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Buying a Home in Cyprus
12
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Planning and building permits
The more nefarious property developers sell off-plan properties before the
required Planning and Building permits have been issued for their
construction. Some even start construction work before these permits have
been issued - even though this is illegal.
If you hand over money to a developer before these permits have been
issued, you are putting your money at risk.
If you’re buying an off-plan property Planning and Building permits have not
been issued, reduce the risks and protect your interests by putting your
stage other payments in escrow until such time as the property developer
presents the required permits to your escrow agent.
Watch over your interests
It’s not unknown for off-plan property buyers to arrive in Cyprus only to
find that construction work on their ‘luxury home’ has yet to start or that
the property they thought they would be moving into is nowhere near
ready. Others discover that the completed property differs significantly
from the one they thought they were buying, while some find that their
luxury home has been poorly constructed and in need of much remedial
work.
If at all possible, either stay in Cyprus while your property is being built or
make regular visits to ensure that everything is progressing according to
schedule.
If you are unable to visit Cyprus regularly while your property is being built
to keep an eye, appoint an independent company or individual to watch
over your interests during the course of construction.
Make sure you have someone on-island on whom you can rely to monitor
progress and to ensure each stage of construction meets the required
standard before handing over your money.
© Nigel Howarth
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