Note: All quotations are taken from the press, forums, media and government agencies such as the police and Customs. Articles are taken directly from their open source and Paphoseducation.com have not created them. | The material contained in this Website (Paphoseducation.com) is provided for general information purposes only and does not constitute legal or other professional advice. All references within this site, unless otherwise stated, refers to South Cyprus. (Greek Cypriots)
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Take a moment and think of an area in the UK you are unfamiliar with or you would consider undesirable. You meet
someone who has a property for sale in the area you have just thought of, he tells you it is a fantastic area, you take his
word, buy the property and move in – sensible ?.
For many of us, buying a property in Cyprus allows us to escape poor weather, high taxes and a stressful life in return for the
warm sun and an easier pace of life. However, many buyers set themselves up for a rocky road and some ultimately fail to realise
their dreams and find themselves with a problem purchase including paying an over-inflated price, discovering that planning permission was never granted and therefore losing their money and home, poor quality of workmanship during the build or a property built on land that can in time subside.
Buying a property is dependent on your personal wealth. If you are in a financial position to purchase a second home then buying overseas is something to consider. Perhaps you are retired and will base yourself in Cyprus for the foreseeable future.
However, consider carefully before buying a property in Cyprus. The culture, ethics and business practices in Cyprus are very dissimilar to what you will find in the UK. No matter how friendly the owner / agent may seem always be prepared to walk away if you have any doubts.
Due to the financial bailout from the Eurozone (2013) to save the Country from bankruptcy the property market in Cyprus has collapsed. The global recession, exchange rates, over supply and the increase in the cost of living have also aided in the downturn of the property market. Property has also become expensive and with a lack of buyers many developers are now bankrupt. If you have purchased a property and the developer has mortgaged the land then the Bank will want their money back, this could leave you both homeless and penniless.
Most property buyers will be from overseas, such as the UK, Germany and Russia therefore they may be considering a smaller holiday home, perhaps a one or two bed apartment. If you have purchased a larger family home then finding a buyer may prove difficult. Also an important factor, exchange rates can vary considerably. If you have purchased a property then find the rates change this could further weaken the chance of finding a buyer with the loss of value in the property.
Properties are built to different standards than UK properties, mostly single brick with plaster render. The winters in Cyprus can be cold with heavy rainfalls and properties can become very damp during this period. Most properties do not include central heating, this may seem irrelevant in the summer months when the temperature can reach into the mid 30’s. Come November heating becomes extremely important, more so as the properties do not retain heat well (Properties are connected to electricity only, to run central heating in the winter you will need to purchase bottled gas or have a oil fired heating system). However, without a properly insulated property any heat generated either with log burners or central heating will be lost through the walls. The majority of Cyprus properties are not connected to the main sewerage system therefore you cannot disposed of used toilet paper down the toilet and must be put in a bin – this can take some getting use to !.
Also, consider value for your money, items such as guttering, heating boilers, central heating, drainage, UPVC double glazing, cavity walls, pitch tiled roof, standard on most UK properties are generally not featured / included in Cypriot properties. Many properties are not connected to the Sewerage system so use a septic tank. If you are interested in buying a new property does the developer offer a 10 year independent insurance backed guarantee (similar to the 10 year NHBC warranty offered in the UK).
Both building and contents insurance is vital, building insurance as shrub fires are very common in the summer months and can destroy a family home. Earthquakes in and around Cyprus are not uncommon so if you have purchased a property it is especially important you have building insurance that will cover you in the event of earthquake-induced damage including any outbuildings and swimming pool. Subsidence is also common, more if the property and surrounding land is subjected to heavy rainfalls in the winter with no suitable drainage systems in place. Contents insurance as burglaries are common.
Most properties do not have loft space or a garage. If you make use of to this extra space in your UK home then you may find storage space very limiting. Other than the more hardy individuals the must have pool is generally only usable between May to September and can be expensive to maintain. Chemicals, filter maintenance, electricity to operate the pump and a pool liner which will need replacing every 5 to 8 years you should budget for around euros 2,500 per year.
If you employ any tradesman to work on your property make sure they are qualified and registered to do so and hold appropriate insurance to guarantee their work. If you employ a pool cleaner this is especially important they are trained and qualified to work with dangerous and hazardous chemicals – remember, it will be you and your children who will be jumping into the pool.
If you purchase a property on a complex you will need to budget for maintenance charges. Try to make sure there is a good owners committee / Management Company, ask to meet with them and ensure all fees and charges are up to date.
Due to the fine weather you will be living mostly outdoors for around 8 months of the year so when buying a property the outside space is just as important as the interior dimensions. Check to make sure the gardens are not overlooked, ask if the local properties are residential or holiday homes. If you intended home is built on the side of a hill make sure there are no subsidence problems.
Most families (with children) who relocate to Cyprus will stay on average for three to five years. If all your money is invested into a Cyprus property then moving away from the Island will be dependent on finding a buyer, in this current economic climate selling property has become extremely difficult.
For those who have purchased a property many have experienced serious problems gaining title deeds. Remember, if you purchase a property without title deeds you only own the bricks, not the land on which they sit. Obtaining title deeds can take years. The tax levied by the Cypriot Government for title deeds can be many thousands of euros, if the property you are thinking of buying has not yet been issued with deeds research the amount you will need to pay both in tax and legal fees. Make sure planning permission has been granted and there is no outstanding mortgage on the land / property.
If you prefer to purchase than rent try and find a property with title deeds, this could save you a lot of time, money and stress. When you decide to sell most Cypriot Estate Agents charge 5% (plus VAT) on the sale price, on a euros 250,000 property you need to take into account agents fees will be around euros 15,000 However, consider renting, at least for the first year, retain your home in the UK and perhaps let it, this will provide an income. If you decide Cyprus is not for you then you are able to return home.
Property in Paphos, buy or rent?
Consider what value you are getting for your money. Properties are built to different standards.
> SEP 14: CYPRUS PRESS......Prominent land developer, his wife, and two other suspects, were remanded in custody for eights days in connection with zoning violations in Paphos.
> SEP 14: PAPHOS FORUM......Have they really got to grips with the Title Deeds fiasco ? I know plenty of people in Cyprus still beating their heads against the wall, trying to get theirs.
> SEP 14: PAPHOS FORUM......Lovely and quiet where we live!! Not even barking dogs!
> SEP 14: PAPHOS FORUM......You obviously weren't there to enjoy the building boom between 2000-2008......Our house had 360 degree views when we moved in. It had zilch by the time we sold.
> AUG 14: PAPHOS FORUM......only people authorised to act as agents for long term lease have to be licenced
> AUG 14: SOCIAL MEDIA......My Developer has disappeared, 4 apartments in our building have been abandoned, we can't even get building regs certification let alone title deeds.
> AUG 14: PAPHOS FORUM......houses here are made of concrete and brick with steel reinforcement
> AUG 14: PAPHOS FORUM......Please don't tar all Cypriot landlords with the same brush.... ours is lovely
> AUG 14: PAPHOS FORUM......I have a friend who has rented a house. Since moving in she has found a hole in her bathroom which leaks water, bathroom sink wont drain, the garden is overgrown....An overgrown passion fruit tree houses rats.
> JUL 14: PAPHOS FORUM......Our lady lawyer held on to our money for the sale of the apartment for 3months, she said she had to check that all the utility bills had been cleared, really does that take 3months!!!
> JUL 14: PAPHOS FORUM......We sold our house in Cyprus when we had returned to the UK, the 'new owners' were given the key, and had moved in quite a while before we saw any money
> JUL 14: CYPRUS PRESS......The government aims to collect €100 million in Immovable Property Tax
> JUL 14: PAPHOS FORUM......I would avoid agents here altogether, they are so greedy on commission
> JUN 14: PAPHOS FORUM......I know many who have there deeds, still not sold.
> JUN 14: PAPHOS FORUM......Water gets very expensive in Cyprus
> JUN 14: PAPHOS FORUM......Sadly, so many owners, tenants and businesses dont pay the bills and many flit without doing so
> JUN 14: CYPRUS FORUM......We hear countless stories like this. We get regular emails from rental agents warning of bad tenants with stories of theft, damage and unpaid bills.
> MAY 14: PAPHOS FORUM......It is well known that Cypriot landlords can be averse to refunding deposits, even when the house has been left in good condition.
> MAY 14: CYPRUS FORUM......we choose to rent. So that should we stop enjoying it, hey we just get on that plane.
> MAY 14: PAPHOS FORUM......I am so glad I have my deeds, for my properties and that I seem to have had the only 2 honest developers on the island.
> MAY 14: PRESS REPORT......Thousands of Britons face losing their holiday or retirement homes in Cyprus to pay off the debts of bankrupt property developers.
> MAY 14: PAPHOS FORUM......Worst problem are flat roofs
> MAY 14: PAPHOS FORUM......Seems to me it doesn't matter where you live, there is always someone who can take your land without your consent. It stinks, but there you are.
> MAY 14: PAPHOS FORUM......If you are staying for the winter, then an electric blanket is desirable as Cypriot houses can be very cold. And if you are moving into the usual Cypriot house they can be damp as well. A dehumidifier is a good idea as well.
> APR 14: PAPHOS FORUM......People who bought without deeds and/or satisfactory guarantees should be lynching their lawyer and advisers.
> APR 14: PAPHOS FORUM......Most developers I would not trust as far as I could pee into the wind.
> MAR 14: PAPHOS FORUM......Some friends of ours are considering handing their house keys back to the bank and walking away.
> MAR 14: CYPRUS FORUM......there is no demand and thousands of empty apartments all over the island.
> MAR 14: CYPRUS PRESS......Real estate broker and property investor was sentenced to two years in prison for fraud.
> MAR 14: PAPHOS FORUM......My apartment in Limassol has been up for sale for three years,wish I'd never bought it !!
> MAR 14: PAPHOS FORUM......I quite agree with you! Cyprus already has more than enough, bland, soul less concrete buildings which could be anywhere and do nothing to add to the islands character!
> FEB 14: PAPHOS FORUM......There's a lot of truth in the old adage that possession is 9/10ths of the law. I would re-take the property, change the locks, advise your client what has been done and that new keys will be given once the unpaid rent is paid.
> FEB 14: CYPRUS PRESS......Banks have filed 6,000 foreclosure requisitions with the land registry which remain pending due to heavy workloads.
> FEB 14: PAPHOS FORUM......Many who bought on complexes were conned by the lie that you can't get you title deeds until the last property has been sold, guess what there was often a broom cupboard unsold, wonder why.
> JAN 14: PAPHOS FORUM......I would seriously consider renting here before jumping in to what can be a minefield; buying!
> JAN 14: PAPHOS FORUM......My advice as well, it is a renters market, the place is awash with vacant rental and for sale properties.
> JAN 14: PAPHOS FORUM......After 3 years renting, we decided not to buy in Cyprus
> JAN 14: PAPHOS FORUM......When we bought here we used a UK lawyer for our purchase who in turn engaged a Cypriot Lawyer to handle things out here. Alls gone ok with us,but It really did cost us an arm and a leg so to speak in fees.
> DEC 13: PAPHOS FORUM......There are a lot of properties in Cyprus built on the sides of cliffs, Would I buy one? no way, it seems common sense to avoid property like this.
> DEC 13: CYPRUS PRESS......The developers of a stricken, now deserted Tala project which appears to be slowly sliding down the hillside say they would never have gone ahead with construction if they had been aware that the land was ‘problematic’ to build on.
> DEC 13: PAPHOS FORUM......On my development some trees growing on private land are now blocking the view of mountains.................A less obvious solution would be to multi-perforate the tree trunks with a 1/8th drill bit (again while the owner is on holiday), so that the trees blow over in the next Coptic Storm.
> DEC 13: PAPHOS FORUM......We want to sell ours, but are waiting for the right time, rather than wait years then give it away, we would like to get back what we paid for it six years ago, but have been warned that's not going to happen.
> DEC 13: CYPRUS PRESS......The Cypriot Government has extended the deadline for thousands of investors who were mis-sold property in Cyprus to lodge a legal claim against lenders and property developers.
> DEC 13: PRESS REPORT......Property prices in Paphos have halved while sales have plunged by 80%, says the honorary chairman of FIABCI, the international real estate federation.
> NOV 13: CYPRUS PRESS......The title deeds scandal has dogged the Cyprus property market for years and remains unresolved.
> OCT 13: PAPHOS FORUM......sold our villa to a Russian buyer in 2010. The commission was 5% which is extortionate but seems to be the going rate in Cyprus. We also had to pay a fee ( back hander of €5000 ) to the Russian's agent.
> SEP 13: PRESS REPORT......Property sales in August recorded another fall and the market is expecting a 30% reduction in property prices in the coming years
> AUG 13: PAPHOS FORUM......I think anyone coming over here now would be well advised to start out by renting. There are some excellent rental bargains to be had.
> AUG 13: PAPHOS FORUM......Title deeds, barking dogs and bad neighbours made our purchase a mistake which is why I would not ever buy here again.
> AUG 13: PAPHOS FORUM......We also know of another friend of ours who can not sell their property because when ever a prospective buyer comes to their property to view they are met by their nieghbours...HOWLING DOGS
> AUG 13: PAPHOS FORUM......We sold our property, and now rent. I agree we would never buy again. If you are renting and get problems with neighbours, barking dogs or dislike the area you can move quickly, if you buy you may not be able to sell. My advice rent, rent, rent.
> AUG 13: PRESS REPORT......People are desperate to sell," says managing director of the Larnaca branch of the estate agent. "They can't afford to live; they have to sell their home, and if they want to sell it they will have to cut their prices."
> AUG 13: PAPHOS FORUM......My own opinion and that of the wife is not to buy but rent. Lovely country and we think rents are reasonable.
> AUG 13: PAPHOS FORUM......We bought on a complex, have full title deeds and pay our communal charges. However, we are now renting as we discovered that living here is quite different from having a holiday here. So apartment now up for sale.
> AUG 13: PRESS REPORT......As many as 20,000 investors are caught up in a major dispute with a number of different developers and banks over flats bought between 2005 and 2008. Many did not realise their mortgages would be taken out in Swiss francs.
> JUL 13 : PAPHOS FORUM......You could always reduce the price drastically to sell it
> JUL 13 : PAPHOS FORUM......There are plenty of people selling up and going back to the UK
> JUL 13 : PAPHOS FORUM......21 overseas sales for June, not much of a dent in the 2500+ properties on the market in the Paphos region. I agree I think things are only going to get worse over the next 2/3 years.
> JUL 13: PAPHOS FORUM......I would expect prices and sales to continue downwards for the next 18 months to 2 years and possibly longer.
> JUN 17: SOCIAL MEDIA......Welcome to buying property in Cyprus. Special price my friend, special price
> JUN 17: SOCIAL MEDIA......Cyprus is run by crooked property developers and lawyers
> JUN 17: CYPRUS PRESS......Cracks are opening in walls, water pipes bursting and electrical pipes tearing apart as the land moves beneath houses
> MAR 17: CYPRUS PRESS......A massive development proposed for a hillside above Peyia in Paphos will irreversibly damage the environment
> FEB 17: PAPHOS FORUM......bought in Cyprus too but we had a lot of problems and lost a lot of money
> FEB 17: PAPHOS FORUM......we would still like to live in Cyprus but we would rent not buy
> FEB 17: PAPHOS FORUM......Would never buy again in Cyprus and would recommend anyone thinking of doing so to just rent
> DEC 16: PAPHOS FORUM......The tenants have done a 'moonlight flit' and have left owing me rent
> DEC 16: PAPHOS FORUM......Rip off builders.
> NOV 16: CYPRUS PRESS......Local authorities hinder the process of issuing title deeds to trapped buyers
> OCT 16: PAPHOS FORUM......there are some bad places to build here.
> OCT 16: CYPRUS PRESS......a small housing development which is rapidly sliding down a hillside
> OCT 16: CYPRUS PRESS......distraught homeowners in the unfinished and paradoxically named Paradise Hills estate in a Paphos village remain without their title deeds.
> SEP 16: PAPHOS FORUM....Estate agent fees in Cyprus are just a big rip off.
> SEP 16: PAPHOS FORUM....some developers are taking out mortgages on the land when you apply for your title deeds.
> MAY 16: PAPHOS FORUM......From what they say, yes they (pools) are expensive to run/maintain.
> MAY 16: SOCIAL MEDIA......Building permits need to be suspended until the thousands of part built and derelict properties are completed and sold
> APR 16: PAPHOS FORUM......People think they can construct anything anywhere.
> MAR 16: PAPHOS FORUM......if in doubt rent first because if you regret your decision it can take several years to sell property in Cyprus.
> MAR 16: PAPHOS FORUM......Would advise you to look at properties with central heating
> FEB 16: SOCIAL MEDIA......Is there such a thing as a surveyor in Cyprus
> FEB 16: SOCIAL MEDIA......Were actual titles/deeds issued for the properties. if not, well then who was stupid to buy.
> JAN 16: CYPRUS PRESS......Unlicensed real estate agents scam Chinese property buyers
> JAN 16: PAPHOS FORUM......We hope to keep our home in the UK and rent it out while we are in Cyprus
> JAN 16: PAPHOS FORUM......Everybody and their mother in law who is considering moving here must be warned about the barking dogs
> OCT 15: PAPHOS FORUM......my advice to anyone coming here to settle is to check out their prospective neighbours at both night and day for barking dogs.
> OCT 15: PAPHOS FORUM......My advice after years of dealing with property problems in Cyprus is to agree to nothing; sign nothing, and find yourself a good Solicitor!
> OCT 15: PAPHOS FORUM......Our cockroaches were coming in through the plugholes and overflows in sinks, the shower and baths.
> SEP 15: PAPHOS FORUM......whatever you do, RENT first before buying.
> SEP 15: PAPHOS FORUM......Its a good time to buy,too many houses for sale and very few buyers
> SEP 15: PAPHOS FORUM......the property market in Cyprus is not picking up.
> SEP 15: PAPHOS FORUM......Don't, under any circumstances, buy a house without the Title Deeds
> AUG 15: PAPHOS FORUM......With the slump in property sales over the last few years I have seen some absolute bargains for sale
> AUG 15: PAPHOS FORUM......I've lived in Cyprus for nine years and wouldn't consider a property here unless it has full central heating.
> AUG 15: PAPHOS FORUM......Put me off moving to Cyprus permanently because I was taken for a ride with these guys and I lost my deposit
> JUL 15: PAPHOS FORUM......We lived in an apartment for quite a while and noise was one of the reasons we moved.
> JUL 15: PAPHOS FORUM......the loud music from renters was so bad we couldn't go to sleep
> JUL 15: PAPHOS FORUM......still no deeds as the seller owes taxes
> JUL 15: CYPRUS PRESS......People selling property in Cyprus are being targeted by fraudsters
> JUN 15: PAPHOS FORUM......my apartment has been for sale for 6 years.
> JUN 15: PAPHOS FORUM......Took 2 and a half years to sell
> JUN 15: PAPHOS FORUM......The (Estate Agents) 5% is commission - far too much though,
> JUN 15: CYPRUS PRESS......Local authorities and residents are continuing to pile pressure on the government to act quickly to stop homes from collapsing......Homeowners are facing a raft of problems due to land slippage
JUN 15: SOCIAL MEDIA......In many cases the "qualification" simply means: "I watched and helped my grandpa doing it, then my daddy, so I am qualified to do it too" !!!!
> MAY 15: PAPHOS FORUM......prices are still falling and that sellers are having to take offers if they want to sell.
> MAY 15: CYPRUS PRESS......Homeowners are appealing to the government to step in as dozens of houses are facing serious structural damage due to land slippage.
> MAY 15: PAPHOS FORUM......anyone who has work done here expecting a 20 year guarantee to be honoured is living in Cloud Cookoo land.
> MAY 15: PAPHOS FORUM......I have also been told that they have done a runner owing money to the landlord
> MAY 15: SOCIAL MEDIA......There are hundreds, maybe thousands of empty rabbit hutches, sorry flats which have never been occupied, many built years ago, in the Paphos area!
> APR 15: PAPHOS FORUM......check out your potential nieghbours at different times both night and day for BARKING DOGS.
> APR 15: PAPHOS FORUM......many expats wanting to leave Cyprus but cant sell
> APR 15: PAPHOS FORUM......don't buy property here just rent
> APR 15: PAPHOS FORUM......a friend whose been trying to sell for three years,
> APR 15: PAPHOS FORUM......Would never buy in Cyprus again, nor would I recommend to anyone buying property in Cyprus.
> APR 15: PAPHOS FORUM......Why do Estate Agents charge so much commission here ?? There are many rental properties avaiable both through agents and privately
> MAR 15: PAPHOS FORUM......For your protection I recommend you use a licenced and registered Estate Agent .
> FEB 15: PAPHOS FORUM......My letting agent didn't do an inventory or ask me to do one. Lots of things were stolen
> FEB 15: PAPHOS FORUM......us renters are not all bad!! I know there are people who don't care and indeed almost trash places but not all of us
> FEB 15: PAPHOS FORUM......it was common practice (and probably still is!) for a developer to leave at least 1 unfinished building on a complex as it would mean he wouldn't have to pay whatever monies he had to on completion.
> FEB 15: PAPHOS FORUM......The length of time it takes for title deeds to be issued in most cases the builders guarantees are long gone
> FEB 15: PAPHOS FORUM......Rents in Cyprus on houses are low - they have to reflect wages
> JAN 15: PAPHOS FORUM......Some owners pay their annual share for the communal services but (as in many other cases) others don't!
> JAN 15: PAPHOS FORUM......there are so many things that can arise when buying here which sometimes are outwith the control of the solicitor.
> JAN 15: CYPRUS PRESS......Residential property prices in Cyprus continued to fall in the third quarter of 2014,
> JAN 15: PAPHOS FORUM......just pleased we only rent and can move at the end of the lease
> DEC 14: PAPHOS FORUM......we have been systematically charged VAT for gardening which is done by a self-employed gardener who is not VAT-registered and overcharged for items on the yearly financial statement
> DEC 14: PAPHOS FORUM......It goes without saying that when you use an electrician it is always wise to check if he is fully qualified
> DEC 14: CYPRUS PRESS......The number of property transactions fell in November 6 per cent island-wide
> DEC 14: PAPHOS FORUM......if you sold for 250k - 2 years to get your money. That's not much help if you are wanting it to buy a property somewhere outside of Cyprus!
> DEC 14: PAPHOS FORUM......They (Estate Agents) don't exist. They are up there (down there more like) with timeshare touts and certain 'IFA's' in Cyprus.
> NOV 14: PAPHOS FORUM......He's not 'officially' gas qualified
> NOV 14: PAPHOS FORUM......When (winter) night temperatures get down to about 4-6 C and there's the inevitable damp feeling in the usually poorly insulated houses it can feel bitterly cold indeed.
> NOV 14: CYPRUS PRESS......Property prices in Cyprus declined by up to 9.6 per cent on an annual basis in the third quarter, surveyors said
> NOV 14: PAPHOS FORUM......Personally, I think that anyone is better off building their own home rather that trust any developer here.
> NOV 14: PAPHOS FORUM......some good advice for anyone moving moving out here,whether renting or buying could do well to check out their prospective nieghbours both night and day for BARKING DOGS.
space important ? most properties do not have loft space or a garage.
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