Paracletus

Hi there,
Just wondering if anyone would know of a forum frequented by potential home buyers in Cyprus, or any other websites besides property websites. Trying to help out a friend selling a property. It's listed on numerous property websites, and he's aware of the lackluster property market at the moment. As they say..'everything little helps' right?

The bungalow is in Droushia w/ 4 bedrooms, large open plan lounge/dining/kitchen area, a pool and a roof terrace if anyone is interested in seeing the add. It's part of a small development, 10 houses which was completed some years ago, and to my knowledge, the other properties are all owned by Brits. PM me for details.

britishbull

I see some Cyprus properties on eBay so maybe try there... the main problem at the moment is no-one wants to buy properties that don't have title deeds as the property developer may not have paid the taxes even though he has been paid by the owners, also the bank may have money owing on the original deed for the land.

Paracletus

Thanks for the suggestion. As far as I am aware, all the papers should be in order and mortgage is just about to be paid off. I'll continue my search.

Veronica-K

Even if all the papers are in order, unless the title deeds have been issued banks will not give a mortgage, so your friend would need a cash buyer who dosn't mind the fact that it has no title deeds. At the very least it should have an AX number which is proof that everything is in order and the process for the title deeds is well under way.

Incidentally who is the developer? I know of one small developement in Drouschia where the developer is in trouble so if it is this developer your friend could have some problems selling unless the land definitely does not have a mortgage on it.

Paracletus

The developer is Lordos, it was completed some years ago and as far as I know, all the papers are in order..he has been using a lawyer for some time to ensure everything is in order according to local law and the property finished to promised standard.

He did not buy it cash but had a mortgage on it which is now paid off I think..so how could a new buyer have trouble doing the same? Thanks for your comments Veronica, appreciate your insight.

Veronica-K

At least it isnt the developer that I was talking of who has problems
I think Lordos are Ok.
However the banks are still very reluctant to give mortgages these days, even with full title deeds. For a Cypriot they will give no more than 70% mortgage, for EU citizens 60% and non Eu citizens need at least 50% downpayment. Even with this it can take ages for banks to agree to mortgages and then they often refuse them. I know of someone who had 50%downpayment and was earning a very very good salary but the bank still refused to give them a mortgage.
This is making it more difficult than ever to sell any properties at the moment. Cash buyers are in a very good position to get great deals.

dg1955

as i have said in my new thread my wife and i will be moving to cyprus in 2 to 3 years so prices etc will be invaluable

outasite

I have heard that if the Bank of Cyprus gives a buyer a mortgage, then the SELLER has to agree to lodge the money from the sale with the Bank of Cyuprus for 6 months. I personally, as a seller, would tell the B o C to F*** right off, even at the cost of losing the sale. This, if true, smacks to me of just another way the Cypriots protect themselves at no cost to themselves but nothing but headaches and the like for the seller.
If true, what right have they to this?

Veronica-K

What a load of twaddle. Who on earth told you that?

ogaya

I would like to buy in Cyprus but don't have the deposit, If he does not have a mortgage then owner finance could be an option. He would take monthly installments from the buyer rather than receiving a lump sum. Basically sidestep the bank. This is quite common in Australia. just google owner finance.

Paracletus

I could pm you a link for the property if you like.

zygiman

If your agent is not registered, then the tax office will not let you deduct their commission costs for Capital Gains Tax. Always use a reputable lawyer, it pays to spend a little to be safeguarded.