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21
Buying a Home in Cyprus
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Property advertising companies
There are a number of local property advertising companies operating in
Cyprus that managed to find loopholes in the estate agents law. Using
sophisticated marketing techniques and information technology, they
soon gained a sizeable slice of the action. For obvious reasons, they were
not welcomed by the legally registered estate agents and were taken to
court. The court ruled that they were doing nothing illegal and so they
continued to trade.
In my experience, the performance of the these companies is patchy;
much depends on the individuals that you are dealing with. In this
respect, it’s performance is very much like that of a registered real estate
agent - some of it’s employees are good, some of them or not.
But one of the major disadvantages of buying through one of these
companies is that they are not required to carry professional indemnity
insurance, so getting any form of financial recompense if things go wrong
could prove extremely difficult.
To give you a flavour of what goes on, you’ll find a video clip about the
problems with Title Deeds in Cyprus on the front page of my Cyprus
Property Magazine.
One of the scams reported in the video was perpetrated by an employee of
a real estate company in conjunction with a property developer (who has
subsequently spent some time in prison). I personally know of a further
eight couples involved in this particular scam.
Property middlemen
You will find that virtually everyone in Cyprus either knows someone or
knows someone who knows someone who is selling property (I did say
it’s the island’s national sport).
© Nigel Howarth
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