Buying Limassol Real Estate

By: William Marind

The most important pending legislation which affects the property market is the following: the Estate Agents' Bill. This proposed legislation regulates the estate agents' conduct and imposes penalties for misrepresentation etc. The agents must be registered with the Government and take out an indemnity insurance; the Developer's Bill. This, most important piece of legislation, regulates development and it proposes to have the Lands' Office to act as an overall controller on development projects which are for sale. Developers will have to take out an insurance in order to indemnify purchasers for wrong doings.

Accommodation: Avoid purchasing an one bedroom or studio type of accommodation (unless you are in a resort area) since you will have problems on resale. Prefer to get hired accommodation rather than think that you will sell your one bedroom unit and buy a larger one in the future.You may well find that selling the one bedroom flat is problematic. Flats most in demand are the three bedroom (around 120-130 sq.m.) and two bedroom (70-100 sq.m.) ones. This state of affairs is fluid however and changes from time to time and from location to location. In resort areas the most marketable accommodation are the compact one and two bedroom flats.

Cyprus is registered on a land registry, similar to that on the United Kingdom. Therefore, the purchase process generally follows that of the United Kingdom but with differences. Use a Solicitor !!! It cannot be emphasised too strongly that anyone planning to buy land or property in Cyprus must take expert, independent legal advice.

There is no difficulty in finding apartments to buy in any of the towns in Cyprus. Land development into apartments is very common and there is an abundance available for sale at any time all over Cyprus, the vast majority being very new. There is also a tendency to sell apartments "on paper". (ie when construction plans are still on the drawing board), or during construction, as a means of raising part of the finance for the project.Apartment prices are not uniform. They vary to a great extent with the location, the quality of the project and the town where they are situated.

Location: In any particular area there are many blocks of flats under construction (this is less true for the Paphos residential areas). Try to shop around and choose a block in a good area. Of course what is a 11 good" area is relative and depends on various factors including personal judgement and taste. it is widely accepted, however, that a 11 good" area is one which is relatively central, not densely developed with flats, more of a residential area, relatively quiet (not on main roads) and which is close to schools and shops.

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