Risk of buying in an empty complex
 

hello,

I have seen some bargain, really cheap flats in Paphos but since the blocks are quite empty, i am quite scared. Maybe there is a risk that the complex owner could fail/ go bankrupt ? help welcome:)

Re: Risk of buying in an empty complex
 

If the blocks are empty steer well clear of them.
There are quite a few such complexes, especially in Peyia mostly belonging to one particular company who are a nightmare.

Re: Risk of buying in an empty complex
 

Thanks Veronica. Can you tell me in a private message the name of the company.

Re: Risk of buying in an empty complex
 

There are many properties with title deeds on the market, mostly resales. These will be possibly older, but you are sure of ownership. Not very sociable too being the only people in a complex.
Better to give this a wide berth, no matter how good an offer it is.

Re: Risk of buying in an empty complex
 

You will find the same in most of the popular coastal hoilday resorts in Southern Europe.
Price is not everything ,better to pay a little more in an established devlopment.

Re: Risk of buying in an empty complex
 

I have to agree seeing some of the empty developments in Spain, there were many where only two or three apartments had been sold out of about 100, what happened was that there were problems with services, no gardening was done, no pool maintenance. Also if there were problems taht required money spending the block owners were reluctant to do anything as they were gettin little in the way of fees, so people were having to do it themselves or pay out of their own pockets. As has been said, better to pay a little more and buy in an older complex where there are people living.

Re: Risk of buying in an empty complex
 

It is a resale, buit 2008 and it has got title deeds. Thought the price is really low (half price i would say) and it looks like an empty block and annual common charges are cheap.. but sounds risky to me..

Re: Risk of buying in an empty complex
 

You still have doubts, and your gut feeling is that it is risky. Walk away is my advice.

Why is the complex still empty, ask yourself that question.

It is your decision at the end of the day, but if it was me, i would like to have a really positive feel about where i will be living.

This is not the case here.

Re: Risk of buying in an empty complex
 

Annual charges will be cheap as they are unlikely to do anything round the complex, there just won't be enough money to pay people.

Re: Risk of buying in an empty complex
 

I'd be most worried about services, either losing them or having to cover repair costs for the whole block if things go pear shaped.

Re: Risk of buying in an empty complex
 

The problem with half empty complexes is that they tend to very quickly fall into a state of disrepair and the cheap apartment you bought becomes less than worthless.
If it seems cheap there will be a very good reason why it is cheap.

Re: Risk of buying in an empty complex
 

We family of 5 including 3 under 10 kids relocating to north Cyprus from London in a week. Can you help us to find 2-3 bed property anywhere best for a family? I am happy to sign a short or long term rental contract as soon as possible.I am IT consultant and wife is CELTA teacher. Please advise

Re: Risk of buying in an empty complex
 

You will find that most members here are in The legal Southern part of Cyprus not the illegally occupied North. I doubt whether anyone here will be of much help to you.
Sorry.

Re: Risk of buying in an empty complex
 

I choose north because we went there last year and kids really liked and enjoyed it.We as parent want them to spent few years in religious and social culture there. Any way thanks if you cant do it.