Cyprus-Forum.com

[lpm10]

Hi,

I am thinking on buying a property in Cyprus through Pafilia.

I just wanted to know if anyone on here has already done so & would they reccomend Pafilia & there sevices?
Or can any one reccomend another developer that has made the buying process simple and had no problems with?
If anybody can advise a little on the mortgage front also are flexible mortgages readily available in Cyprus & the pros & cons of borrowing in another currency e.g Swiss Francs.

Thanks in advance for any help.

[Sotos]

Pafilia is one of the top 5 developers of Cyprus. It is a good company. If you found what you needed with them I would say go for it!

[Svetlana]

Pafilia are what I would decsribe as a Tier 2 company in terms of size. They used to produce some pleasing designs but unfortunately, in my opinion, have stuck with those designs and the new properties are starting to look a little old fashioned.

How may other developers have you been in contact with?

Usual advice about getting a good lawyer, of course - and not Pafilia's!

Lana

[nhowarth]

Hi Lpm10,

Some things for you to think about when buying property in Cyprus.

When buying any sort of property:

Have you taken independent legal advice?
Is there a mortgage or any other prior claim against the property?
Can you secure Title Deeds to the property?
Do you need to seek the approval of the Council of Ministers to own the property?
Have you read and understood your Contract of Sale?
Has your lawyer deposited your Contract of Sale at the Land Registry?

When buying from a developer:

Is the development company a legal registered entity?
Have you got copies of their annual reports?
How long has company been in business?
Have you got a credit report for the company?
Is the company a member of the professional developers’ association?
Has Planning Permission & Building Permit for the development been issued?
What is the grade and experience of the registered building contractor who will be building the property?
Have you inspected older properties built by the developer?
Have you spoken with the owners of those older properties to get their opinion of the developer?
Have you agreed everything the developer will provide?
Does your contract of sale provide for the supply of mains electricity, telephone and water?
What compensation can you claim if the property is delivered late?
What compensation can you claim if Title Deeds are late?
What is the contract cancellation fee should you choose to sell before Title Deeds are issued?
What will your view be like in five years time when you’re surrounded by other properties?

Regards and good luck,

[lpm10]

Svetlana

I have seen Aristo, Alphaparaneti, Quality & some other smaller developers.
But of those I seen Pafilia seemed to be the best there package is a little expensive but I guess you get what you pay for?
Some but not all of the other developers property were rather faceless concrete blocks I felt.
Do you have any personal reccomendations?

[Svetlana]

Hi lmp

No recommendations - but I have bought a number of proerties here over the years and, in my experience, the smaller developers offer better value for money, are more flexible and are nimbler on their feet. However, it is best to check their provenace carefully.

Buying from the largest developers means premium prices without necessarily premium products.

Lana

[nhowarth]

Hi Lana

> Buying from the largest developers means premium prices without necessarily premium products

I see you've been schooled in the art of diplomacy

Cheers.

[mountainman]

Nigel,
Does an EU citizen still need to obtain permission from the council of ministers to buy property?

David

[Svetlana]

Hi David

Not if you are, or will be, a resident a Cyprus.

Lana

[nhowarth]

Hi David,

Just to expand a bit on Lanas posting:

If you are a national of an EU member country and are resident in Cyprus, the government ownership rules allow you to own as much ‘immovable property’ (a term that includes both land and property) as you wish. To confirm your residency, take your passport and Temporary Resident Permit to your local District Administration Office where the officers will issue a ‘Certificate of Permanent Residence’ confirming your status.

If you are a national of an EU member country and are not resident in Cyprus, the government ownership rules permit you to own as much land as you wish. However, if you wish to buy any other sort of ’immovable property’ your ownership is restricted to one house or one apartment for which approval from the ‘Council of Ministers’ is needed.

If you are a national of a non-EU country, then the government ownership rules require you to seek the approval of the Council of Ministers before you can own any type of immovable property. Furthermore, unless there are exceptional circumstances, your ownership will be limited to:

An apartment.
A house.
A building plot or land up to approximately three donums (4,014 sq.m.)

On its accession to the EU Cyprus abolished many of the restrictions placed on investments in real estate by citizens of other EU member states. But to protect its sensitive property market, it agreed a five-year transitional period with the EU preventing EU citizens who are not permanent residents of the island from owning secondary residences.

It is widely anticipated that the current government ownership rules applicable to non-resident EU citizens will be relaxed when this five year EU transitional ends.

Regards,