Cyprus-Forum.com

[DT.]

We’ve recently bought a hotel on the beachfront in Limassol and are renovating it into lux apartments. It’s a little different in Cyprus I guess Paphiti. We spent about 10 months on the design and planning permits and had just hired a architect, interior design, pm, a QS, structural, landscape, electrical and mechanical teams. We really only went out with an rfp for a builder after that process was over. I will pm you who we went with in the end and the selection we shortlisted. These are pretty much all the big A license holder guys on the island.

[Pyrpolizer]

Actually the very first thing to do is employ someone to do market research for him.
Or else he will end up losing a few million...

[Paphitis]

Actually the very first thing to do is employ someone to do market research for him.
Or else he will end up losing a few million...

Oh ffs! The development of it goes ahead, isn’t worth a few million. lol

At most, I could only lose a cool couple of hundred if things become a disaster, and only on paper if I was desperate to sell, which I won’t be.

I only want to build 4 villas at this point.

And I’ll be definitely keeping 1.

It’s not on the scale that will hurt me in any way.

You can do my research and let me know how much I will lose ok? The properties don’t even need to be marketed in Cyprus. They can be sold to people from NYC, where the money is among the diaspora. Likely it will be foreigners like Russians or diaspora Cypriots. These are not for the average Cypriot first home buyer.

My first point of contact is a reputable builder.

No point beating round the bush here. Builders arrange for planning and approvals. Plus they have done it a hundred times before. They know what to do to get approvals, who to see and which palms to grease, and they know all the building codes and practices and they often have in house engineers and architects or have their own they normally deal with.

[Pyrpolizer]

Actually the very first thing to do is employ someone to do market research for him.
Or else he will end up losing a few million...

Oh ffs! The development of it goes ahead, isn’t worth a few million. lol

At most, I could only lose a cool couple of hundred if things become a disaster, and only on paper if I was desperate to sell, which I won’t be.

I only want to build 4 villas at this point.

And I’ll be definitely keeping 1.

It’s not on the scale that will hurt me in any way.

You can do my research and let me know how much I will lose ok? The properties don’t even need to be marketed in Cyprus. They can be sold to people from NYC, where the money is among the diaspora. Likely it will be foreigners like Russians or diaspora Cypriots. These are not for the average Cypriot first home buyer.

My first point of contact is a reputable builder.

From what you describe it's unlikely that anyone of those will cost less than half a million. If you plan to keep one and sell the rest then you need someone to advice you whether there is a market. The potential buyers you have in mind may not exist.

[DT.]

Actually the very first thing to do is employ someone to do market research for him.
Or else he will end up losing a few million...

Oh ffs! The development of it goes ahead, isn’t worth a few million. lol

At most, I could only lose a cool couple of hundred if things become a disaster, and only on paper if I was desperate to sell, which I won’t be.

I only want to build 4 villas at this point.

And I’ll be definitely keeping 1.

It’s not on the scale that will hurt me in any way.

You can do my research and let me know how much I will lose ok? The properties don’t even need to be marketed in Cyprus. They can be sold to people from NYC, where the money is among the diaspora. Likely it will be foreigners like Russians or diaspora Cypriots. These are not for the average Cypriot first home buyer.

My first point of contact is a reputable builder.

No point beating round the bush here. Builders arrange for planning and approvals. Plus they have done it a hundred times before. They know what to do to get approvals, who to see and which palms to grease, and they know all the building codes and practices and they often have in house engineers and architects or have their own they normally deal with.

not really mate. You need your architect to do all the permits and planning. And definitely don't go with an architect that's friendly with the builder or an in-house...you need your architect to check your builder.

[Pyrpolizer]

Also what about the VAT? He will have to charge 19% over and above the selling price or else he will have to pay it out of his own pocket. There's half a million loss already....
Paphitis doesn't know he is going to become a "developer", he has to register himself as a company to do sales, and be taxed (what 25%?) on his profits-if he eventually makes any....

[Paphitis]

Actually the very first thing to do is employ someone to do market research for him.
Or else he will end up losing a few million...

Oh ffs! The development of it goes ahead, isn’t worth a few million. lol

At most, I could only lose a cool couple of hundred if things become a disaster, and only on paper if I was desperate to sell, which I won’t be.

I only want to build 4 villas at this point.

And I’ll be definitely keeping 1.

It’s not on the scale that will hurt me in any way.

You can do my research and let me know how much I will lose ok? The properties don’t even need to be marketed in Cyprus. They can be sold to people from NYC, where the money is among the diaspora. Likely it will be foreigners like Russians or diaspora Cypriots. These are not for the average Cypriot first home buyer.

My first point of contact is a reputable builder.

No point beating round the bush here. Builders arrange for planning and approvals. Plus they have done it a hundred times before. They know what to do to get approvals, who to see and which palms to grease, and they know all the building codes and practices and they often have in house engineers and architects or have their own they normally deal with.

not really mate. You need your architect to do all the permits and planning. And definitely don't go with an architect that's friendly with the builder or an in-house...you need your architect to check your builder.

We are going to have our own manager DT. A bit of a working holiday for them.

Our key issue is finding a good builder we can trust. That will be devcided u[pon on their track record.

We even have our own engineer (who is a father to the recent AO Doubles Tennis Champion) whom we have been dealing with for 8 years now. As for an architect, we also have our own, but his speciality is old style English and German characted architecture. Probably out of place in Cyprus is the only thing and also we are unfamiliar with the approval process and Cypriot Building standards and codes. So we need to consult with a Cypriot based engineer and architect as well.

But the project will be Australian managed. In other words, I'm going to have someone manageing the construction.

We will even import some materials such as Australian Bluescope Steel if we do not like the quality in Cyprus or it's Chinese steel. We won't touch it. I'm prepared to pay more for quality. And I'm not concerned with losing money as the land is owned by us and freehold and in a prominent location with see views.

We generally always over engineer anyway. It's not about just barely meeting our legal obligations.

In addition, I am the fussiest person there is, and the person I will be sending over is even more fussier than me. He will run the show. And no corners will be cut.

These houses will not be aimed at the general cypriot public. And it must be aesthetically pleasing. Fit out will be of the highest standard as well. So the houses will not be cheap. It's more likely that the houses will be pitched towards cashed up English retirees, maybe Russians or even Cypriots in the US and Australia. The Agents will likely be US based who do sell properties in Cyprus and Greece. The site location isn't conducive to the average Cypriot family. I do know what my target audience is. It's the English, Russians and the Diaspora. I would say Chinese too, but let's not go there.

In Australia, we have iur own in house Architect who is also a partner. Planning approvals are also handled in house. Interior design is also in house. Engineering is outsourced only.

[Paphitis]

Also what about the VAT? He will have to charge 19% over and above the selling price or else he will have to pay it out of his own pocket. There's half a million loss already....
Paphitis doesn't know he is going to become a "developer", he has to register himself as a company to do sales, and be taxed (what 25%?) on his profits-if he eventually makes any....

Can't I claim the VAT I pay on materials?

In all honesty, I don't think it's a big problem, whatever the VAT is and what VAT needs to be paid.

There is no way in hell I will be losing a million. I don't need to sell at a loss and can wait for the right buyers who will come. We also do not plan to break ground to late this year at the earliest but probably more likely to be 2023 onwards after the COVID situation is normalized and travel is more free.

We hold the land, and there is no pressure on us at all to rush into anything. At the earliest, these won't go to market till 2024 or even 2025. And it's not your market.

[miltiades]

Sounds good mate, just make sure you have a good.......accountant
I would have offered but I'm no longer ....cooking

[Paphitis]

Sounds good mate, just make sure you have a good.......accountant
I would have offered but I'm no longer ....cooking

Maybe I'll ask you for VAT advice? How does that sound?

You might need to take your white socks of in order to count to 20. You can still wear your sandals mind you, without the socks.