Accommodation in Cyprus: scams you should look out for

If you are buying, ensure you purchase with a reputable developer. Always insist that you get the Title Deeds at the close of the purchase. An illegal Developer will build a house and sell it to two different people and will not refund the cash owing to one owner. Ensure that the property is built on suitable ground to avoid slippage which has just happened in Liminis ( I think in Paphos and the unstable ground affected by this year's rain is slipping quite considerably down the slope and most of the houses some with swimming pool and now in ruins, like in Iraq. This is the latest news and not history. The owners are appealing to the President to intervene because the builder will not act in the proper manner. It is all to do with underground water from the recent floods and the whole site was totally unsuitable for building development. Let the buyer beware and don't get taken in with the gift of the gab from Cypriot builders.
Good look,
Owner from 1988
Samuel

its happenning in a few places now Pissouri Armou and latest is in Tala ... so caveat emptor..  please take every precaution.......

https://www.news.cyprus-property-buyers … BtBg7cfbcghttps://www.news.cyprus-property-buyers … z-lgioJGDEhttps://cyprus-mail.com/2019/05/05/sing … s8JV_Dq_J4https://cyprus-mail.com/2019/05/11/prot … yQFzIX-fbMhttps://www.news.cyprus-property-buyers … j5nIpPNmHc

these are just a few of the latest reports...

But dont let this put you off, do your homework , do your research  take recommendations  - Cyprus is a lovely place to live, retire work study find love raise a family... rent first and find the areas that you like take your time there is no need to rush, its a big decision.....these incidents are serious but thousands of people have bought here safely and securely without a problem  - be sure your future property purchase comes with title deeds ie the seller actually has them  make sure you see them (not just saying they are available - that is something completely different) ask to see them and inspect them,, if they cant ,,, the be ready to walk away..

be careful and wary of any mortgage relying on foreign currency exchange rates
- they fluctuate every minute of every day and could like many put you at major financial risk


good luck

Whatever you do, don't let the cheap??? housing prices in the North attract you or you will be ruled by the Military Dictator Sultan Erdogan.

Thank you Toon and Samuel! Is Paphos Tombs of the Kings affected by slippages? I read about other areas, for example in the articles you shared, but not about Paphos.

Thanks!

Hi,
I wouldn't think so or we would have heard. We are Limassol residents which is cosmopolitan, whereas Paphos in touristsity mostly retired Brits with the Daily Express under the arm and a handkerchief on their heads sitting at a Fish and Chip shop For limassol, you need to learn Russian, in Paphos an English accent will suffice.
Good Luck
Samuel

Generally no ToTK SHOULD BE ok..  but get a proper survey done...  Renos Petros is very very good

The general rule in Cyprus is to trust no one as far as handing money over. As in the 2013 fiasco, you couldn't even trust the banks, Laiki Bank is a good example. Spread your money over different banks. People have assumed 2013 is now history and lightning won't strike twice in the same place. From my experience, it is much safer to buy an existing house from an immigrating Brit if you have the cash and pay over the odds to a reputable company if you want to build. Don't get taken in by a local in the pub as he will be on a handsome commission from his friend and his friend knows a good builder. One of the favourite tricks by builders was to build you a house, hold on to the Title Deeds and use the deeds collateral at the bank for their next development.
J & P (Overseas)  one of the islands largest building and construction companies went "bottoms up" the Gulf and the labour was stranded.
Buyer Beware

If moving to cyprus or indeed many other countries... do it in the wetter season as thats when you will find the weaknesses in property  whether renting or buying ie black  damp leaking roofs etc ,... it is usually possible to get far cheaper rental deals then too.

Be wary of being asked for double or even treble deposits when renting

Make sure you have a legit contract signed and tax stamped - and do everything possible to not hand over cash until you hold the keys

Change the locks (with owner permission) asap as you do not know who else has copies of the keys to your new home.

Beware of late utility billing when you ve just moved in... in case the service supplies you have are back dated prior to your occupancy

a more difficult one for some to tackle is when renting be sure that the person you rent from actually owns the property and/or has the right to rent it to you.....

almost impossible to investigate  is the scenario where the owner who is charging you rent and isnt paying the mortgage to the bank .. as it can lead to you being evicted unexpectedly.

very rare to happen here but it has happened ... check to be sure your power and water feeds arent being re-directed or shared to another property.. but you get the bill

There's a few rental scams I've seen the main one being charging 12 months rent upfront. Or charging for viewings is another.

yes more and more owners are now demanding more rental upfront.... its not something I would commit to doing... ever...

What is a Joint Title Deed?

You have bought a residence with a wife/partner and the joint Title Deed will include both names. If you sell you will require a signature from your partner. We have a Joint Title Deed for our apartment in Limassol.

Thank you everybody for all the information above.  How can one be sure that you are dealing with a reputable law firm?  I know it wouldn't be wise to have a developer connected to a lawyer, but how about if the estate agent you are dealing with wants to refer you to a lawyer to do the property transfer?

May i suggest this as a starting point for you

SOURCE https://www.gov.uk/government/publicati … =immediate

List of English-speaking lawyers for British nationals in Cyprus.
The Foreign and Commonwealth Office (FCO) provides lists of service providers for information only, to assist British nationals who may need support overseas. These lists are not exhaustive, and are subject to change at any time. None of the service providers are endorsed or recommended by the FCO. You should research whether a service provider will be suitable. The FCO does not accept any liability arising to any person for any loss or damage suffered through using these service providers or this information

THE DOCUMENTS ARE  IN THE LINK ABOVE