Buying a Home in Cyprus
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement
masquerading as satisfied buyers whereas in reality they are being paid by
the developer to give you a good impression.
Don’t assume that bigger is better; the size of a property development
company is no guarantee that its properties are of an acceptable quality.
You may find that the quality of properties built by some developers that
target the expatriate market to be generally lower than those built by
property developers who target a wider buying audience. So don’t rule out a
developer just because he hasn’t got flashy offices, glossy promotional
material or fluent English speaking staff.
You will also find many expatriates who will introduce you to ’reliable’
property developers. Acting as ‘property middlemen’, they prey on the
fears (and wallets) of their fellow countrymen.
It makes no difference whether you get conned by a generous and affable
Cypriot or a ‘helpful’ expatriate, the end result will be exactly the same!
Check out who you’re dealing with
Some of the more nefarious property developers and others in the property
business claim that they are members of various trade associations and
internationally recognised professional bodies.
Others claim they have won prizes for the developments at international
fairs and competitions.
Do not accept these claims at their face value.. Always check with the
organisation concerned that the company is a member and that any prizes
they claim to have received are genuine.
Instruct your lawyer to get a profile of the company confirming the
company’s existence and listing information such as incorporation date,
registered office, company number, status etc. and get a credit report.
© Nigel Howarth
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