Cyprus-Forum.com

[Aphrodite18]

Hmmmm... I thought we already said that?? Must have been dreaming again... zzzzzzzzzzzzzzzz

[Jerry]

Inspection Trips with Cash Back

Perils and Alternatives

A number of British and Local Estate agents, as an incentive to lure the clients for an inspection from abroad, offer Inspection Trips which are heavily subsidised. For example you can come to Cyprus with an inspection trip of this kind with as little as CP40, which includes hotel accommodation meals etc. for 3 days.

Unaware potential clients who apply to join such a “lucrative” invitation must know that:

• All applicants are screened in the U.K. by specialised people, before these agents/sales people give the O.K. to come. As we were told by one British Agent, 70% of the inspection trips are “sold” before even arriving in Cyprus and of course without even seeing the property!!

The inspection trips are for a fixed period of up to 2 – 3 days and clients are picked up from the airport in Cyprus, housed in “controlled” hotels and are constantly occupied by the Agents’ pressure sales staff, so that the clients cannot look at other property, nor visit an independent solicitor and area even given the opportunity to compare with other properties in the market. In addition, the inspection trips / visits refer to specific projects only.

• These agents charge a 15% commission [totally illegal by Cyprus law which sets a limit at maximum 5%] which is added of course on the sales price. Thus, at the end of the day, the inspection trip is paid handsomely by the client, who is paying at least 10% more than the other comparable properties for sale, causing problems relating to taxation [higher Stamp duties] resale problems [too expensive to sell] and are usually sold in non marketable projects, for which the developers are desperate to sell [hence the high commission].

Peter, four weeks ago I was on a free 3 day inspection trip in Cyprus. I was not screened, simply asked if I had enough cash to buy what I wanted. I did not feel pressurised, I spent one afternoon and 3 hours one morning with the agent. I actually had more free time than sales time. I was shown what I wanted to see (in town not a complex). I got a fair insight into the market whilst I was there and told the agent that I also wanted to look at resale properties later this year so I would not be buying from them at that time.

[Denis_B]

Read this and I thought the Brits had superceded the Cyprus Taxi Mafia at Paphos Airport

[Peterc]

hi jerry, i am of course generalising, and i am sure that there is more like you. unfortunately i get to hear about the grievances, and believe me there are many. i am airing my opinion based on my experiences, and i have no doubt that many estate agents, local or overseas earn more than they are worth, dosnt this happen everywhere??? wasnt there a documentary on foxtons recently about underhanded practices, are they still in business????

[sweetie pie]

Could I ask a serious question please! Is it true that no foreign national/company can deal in real estate in Cyprus without having a cypriot business partner?

[Peterc]

No, I do not believe thats true as there is a licensed estate agent called peter stephenson in limassol who is english

[sweetie pie]

No, I do not believe thats true as there is a licensed estate agent called peter stephenson in limassol who is english

Yes but has he a partner who is Cypriot and not seen! I have been informed by several sources (one of them official) that all those dealing in real estate must have a Cypriot partner or be Cypriot.

[oranos64]

speak to peterc ...he will know the whole story

[Svetlana]

Anyone of EU Nationality can be a licensed Estate Agent in Cyprus; in addition to certain work experience and acedemic criteria there is a written examination in Greek or Turkish, which is why there are few 'foreign' licensed Estate Agents here.

Lana

[sweetie pie]

Anyone of EU Nationality can be a licensed Estate Agent in Cyprus; in addition to certain work experience and acedemic criteria there is a written examination in Greek or Turkish, which is why there are few 'foreign' licensed Estate Agents here.

Lana

Thank you Svetlana