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By Antonis Loizou – Antonis Loizou & Associates Ltd – Real Estate & Project Managers
I recently stumbled upon a very interesting buyer’s guide, written by a Briton in 2014, aptly called “Things the Estate Agents Don’t Tell You” and refers to Cyprus.
Although easy to read, I was somewhat hurt by the author’s conclusions, but it is worth reading in order to see how foreigners perceive us.
The main points raised in the book are:
• Don’t buy without title deeds, as there are two types – those with and those without.
• What the specifications say are often far different from what you get eventually.
• There is no proper maintenance of buildings, as a result of which the deterioration increases year by year.
• Although it does not rain that often, beware of the insulation, especially those on the roof or balconies.
• Be careful to pay common expenses on time as this could start a chain of events that could impact on economic and social problems, especially where the collection from the landlord is almost impossible.
• Be warned that commissions range from 3% to 5%, but there are hidden fees imposed by lawyers, accountants and others involved in the process.
• We are often told that Paphos has the best beaches, which is totally wrong as the Famagusta area is the best. But we were also not told that renting holiday homes in the Famagusta district is only for six months a year.
• Beware of lawyers. Very often they “don’t know” or just don’t care, or are even involved in other deals with other clients or fellow lawyers.
• Driving on the road is very bad. Better buy a tank to be sure. The best choice for a family car is a 4X4.
• The law on management committees (in the case of buildings or holiday home complexes) is often not implemented and most of the time incomprehensible, as a result of which only 30% o owners pay their dues.
• Valuations of properties is very often based on personal benefit and regardless of fluctuations in the market.
• Having an apartment is one thing, while being part of a building is different altogether, with the latter very often prone to collapse.
• Our “friends” in the U.K. are often not helpful, only for us to find out later that these “friends” were also involved in property sales, hence had a hidden agenda.
And there’s more.
The title of the book does not exclusively refer to experiences with realtors, but it also includes developers and others involved in the industry. I believe that the author has not been thorough with his research as many of his questions would have been answered, if only he asked. So, he has based the book entirely on his personal experience and those of some friends, as this results in many shortcomings and many inaccuracies.
