Cyprus- anyone bought a house there? | ExpatWoman.com
 

Cyprus- anyone bought a house there?

258
Posts
EW NEWBIE
Latest post on 27 August 2014 - 18:44
Hi Licorice, we have just purchased property and the agent we used could not have been more helpful, so different from the agents here in Dubai. As the previous ladies have said its a perfect time to buy as prices are so low. Our agent helped to arrange for a solicitor to cover Power of Attorney, therefore we did not have to fly over for signing and registering the property at the land dept. Our agent literally walked us through everything, I cannot recommend them highly enough. Take a look at the website www.premierresidences.com, this may help you before you fly over. The agents contact details are listed. We are so happy we bought there as we can take the opportunity of popping over for Eid holidays, escaping the summer heat. Good luck ?
231
Posts
EW NEWBIE
Latest post on 25 August 2014 - 14:46
Brilliant- title deeds are top of the list now!
4393
Posts
EW MASTER
Latest post on 25 August 2014 - 14:34
If it's anything like the North, we didn't even have to go over once we'd decided where and what we wanted. The solicitor was brilliiant and as for the estate agents, they are still helping us out, by holding our keys and arranging transfers etc for our guests. Dubai agents could learn a lot from them ;) As Livelytrish said, it's all about the title deeds, make sure they are kosher straight away.
231
Posts
EW NEWBIE
Latest post on 25 August 2014 - 14:30
Hahahahahaha... and I suppose things have changed over the years as well.... bless 'em! Great news there is less red tape- from what we had already read it did sound quite straight forward. Will let you know how we get on- hope we like the place now after all this excitement!
1340
Posts
EW OLDHAND
Latest post on 25 August 2014 - 14:26
Well funny- thanks so much for your help :) Am sure will be back with more questions! Just had a look on the Cyprus Living forum- looks like there's a fair bit of red tape, confusion etc... is it worse than or same as here? edited by Licorice on 25/08/2014 Not really, there are a few people on that site who really just love to complain (too many retired and bored old men) or make mountains out of molehills. If you are going to live on the island permanently then there are some formalities to go through with Immigration (if you are an EU citizen it is very simple) but there is an excellent Citizens Advice Office which can deal with most things that crop up. Compared to UAE the red tape is minimal.
231
Posts
EW NEWBIE
Latest post on 25 August 2014 - 14:13
Well funny- thanks so much for your help :) Am sure will be back with more questions! Just had a look on the Cyprus Living forum- looks like there's a fair bit of red tape, confusion etc... is it worse than or same as here? <em>edited by Licorice on 25/08/2014</em>
4393
Posts
EW MASTER
Latest post on 25 August 2014 - 14:04
At this rate we might be able to get a Cyprus EW page!!!!! You've read my mind :) As long as it covers both North and South I'm in
1340
Posts
EW OLDHAND
Latest post on 25 August 2014 - 14:01
At this rate we might be able to get a Cyprus EW page!!!!!
4393
Posts
EW MASTER
Latest post on 25 August 2014 - 13:56
Yes the Ikea (in Nicosia) is quite large, has everything you need. Also there are quite a few furniture shops in Paphos including some selling good second hand furniture. There is also a Paphos based forum (Cyprusliving) which is full of useful info, take a look. We even go across to the Ikea in the south to shop :) Thanks Livelytrish for answering these questions. I had a touch of senile dementia and could not think of your user name.
231
Posts
EW NEWBIE
Latest post on 25 August 2014 - 13:42
Thank you, thank you- will get noseying!
1340
Posts
EW OLDHAND
Latest post on 25 August 2014 - 13:12
Yes the Ikea (in Nicosia) is quite large, has everything you need. Also there are quite a few furniture shops in Paphos including some selling good second hand furniture. There is also a Paphos based forum (Cyprusliving) which is full of useful info, take a look.
231
Posts
EW NEWBIE
Latest post on 25 August 2014 - 13:05
Wow thanks for the great advice everyone! Had seen lots of the ads with "title deeds" mentioned so good to know that's something necessary. I agree as well- we'll be happy to make some rental income if we can- but we can cover the cost without it- that would be an added bonus- plus we would holiday there a few times a year and potentially retire there in the future. We are visiting next week for a reccie to the Paphos area and will do more investigation- we were quite surprised you can get a 3 bed for around 120,000 GBP! We've no chance of buying here and was going to take ages to save up deposit for a UK property. Does anyone know- is the Ikea there quite big? Would we be able to fully furnish somewhere from it? Can only find the site in Greek. This is all v exciting :)
379
Posts
EW EXPLORER
Latest post on 25 August 2014 - 12:52
Great point LT regarding the north. Recently visited Cyprus and went to the Famagusta viewpoint at Deryneia and picked up loads of literature regarding the 1974 invasion of Northern Cyprus. Leaflets warning of the pitfalls, dangers and legalities about buying property in the North made for interesting reading. Obviously this is only one version of the story but something potential buyers should be aware of. We have friends who have had a property in Cyprus for 8 years, as an investment it's not doing great as values have dropped significantly and rental income has also reduced considerably but if you are looking at it as a second home and take the long term view now is probably a good time to buy.
1340
Posts
EW OLDHAND
Latest post on 25 August 2014 - 12:35
We bought our house here five years ago, it's in the South, prices are indeed very very low just now so it is a good time to buy. On the other hand, renting out is getting harder I hear, tourism is still down since the financial crisis here and there is an overstock of properties. The one thing any prospective purchaser MUST do is only buy a house with title deeds, many people have had huge difficulties since until the title has been registered (which can take years) outstanding loans on the property (usually the developers') can be called in by the banks. (In the North the problem is more often building on previously Greek owned land, many people are living in homes which could be repossessed in the (unlikely) event of a solution to the partition and there has been one case where a British couple lost their home after a judgement against them in the European Court.) In either situation, ensuring that the vendor holds the title deeds is crucial, I cannot recommend any agents since we found our house on the internet and bought via a lawyer in Limassol but all went well for us. Ours is an old village house so no developers were involved, but if you plan on using the house as a holiday let then a newer property near the tourist areas would be probably wisest. Best to come over and do some research to narrow down the area you prefer. It's a lovely island (North and South) and I'd not want to live anywhere else!.
231
Posts
EW NEWBIE
Latest post on 25 August 2014 - 12:04
Ah thanks anyway! Sounds great!
4393
Posts
EW MASTER
Latest post on 25 August 2014 - 11:45
Unfortunately yes as they are two totally separate countries. We love our place and as you say it's close enough to even fly out for a long weekend. And the weather is fab
231
Posts
EW NEWBIE
Latest post on 25 August 2014 - 11:43
We are looking at the South... does the agency you used only cover the North? I've never bought anywhere before although my DH has- it seems like a great idea I hope!
4393
Posts
EW MASTER
Latest post on 25 August 2014 - 11:34
Where abouts North or South? We've just bought in the North and it was very easy. I can also recommend a very good agency in the North too :) I believe there is someone on here who lives in the South now and I'm sure she can help with that, if that's where you are thinking about. <em>edited by Geordie expat on 25/08/2014</em>
231
Posts
EW NEWBIE
Latest post on 25 August 2014 - 11:30
Hi! We're looking to buy a holiday home- flat or a villa- in Cyprus as they seem really cheap, flights from here are cheaper than to UK and it's closer for a holiday. Has anyone got any experience of going through the whole process- any tips or pitfalls to watch out for? It's just for me and my DH, we'd rent it out as a holiday property and use it ourselves and maybe when we get old and wrinkled have it as a part time home as well :) Any advice would be much appreciated!
 
 

ON EXPATWOMAN TODAY