of fruit
from their garden, and even invite you to a family wedding.
Do not be conned by sales techniques; developers are well practised at
exploiting the renowned Cypriot hospitality for their own financial gain.
Always inspect properties under construction. Insist on viewing earlier
properties they’ve built and speak with their owners about the quality of their
work and their after-sales service. But be warned, do not allow the developer
to take you to meet these people as there’s a good chance that they will be
© Nigel Howarth
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